PUBLISHER: The Business Research Company | PRODUCT CODE: 1414455
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414455
“Offshore Patrol Vessel Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on offshore patrol vessel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for offshore patrol vessel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The offshore patrol vessel market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An offshore patrol vessel serves as a compact surface ship designed primarily for safeguarding coastlines. These warships boast versatile capabilities, adept at fulfilling a range of duties, including disaster relief, border security, counterterrorism, anti-smuggling operations, and maritime surveillance. Specifically tailored for managing economic exclusion zones, these vessels play a pivotal role in ensuring marine security for coastal communities and providing swift disaster response.
Offshore patrol vessels come in distinct types advanced vessels and basic vessels. The advanced offshore patrol vessel (AOPV), crafted in-house, is well-suited for tasks such as patrolling and monitoring marine zones, executing search and rescue missions, managing environmental pollution, engaging in external firefighting, and facilitating the operation of ALH helicopters for comprehensive, long-range surveillance. These vessels come in various sizes, categorized as less than 50 meters, 50 to 90 meters, and over 90 meters. They are tailored for diverse applications such as monitoring activities, protecting exclusive economic zones (EEZ), engaging in anti-air warfare (AAW), anti-surface warfare (ASUW), electronic warfare (EW) operations, and participating in humanitarian missions. They are utilized by a range of end users including navies, coast guards, and other entities.
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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 expansion observed during the historical period can be credited to several factors, including heightened concerns regarding maritime security, the need for monitoring exclusive economic zones (EEZ), efforts in countering piracy activities, the execution of search and rescue missions, and initiatives focused on safeguarding fisheries.
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%. Anticipated growth in the forecasted period is expected to be driven by increasing geopolitical tensions, the expansion of coast guard capabilities, endeavors in humanitarian assistance and disaster relief (HADR) operations, intensified surveillance and intelligence gathering activities, and collaborative efforts in joint patrols and naval cooperation. Significant trends projected for this period encompass the advancement of anti-submarine warfare (ASW) capabilities, heightened attention to crew comfort and welfare, improvements in maritime domain awareness (MDA), the integration of stealth technologies, and a concentrated effort on achieving interoperability with allied forces.
The anticipated rise in the demand for coastal security is set to propel the growth of the offshore patrol vessel market. Coastal security involves fortifying the surveillance and patrol capabilities of Coastal States and UT Police Forces to monitor shallow seas along coastlines. These vessels play a pivotal role in managing economic exclusion zones, undertaking tasks such as maritime security, border control, routine patrols, anti-smuggling measures, counter-terrorism, counter-piracy efforts, fisheries protection, and efficient disaster relief. As per the China Drug Situation Report 2021 by the Consulate General of the People's Republic of China in Los Angeles, China witnessed a 24.2% increase in solving 3,741 drug trafficking cases by mail and a 63.6% rise in handling 18 cases via water in 2021. This growing need for coastal security significantly drives the offshore patrol vessel market.
The upsurge in global maritime trade activities is expected to drive the growth of the offshore patrol vessel market. Global maritime trade encompasses the exchange of goods and services via maritime routes. Offshore patrol vessels contribute to securing trade routes by enforcing laws, enhancing security, and safeguarding shipping lanes. They perform essential duties such as patrols, surveillance, and rapid response operations, deterring piracy, illegal fishing, and other maritime threats. This ensures safe passage for trade vessels, promoting economic stability and facilitating global commerce. According to the United Nations Conference on Trade and Development (UNCTAD), global maritime trade is projected to grow by 2.4% in 2023 and over 2% between 2024 and 2028. Hence, the surge in global maritime trade activities propels the offshore patrol vessel market.
Key players within the offshore patrol vessel market are strategically partnering to gain a competitive edge. An instance includes ABB Ltd., a Switzerland-based corporation specializing in electrification, industrial automation, and robotics, securing a contract with Meyer Turku, a Finland-based shipbuilding company, in April 3023. This collaboration involves delivering an integrated power and propulsion solution comprising two Azipod propulsion units and the Onboard DC Grid power system for two multi-purpose patrol vessels commissioned by the Finnish Border Guard.
Leading entities in the offshore patrol vessel market are focusing on product advancement, exemplified by the Vigilance Offshore Patrol Vessel (OPV), aimed at safeguarding Canada's critical interests. The Vigilance OPV, a next-generation vessel tailored to meet the Royal Canadian Navy's future requirements, boasts advanced features such as a covered boat bay to accommodate a 13m unmanned surface vehicle (USV) or containerized payloads, along with a dedicated flight deck for unmanned aerial vehicles (UAV). Vard Marine Inc., a US-based maritime transportation manufacturer, launched the Vigilance OPV in July 2023, showcasing substantial design enhancements catering to evolving maritime needs.
In December 2022, Hanwha Group, a tech company based in South Korea, completed the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) for an undisclosed sum amounting to $1.5 billion (2 trillion Korean won). This strategic move aims to leverage Hanwha Group's global operational network to bolster DSME's export capabilities. The acquisition, particularly between Hanwha System and DSME, is expected to yield multiple advantages, including potential cost reductions. DSME, a premium shipbuilding and offshore enterprise also based in South Korea, stands to benefit significantly from this acquisition.
Major companies operating in the offshore patrol vessel market report are Austal Limited, BAE Systems PLC, Damen Shipyards Group, Dearsan, Fassmer GmbH & Co, Fincantieri S.p.A, Fr. Lurssen 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
Asia-Pacific was the largest region in the offshore patrol vessels market in 2023. 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
The countries covered in the offshore patrol vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The offshore patrol vessels market consists of sales of patrol boats, active-class patrol vessels, Acosta-class patrol vessels, and arch-class patrol vessels. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.