Press release
Offshore Patrol Vessel Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Offshore Patrol Vessel
What Is the Forecasted Market Growth Rate of the Offshore Patrol Vessel Industry?
The market size of offshore patrol vessels has seen robust growth in the recent past. The sector, which is projected to be valued at $25.67 billion in 2024, will increase to $27.5 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.1%. This significant growth in the historical period is due to factors such as concerns over maritime security, surveillance of exclusive economic zones (EEZ), anti-piracy operations, search and rescue operations, and protection of fisheries.
How Will the Offshore Patrol Vessel Market Size Evolve From 2025 to 2029?
In the upcoming years, the offshore patrol vessel sector is anticipated to experience robust growth, reaching $36.66 billion by 2029 with a compound annual growth rate (CAGR) of 7.5%. The growth during the forecasted period can be linked to increasing geopolitical conflicts, the enlargement of Coast Guard capabilities, operations related to humanitarian assistance and disaster relief (HADR), surveillance and intelligence collection, joint patrolling, and naval collaboration. The forecasted period will also see significant trends such as the development of anti-submarine warfare (ASW) capabilities, emphasis on the comfort and well-being of the crew, enhancements in maritime domain awareness (MDA), application of stealth technologies, and a focus on compatibility with allied forces.
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What Are the Main Growth Drivers in the Offshore Patrol Vessel Market Today?
The growth of the offshore patrol vessel market is projected to accelerate due to the rising demand for coastal security. This refers to bolstering the infrastructure of Coastal States and the Union Territory Police Force to conduct patrols and oversee coastal areas, particularly shallow waters along the shoreline. The offshore patrol vessels undertake a myriad of duties related to economic exclusion zone management, encompassing maritime security, border supervision, routine surveillances, thwarting smuggling attempts, combating terrorism, fighting piracy, safeguarding fisheries, and providing efficient disaster relief. For instance, Risk Intelligence, a Denmark-based corporation engaged in risk evaluation and strategic planning, focusing on threat assessment at sea, in ports, and on land, and operating a worldwide risk alert system, reported in its 2022 Maritime annual incident figures that incidents concerning vessels in the Singapore Strait have risen by 8%, with 55% of these incidents being unsuccessful attacks. Consequently, the escalating need for coastal security is propelling the offshore patrol vessel market.
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Which Offshore Patrol Vessel Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Offshore Patrol Vessel Industry Growth?
In order to secure a competitive edge in the offshore patrol vessel market, key players are entering into strategic partnerships. An example of this is seen in April of 2023, when ABB Ltd., a Swiss business specializing in electrification, industrial automation, robotics, and motion, signed a contract with Finland's Meyer Turku shipbuilding company. Under the terms of the agreement, ABB Ltd. will provide a complete power and propulsion package, encompassing two Azipod propulsion units and an Onboard DC Grid power system, for two cutting-edge multi-purpose patrol vessels on order with the Finnish Border Guard.
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Which Companies Hold the Largest Market Share in the Offshore Patrol Vessel Sector?
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
Where Is the Offshore Patrol Vessel Market Experiencing the Highest Growth?
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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Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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