The Offshore Patrol Vessels Market product description comprises naval vessels used for patrolling and surveillance missions in coastal areas and exclusive economic zones. They are multi-mission platforms equipped with advanced sensors, radar systems, and weapons for various operations including maritime security, law enforcement, exclusive economic zone protection, and customs duty. The increasing geopolitical tensions, illegal activities at sea, and investments in coastal security and defense by governments globally have heightened the need for such vessels.
The Global Offshore Patrol Vessels Market is estimated to be valued at US$ 16.83 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 To 2031
Key Takeaways
Key players operating in the Offshore Patrol Vessels are Borgwarner Inc., Continental Ag, Magna International Inc., Marelli Holdings Co Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Robert Bosch Gmbh, Schaeffler Group Usa Inc., and Valeo Sa. Key players focus on developing technologically advanced vessels with superior capabilities. For instance, in 2022 Borgwarner Inc partnered with Dutch shipbuilder Damen to develop hybrid electric propulsion systems for offshore patrol vessels.
The maritime security and surveillance from navies globally is driving Offshore Patrol Vessels Market Growth. Countries are increasingly focusing on coastal security and protection of trade routes which is increasing procurement of offshore patrol vessels. For example, in 2023 Indian navy plans to induct 20 new offshore patrol vessels to boost its coastal security apparatus.
The market is also witnessing significant expansion opportunities in newer regions. Countries in Asia Pacific, South America, and Middle East regions are heavily investing in defense budgets for capacity development of their naval forces. This is positively impacting the offshore patrol vessels market size. For instance, between 2022-2026 Saudi Arabia plans to invest over $5 Billion to induct 4 new offshore patrol vessels manufactured by Greek shipbuilder Hellenic Shipyards.
Market Key Trends
One of the notable Offshore Patrol Vessels Market Size and Trends is the increasing focus on developing hybrid and fully electric propulsion systems. This is mainly driven by the need to improve efficiency and reduce dependency on fossil fuels. Hybrid electric systems allow switching between diesel engines and electric motors based on operational requirements. This enhances endurance and operational flexibility of offshore patrol vessels.
Porter’s Analysis
Threat of new entrants: High capital requirements prevent new companies from easily entering the market. Bargaining power of buyers: Large national navies have significant buyer power to negotiate lower prices. Bargaining power of suppliers: Suppliers of specialized equipment like radar, sensors and weapons have some negotiating power. Threat of new substitutes: Military requirements limit substitutes, though unmanned systems may compete over time. Competitive rivalry: Competition intense among large international shipbuilders like Austal, Damen and Fincantieri.
Geographical regions
The Asia Pacific region currently accounts for the largest share of the offshore patrol vessels market in terms of value, led by countries like China, India and Japan. These nations are investing heavily to modernize their coast guards and naval fleets.
Europe’s offshore patrol vessels market is growing at the fastest rate due to ongoing patrol vessel procurement programs in countries like Italy, Britain and Norway. Outfitting these smaller patrol craft with advanced sensors and weapons allows navies to contribute to international missions like anti-piracy operations.
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- *Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile