Maritime Patrol Aircraft Market to Grow At A CAGR of 4.72% by 2023

Market Highlights:

Maritime Patrol Aircraft (MPA), is also known as a patrol aircraft or patrol bomber. Maritime patrol aircraft are long range, high endurance and land-based patrol aircraft. The rise in marine threats and increasing competition among prime contractors and sub-contractors will propel the growth of the global maritime patrol aircraft market.

Market Research Future analysis projects a growth of USD 24.6 Billion for the global Maritime Patrol Aircraft Market by the end of the forecast period. Maritime patrol aircraft are security vehicles used for transport under armed security and even by replacing standard windows with bulletproof glass motor vehicle with a high degree of security.

The integration of maritime patrol platform with advanced systems, growing demand for advanced maritime patrolling solutions, and defense contractors focusing on the development of new technologies, are some of the factors pushing the market towards growth. However, the growing adoption of strategic bombers in maritime patrol acts as a major restraint for the market.

Replacement of ageing military aircraft, increased internal and external security threats and modernization strategies are the major factors driving the growth of the global maritime patrol aircraft market. The maritime patrol fixed-wing aircraft segment is expected to account for the maximum market share in the forecast period. Increasing number of MPAs due to the modernization of airborne defense and offense units, will boost the global development of special mission military aircraft market. Globally, North America market has emerged as the leading region in terms of value, followed by APAC and Europe. Huge funds, and rising investment in the R&D are some of the main drivers, which help the market growth.

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Major Key Players

Airbus SAS (France),
Boeing (U.S.),
Lockheed Martin (U.S.),
Saab Automobile AB (Sweden),
BAE Systems Inc. (U.K.),
Embraer S.A. (Brazil),
Harbin Aircraft Industry Co., Ltd (China),
Leonardo S.p.A ( Italy),
Thales Group (France)
Orbital ATK Inc (U.S.)

On the basis of Type it is segmented as armored and unarmored:
Increasing internal & external security threats and increasing violence are driving global armored vehicle market. Moreover, increase in defense expenditure, especially in emerging economies and increasing popularity of rental & leasing of armored cars among civilians, support the growth of the market while the lack of regulatory standards across the globe acts as a major restraint of in the market. Security concerns in many countries regarding internal terrorism helps to grow the market.

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Regional Analysis:
North America maritime patrol aircraft market is expected to show substantial growth over the forecast period, owing to the number of investments by the US Department of Defense (DoD) in procurement, sustainment and modernization, and research and development programs for advanced MPA.
Asia-Pacific is a potential market for maritime patrol aircraft. Procurement of aerial platforms such as MPA to fight against marine threats helps in the market growth.

Target Audience:
• Organizations
• Manufacturer
• Research Institute / Education Institute
• Potential Investors

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