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Offshore Patrol Vessel Market 2024-2033 : Industry Analysis, Size, Share, Growth And Forecast
Offshore Patrol Vessel Global Market Report 2024
According to The Business Research Company's, The offshore patrol vessel market size has grown strongly in recent years. It will grow from $24.23 billion in 2023 to $26.2 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to maritime security concerns, exclusive economic zone (eez) monitoring, counter-piracy operations, search and rescue missions, fisheries protection.
The offshore patrol vessel market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rising geopolitical tensions, expanded coast guard capacities, humanitarian assistance and disaster relief (hadr) operations, surveillance and intelligence gathering, joint patrols and naval cooperation. Major trends in the forecast period include development of anti-submarine warfare (asw) capabilities, focus on crew comfort and welfare, enhancements in maritime domain awareness (mda), application of stealth technologies, focus on interoperability with allied forces.
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Market Drivers and Trends:
Increasing demand for coastal security is expected to propel the growth of the offshore patrol vessel market going forward. Coastal security refers to strengthening the infrastructure of the Coastal States and the UT Police Force for patrolling and monitoring coastal regions, notably shallow seas along the coast. The offshore patrol vessel will perform a variety of economic exclusion zone management activities, including maritime security, border control, routine patrols, anti-smuggling, counter-terrorism, counter-piracy, and fisheries protection, as well as effective disaster relief. For instance, according to the China Drug Situation Report 2021 published by the Consulate General of the People's Republic of China in Los Angeles, a US-based governmental organization representing China, in 2021, China solved 3,741 drug trafficking cases by mail and 18 instances via water, a rise of 24.2% and 63.6% year on year, respectively. Therefore, increasing demand for coastal security is driving the offshore patrol vessel market.
Major companies operating in the offshore patrol vessel market are undergoing partnership to gain competitive advantages in the market. For instance, in April, 3023, ABB Ltd, a Switzerland-based corporation operating in the fields of electrification, industrial automation, robotics, and motion secured a contract with Meyer Turku, a Finland-based shipbuilding company to deliver an integrated power and propulsion solution. This comprehensive package includes two Azipod propulsion units and the Onboard DC Grid power system for two innovative multi-purpose patrol vessels commissioned by the Finnish Border Guard.
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Major Key Players of the Market:
Austal Limited; BAE Systems PLC; Damen Shipyards Group; Dearsan; Fassmer GmbH & Co; Fincantieri S.p.A; Fr. Lürssen Werft GmbH & Co.KG; Hamilton Jet; Israel Shipyards Ltd.; Eastern Shipbuilding Group Inc; Stanley Boats; Marine Alutech OY AB; J D. Irving Group of Companies; Japan Marine United Corporation; Kangnam Corporation; Kawasaki Heavy Industries Ltd.; L&T Shipbuilding Limited; Daewoo Shipbuilding Industry Corporation; Maritime Partner AS; Naval Group; Palumbo Group; Rodman Polyships; Thales Group; HD Korea Shipbuilding & Offshore Engineering Co. Ltd.; Huntington Ingalls Industries Inc .; China Shipbuilding & Offshore International Co. Ltd.; Hanwha Ocean Co. Ltd.; Vard Group; Goa Shipyard; Mazagon Dock Limited
Offshore Patrol Vessel Market 2024 Key Insights:
• The offshore patrol vessel market will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Surging Demand For Coastal Security Fuels Offshore Patrol Vessels Market
• Abb Collaborates With Meyer Turku For Integrated Power And Propulsion Solution
• Asia-Pacific was the largest region in the offshore patrol vessels market in 2023
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