April 20, 2024
Offshore Patrol Vessels Market

The Global Offshore Patrol Vessels Market Industry is in trends by Increased security concerns

Offshore patrol vessels are equipped with advanced navigation systems, communication equipment and weapons to conduct maritime security operations such as anti-piracy patrols, counter-terrorism missions and search & rescue services. The vessels are designed with hulls optimized for steady performance in rough sea conditions and have a comparatively large endurance range while at sea. The Offshore Patrol Vessels Market finds widespread adoption for protection of oil rigs, fishery patrols, anti-smuggling operations as well as coastal and maritime border security surveillance.

The Global Offshore Patrol Vessels Market Share is estimated to be valued at US$ 18.63 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Offshore Patrol Vessels market 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.

The growing incidences of piracy, illegal fishing and smuggling in international waters have necessitated increased maritime security patrols. This has augmented the demand for specialized offshore patrol vessels among coast guard and navy units globally.

Manufacturers are engaging in partnerships with emerging economies to help strengthen their coastal security infrastructure through supply of technologically advanced patrol ships. They are also focusing on after-sales services and training programs to boost global footprint.

Market key trends
One of the key trends gaining traction in the offshore patrol vessels market is the integration of autonomous technologies. Leading manufacturers are developing partially or fully autonomous vessels equipped with analytics driven automation, advanced sensors and navigation systems for long endurance border surveillance with minimal human intervention. This helps reduce operating costs and enhance safety of patrol operations in remote waters.

Porter’s Analysis
Threat of new entrants: It is moderate as offshore patrolling requires large capital investments and established supply networks.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of multiple established manufacturers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are multiple component manufacturers.

Threat of new substitutes: Substitution threat is low as offshore patrolling requires specialized vessels.

Competitive rivalry: The competition is high among established brands.

Geographical Regions
North America accounted for the largest share of the offshore patrol vessels market in 2024 due to growing investments in naval security by countries like the US and Canada.

Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising maritime conflicts and increasing investments in naval forces by countries like China, India, Japan and South Korea.

Offshore Patrol Vessels Market is projected to grow steadily during 2024-2030 driven by increasing incidences of piracy, terrorism and other maritime threats worldwide.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it