What Has Been the Growth Trajectory of the Offshore Patrol Vessel Market?
The offshore patrol vessel market has seen considerable growth due to a variety of factors.
•The market size for offshore patrol vessels has seen a robust growth in recent times. The market is projected to expand from $25.67 billion in 2024 to $27.65 billion in 2025, registering a compound annual growth rate (CAGR) of 7.7%.
The heightened maritime security needs, the monitoring of exclusive economic zones (EEZ), response to piracy activities, search and rescue operations, and protection of fisheries are all contributing factors to the growth experienced in the historical period.
What Does the Future Hold for the Offshore Patrol Vessel Market?
The offshore patrol vessel market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the offshore patrol vessel market to experience substantial growth in the coming years, with predictions suggesting it might reach "$37.01 billion by the year 2029 at a compound annual growth rate (CAGR) of 7.6%.
Factors contributing to this expected growth in the forecast period encompass an increase in geopolitical tensions, improved capacity of the Coast Guard, an uptick in humanitarian assistance and disaster relief (HADR) operations, as well as expanded surveillance and intelligence gathering activities, collaborative patrols, and bolstered naval alliances. Other key trends for the forecast period include a push for anti-submarine warfare (ASW) capabilities, an emphasis on the comfort and welfare of the crew, advancements in maritime domain awareness (MDA), the application of stealth technologies, and a focus on working in sync with allied forces.
What Are the Critical Driver Fuelling the Offshore Patrol Vessel Market's Growth?
The offshore patrol vessel market is poised for growth, fueled by the escalating demand for coastal security. This pertains to enhancing the infrastructure of the Coastal States and Union Territory Police Force for efficiently surveilling and patrolling coastal regions, particularly the shallow seas lining the coast. The responsibilities of these offshore patrol vessels are multifaceted, encompassing economic exclusion zone management tasks such as maritime safety, border regulation, routine patrolling, anti-smuggling measures, anti-terrorism, counter-piracy, fisheries safeguarding, and proficient disaster aid. Citing an example, Risk Intelligence, a Denmark-based company specializing in risk assessment and planning, and renowned for its global risk alert system and seaborne, port, and onshore threat analysis, reported in its Maritime annual incident figures 2022 an 8% uptick in incidents involving vessels in the Singapore Strait. Moreover, 55% of these were marked as thwarted attacks. Therefore, the offshore patrol vessel market is being propelled by this amplified demand for coastal security.
How Is the Offshore Patrol Vessel Market segmented?
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
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What New Trends Are Influencing the Offshore Patrol Vessel Market?
Leading enterprises in the offshore patrol vessel market are forging partnerships to establish competitive dominance. For example, in April 2023, Switzerland-based ABB Ltd., a corporation specializing in electrification, industrial automation, robotics, and motion, clinched a contract with shipbuilding firm Meyer Turku based in Finland. The contract involves delivering integrated power and propulsion solutions. The comprehensive package has two Azipod propulsion units and an Onboard DC Grid power system, aimed at two avant-garde multi-purpose patrol vessels commissioned by the Finnish Border Guard.
Who Are the Key Players in the Offshore Patrol Vessel Market?
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
What Is The Most Dominant Region In The Offshore Patrol Vessel Market?
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
