May 27, 2024
Offshore Patrol Vessels Market

Offshore Patrol Vessels Market Connected With Advancing Maritime Security

The global Offshore Patrol Vessels Market is estimated to be valued at US$ 15.53 Billion in 2022 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Offshore patrol vessels are used for coastal security, border control, and search and rescue operations. They are usually between 90–150 meters long with speeds between 20–30 knots. They feature advanced command and control systems, navigation systems, communication systems, weapons and sensors. They help in securing coastal borders, monitoring of offshore activities, preventing illegal entry of goods and inspecting suspicious vessels. With increasing threats of piracy, smuggling and cross-border crimes across seas, demand for advanced patrol vessels is on the rise globally for enhancing maritime security.

Market Key Trends:

One of the key trends in the offshore patrol vessels market is the increasing procurement of new generation large OPVs. Countries are investing in new large OPVs which are over 80 meters in length and displace over 1,000 tons. These vessels feature advanced radar, underwater surveillance systems, command & control centers, anti-ship missiles and have greater endurance and range. For instance, countries like India, Vietnam, Philippines, Brazil are procuring large OPVs from shipyards in Europe and Asia. Additionally, drone integration is another trend. Many vessels are being incorporated with unmanned aircraft systems and unmanned surface vessels to extend their surveillance and detection capabilities without crew deployment. This enhances safety of patrol operations.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the offshore patrol vessels market is moderate. High initial capital requirements and the need for technical expertise pose significant barriers for new companies.

Bargaining power of buyers: The bargaining power of buyers in the offshore patrol vessels market is high. Buyers have various vessel options and global suppliers to choose from. This allows them to negotiate on price and demand improved vessel specifications.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers hold significant influence over key components, established manufacturers posses technical expertise and economies of scale to switch between alternative component suppliers.

Threat of new substitutes: The threat of substitutes is low as patrol vessels have specialized functional requirements that cannot be met by alternative vessel types.

Competitive rivalry: The global offshore patrol vessels market is highly competitive owing to presence of numerous international players.

Key Takeaways

The global Offshore Patrol Vessels Market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period of 2023-2030, due to increasing maritime security threats and illicit activities at sea.

On the regional front, Asia Pacific dominates the offshore patrol vessels market and is expected to grow at the fastest pace during the forecast period. This can be attributed to rising maritime security issues and territorial disputes in the region. Countries like India, China, Japan, and South Korea are making significant investments in modernizing their coast guard and naval fleets.

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. 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, Mitsubishi Heavy Industries, Ltd., Navantia, Socarenam, STX Offshore & Shipbuilding Co., Ltd, Garden Reach Shipbuilders & Engineers Ltd.

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