Market Research Report
Maritime Patrol Naval Vessels Market by Type and Geography - Forecast and Analysis 2020-2024
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||538551|
|Published||Content info||158 Pages
Delivery time: 1-2 business days
|Maritime Patrol Naval Vessels Market by Type and Geography - Forecast and Analysis 2020-2024|
|Published: October 29, 2019||Content info: 158 Pages||
Technavio's maritime patrol naval vessels market analysis considers sales from manned maritime patrol vessels and unmanned maritime patrol vessel types. Our study also finds the sales of maritime patrol naval vessels in APAC, Europe, North America, South America, and MEA. In 2019, the manned maritime patrol vessels segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as good scalability for operations will play a significant role in the manned maritime patrol vessels segment to maintain its market position. Also, our global maritime patrol naval vessels market report looks at factors such as increasing transnational maritime crimes, rising maritime activities in Arctic region, and aggressive expansion of China's naval fleet in critical regions. However, high cost associated with patrol naval vessels, maritime issues arising due to Brexit, and acquisitions of old patrol naval vessels may hamper the growth of the maritime patrol naval vessels industry over the forecast period.
The rise in the number of maritime crimes is compelling naval forces to modernize their fleets. This has increased the demand for multi-purpose OPVs that can handle several maritime activities such as patrolling and policing maritime zones, search and rescue, and pollution control. Also, the growing focus of international bodies on reducing transnational crimes is forcing countries to expand their patrol and naval fleets to safeguard their coastlines and create exclusive economic zones. This increasing transnational maritime crimes will lead to the expansion of the global maritime patrol naval vessels market at a CAGR of almost 9% during the forecast period.
The cost of patrol naval vessels has been increasing steadily due to factors such as a rise in the costs associated with raw materials, labor, regulatory compliance, and more. Hence. the governments of emerging economies are finding solutions to finance the procurement of patrol naval vessels for their naval forces and security agencies. One such approach is the government-to-government (G2G) approach. For instance, the Philippine Navy has adopted the G2G approach to procure OPVs from Austal through in inter-government agreement with Australia. With the increasing water disputes and aggressive expansion, there is a high demand for the modernization of naval fleets from the emerging economies. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global maritime patrol naval vessels market during the forecast period 2020-2024, view our report.
With the presence of several major players, the global maritime patrol naval vessels market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading maritime patrol naval vessels manufacturers, that include Austal Ltd., BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, Fr. Fassmer GmbH & Co. KG, Fr. Lurssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., Naval Group SA, NAVANTIA SA, and Saab AB.
Also, the maritime patrol naval vessels market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.