Global Maritime Patrol Aircraft Market 2017-2021
Overview of the global MPA market
The global MPA market is anticipated to grow at a steady rate and will post a CAGR of close to 5% during the forecast period. The increasing competition among prime contractors and sub-contractors will propel the growth prospects for the global MPA market in the forthcoming years. With the increasing territorial and undersea threats, the government is heavily investing in the defense sector to combat tensions and address sovereign security matters. As a result, the opportunity for defense contractors improves that allows them to sell more airborne platforms such as the MPA equipped with highly advanced military weapons systems. Also, with the growing competition, contractors are increasingly focusing on acquisitions and joint ventures. For instance, the Poseidon involves the efforts of Boeing's partners including BAE Systems, Raytheon, Northrop Grumman, Spirit AeroSystems, and GE Aviation. Also, the manufacturers are incorporating different approaches to reach different segments of customers ranging from larger economies such as Taiwan and Singapore to smaller nations with limited resources such as Brunei due to the rising demand for effective surveillance platforms and sensor providers.
The transformation of commercial aircraft to MPA will accelerate the growth prospects for the global MPA market for the next four years. Some of the major benefits of converting the commercial aircraft to an MPA is the reduction of developmental risks involved with the manufacturing of a new platform, the economy of scale, reliability, easy availability of technical support, and low life-cycle-cost of commercial aircraft.
Competitive landscape and key vendors
The global MPA market is highly competitive and diversified due to the presence of a large number of well-established global and regional vendors across the globe. Some of the challenges that these vendors experience are intense competition, rapid advancements in technology, frequent changes in government policies, and environmental regulations. Also, to gain an edge over their competitors, these vendors increasingly focus on key areas such as in-house manufacturing capabilities, global presence, the range of product offerings, research and developmental investments, and strong client base.
Key vendors in this market are -
- Lockheed Martin
Other prominent vendors in the market include BAE Systems, Embraer, Harbin Aircraft Industry, Leonardo-Finmeccanica, and Thales.
Segmentation by product type and analysis of the MPA market
- Maritime patrol fixed-wing aircraft
- Maritime patrol rotorcraft
The maritime patrol fixed-wing aircraft segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market segment’s growth is the increasing number of MPAs due to the modernization of airborne defense and offense units that will boost the global development of special mission military aircraft market and enable greater dominance of countries.
Segmentation by geography and analysis of the MPA market
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. According to the industry research report, the market’s growth in the Americas is primarily supported by the huge number of investments by the US Department of Defense (DoD) in procurement, sustainment and modernization, and research and development programs for advanced MPA.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global maritime patrol aircraft (MPA) market?
- What are the key market trends impacting the growth of the global maritime patrol aircraft (MPA) market?
- What are the challenges to market growth?
- Who are the key vendors in the global maritime patrol aircraft (MPA) market?
- What are the market opportunities and threats faced by the vendors in the global maritime patrol aircraft (MPA) market?
- What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global maritime patrol aircraft (MPA) market?
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