The global Offshore Patrol Vessels Market is estimated to be valued at US$ 16.17 Bn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Offshore Patrol Vessels are ships specially designed to conduct offshore and coastal patrols, law enforcement, search and rescue missions. They enhance coastal security operations through surveillance and interception capabilities.
Market key trends:
One of the key trends in the Offshore Patrol Vessels market is the growing investment in naval defense ships by developing nations to enhance their coastal and maritime security. Governments across Asia Pacific and Middle East regions are heavily investing in procuring new patrol vessels to modernize their naval fleets and strengthen monitoring of territorial waters. For instance, in 2021, the Indian government initiated procurement of six new patrol vessels at an estimated cost of over US$ 2 billion to boost the coastal security network.
Segment Analysis
The global offshore patrol vessels market is segmented by type, operational area, and region. Based on type, the market is divided into basic offshore patrol vessels and heavy offshore patrol vessels. The basic offshore patrol vessels segment holds the largest share in the market and is expected to remain dominant over the forecast period. Basic OPVs are commonly preferred by navies globally due to their relatively low cost of procurement and operations as compared to heavy OPVs. They can undertake tasks such as search and rescue operations, patrolling of exclusive economic zones, counter-smuggling and piracy operations, and more.
Key Takeaways
Market size: The Global Offshore Patrol Vessels Market Demand is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing investments by developing nations in coastal security and surveillance.
Regional analysis: Regionally, Asia Pacific holds the major share of the offshore patrol vessels market and is expected to maintain its dominance over the forecast period. This is attributed to the escalating maritime disputes in the South China Sea and growing procurement of new patrol vessels by countries such as India, Vietnam, Indonesia and others.
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. LÃ1⁄4rssen 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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This industry study presents the global Offshore Patrol Vessels market size, historical breakdown data (2013–2018) and forecast (2018–2025).
They are also often called upon to participate in rescue operations.
Any changes from United States might affect the development trend of Offshore Patrol Vessels.
OPVs can be broadly classified into two types: 1) High-end war-fighting vessels with expensive weapon systems and C4I suites, 2) More basic patrol vessels, designed for sustained low intensity missions and equipped with basic gun armaments, standard navigation sensors and built to commercial standards.Get Sample Copy of this Report@ http://www.orbisresearch.com/contacts/request-sample/2325827Which of these types a country chooses depends on its particular naval requirements, resulting from its geographic location, political aspirations and intended role of its naval force?
These are being used in an increasing number of roles, including fishery protection, pollution control, fire-fighting, salvage or search and rescue (SAR), counter-narcotics, humanitarian operations and exclusive economic zone (EEZ) patrol.
The OPVs market is not concentrated; there are many companies such as BAE Systems, Damen, STX Offshore & Shipbuilding, Eastern Shipbuilding Group, Austal, Dearsan Shipyard, Irving Shipbuilding, CSIC, Fassmer, Socarenam, Fincantieri, Navantia, RNAVAL and Babcock acting in the market.
