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Key Trends Reshaping the Offshore Patrol Vessel Market: Abb Collaborates With Meyer Turku For Integrated Power And Propulsion Solution Industry Transformation
Offshore Patrol Vessel Market
Offshore Patrol Vessel Market Size Growth Forecast: What to Expect by 2025?
The market size of the offshore patrol vessel has been experiencing robust growth in the recent years. It is projected to expand from $25.67 billion in 2024 to $27.65 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. The substantial growth during the historical period can be linked to concerns over maritime security, monitoring of exclusive economic zone (EEZ), actions against piracy, search and rescue missions, as well as protection of fisheries.
How Will the Offshore Patrol Vessel Market Size Evolve and Grow by 2029?
The market for offshore patrol vessels is predicted to experience significant expansion in the upcoming years, growing to a size of $37.01 billion in 2029 with a compound annual growth rate of 7.6%. This growth during the predicted period can be credited to increasing geopolitical conflicts, enlarged capabilities of the Coast Guard, humanitarian aid operations, disaster relief efforts, surveillance and intelligence activities, joint patrols, and naval cooperation. The major trends discerned for the forecast period involve the development of anti-submarine warfare capabilities, prioritizing crew comfort and welfare, advancements in maritime domain awareness, implementation of stealth technologies, and emphasis on interoperability with allied forces.
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What Drivers Are Propelling the Growth of Offshore Patrol Vessel Market Forward?
The rising need for coastal security is anticipated to bolster the growth of the offshore patrol vessel market in the future. Coastal security pertains to the enhancement of the infrastructure of Coastal States and the Union Territory Police Force for carrying out patrols and surveillance of coastal areas, particularly shallow seas along the coastline. An array of activities related to economic exclusion zone management, encompassing maritime security, border management, routine surveillance, anti-smuggling measures, counter-terrorism initiatives, actions against piracy, and protection of fisheries, will be executed by the offshore patrol vessel. It will also play a crucial role in efficient disaster management. As an example, the Denmark-based company, Risk Intelligence, specializing in risk assessment, planning, and maritime threat analysis, disclosed in their Maritime annual incident figures of 2022 that there has been a surge of 8% in incidents involving vessels in the Singapore Strait, with 55% of these incidents being failed attacks. Hence, the burgeoning demand for coastal security is stimulating the expansion of the offshore patrol vessel market.
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Which Emerging Trends Are Transforming the Offshore Patrol Vessel Market in 2025?
Partnerships are playing a major role in the offshore patrol vessel market. In April 2023, Switzerland-based ABB Ltd. secured a contract with Finland's Meyer Turku to deliver power and propulsion systems for two patrol vessels. The integrated solution includes Azipod units and the Onboard DC Grid to enhance efficiency for the Finnish Border Guard.
What Are the Key Segments in the Offshore Patrol Vessel Market?
The offshore patrol vessel market covered in this report is segmented -
1) By Vessel Type: Advanced Vessels, Basic Vessels
2) By Size: Less Than 50 Meters, 50 to 90 Meters, More Than 90Meters
3) By Application: Monitoring, Exclusive Economic Zone (EEZ) Protection, Anti-Air Warfare (AAW), Anti-Surface Warfare (ASuW), Electronic Warfare (EW) Operations, Humanitarian Tasks
4) By End-User: Navy, Coast Guard, Other End-Users
Subsegments:
1) By Advanced Vessels: Multirole Offshore Patrol Vessels, High-Endurance Offshore Patrol Vessels, Armed Offshore Patrol Vessels
2) By Basic Vessels: Coastal Patrol Vessels, Harbor Patrol Vessels, Unarmed Surveillance Vessels
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Who Are the Key Players Shaping the Offshore Patrol Vessel Market's Competitive Landscape?
Major companies operating in the offshore patrol vessel market include 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
What Geographic Markets Are Powering Growth in the Offshore Patrol Vessel Market?
Asia-Pacific was the largest region in the offshore patrol vessels market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global offshore patrol vessels market report during the forecast period. The regions covered in the offshore patrol vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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