The global Offshore Patrol Vessels Market is estimated to be valued at US$ 15.53 Billion in 2022 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Offshore patrol vessels are medium-sized seagoing ships used for border protection, defense, coastal security operations and exclusive economic zone protection. They protect exclusive economic zones and offshore infrastructure from various maritime threats and criminal activities like illegal fishing, smuggling and piracy. They conduct search and rescue operations and assist in disaster management and humanitarian missions.
Market key trends:
One of the primary drivers for the offshore patrol vessels market growth is the rising security threats from non-state actors and growing territorial disputes among countries. Coastal security has become a matter of priority for many nations to secure their coastlines and offshore assets. Several countries are ramping up their maritime security capabilities by procuring new and advanced offshore patrol vessels. For instance, in 2022, India ordered two large offshore patrol vessels from Goa Shipyard Limited to enhance coastal surveillance as part of its border security measures. Such rising Procurement of new offshore patrol vessels from both commercial shipbuilders as well as defense companies is expected to fuel the market growth over the coming years.
Segment Analysis
The global offshore patrol vessels market is segmented by type, mission, application, and region. Based on type, the dominating segment is offshore patrol vessels with a length ranging between 50-100 meters, as these vessels have large deck areas and crew spaces to perform various functions. They also provide additional accommodation and mission capabilities that make them suitable for long-duration patrols.
Key Takeaways
The global Offshore Patrol Vessels Market is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing spending on coastal and maritime security by various navies and coast guards globally.
Regional Analysis
Europe dominated the offshore patrol vessels market in 2021, valued at US$ 4.47 billion. Several European countries such as Italy, France, and the UK have increased their defense budgets for coastal security and maritime surveillance. The Asia Pacific region is expected to emerge as the fastest growing market, exhibiting a CAGR of around 5.8% during the forecast period due to increasing investments by countries such as India, China, Japan, and Australia.
Key Players
Key players operating in the offshore patrol vessels market are Austal, BAE Systems, Damen Shipyards Group, Dearsan, Fr. Fassmer GmbH & Co. KG, 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, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, STX Offshore & Shipbuilding Co., Ltd, Garden Reach Shipbuilders & Engineers Ltd.
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