The global maritime patrol naval vessels market has the potential to grow by USD 14.37 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America), and type (manned maritime patrol vessels and unmanned maritime patrol vessels). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including Austal Ltd., BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., Naval Group SA, NAVANTIA SA, and Saab AB.
What will be the Maritime Patrol Naval Vessels Market Size in 2020?
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Who are the Major Maritime Patrol Naval Vessels Vendors?
The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Naval Group SA, NAVANTIA SA, and Saab AB are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the high costs associated with patrol naval vessels will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this maritime patrol naval vessels market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this report also provides information on the upcoming maritime patrol naval vessels market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This maritime patrol naval vessels market analysis report provides information on the production, sustainability, and prospects of several leading maritime patrol naval vessels companies, including:
- Austal Ltd.
- BAE Systems Plc
- Damen Shipyards Group NV
- Fincantieri Spa
- Fr. Fassmer GmbH & Co. KG
- Fr. Lürssen Werft GmbH & Co. KG
- Mitsubishi Heavy Industries Ltd.
- Naval Group SA
- NAVANTIA SA
- Saab AB
Which are the Key Markets for Maritime Patrol Naval Vessels?
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APAC is one of the largest markets for maritime patrol naval vessels. The expansion of naval fleets in the region that is driving the growth of the manned and unmanned patrol naval vessels, will fuel maritime patrol naval vessels market growth in the region.
Almost 45% of the market’s growth will originate from APAC during the forecast period. The region faces disputes with neighboring countries because of a long coastline and political tensions which subsequently drives the need for naval fleets, which in turn, influence the need for maritime patrol naval vessels. China, Japan, and Australia are the key markets for maritime patrol naval vessels in APAC. Market growth in this region will be faster than the growth of the market in North America and South America.
What are the Major Segments by Type in the Maritime Patrol Naval Vessels Market?
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Manned maritime patrol vessels are preferred for inshore and offshore patrol missions. The naval forces and security agencies of emerging economies prefer OPVs that offer good scalability for operations. Because of the presence of large shipbuilding yards and deep ports in APAC there will be an increase in the usage of manned patrol vessels. As a result, manned maritime patrol vessels market size will steadily increase over the forecast period.
However, market growth in this segment will be slower than the growth of the market in the unmanned patrol vessels segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the maritime patrol naval vessels market size.
How will the Rising Number of Maritime Crimes Influence Maritime Patrol Naval Vessels Market Growth?
The rising number of maritime crimes is encouraging naval forces to modernize their fleets and shift their focus towards inducting multi-purpose OPVs. There is a growing focus of international bodies towards curbing transnational maritime crimes. This will result in the expansion of patrol naval fleets by multiple countries, influencing maritime patrol naval vessels market growth.
- With the increasing water disputes and aggressive expansion, there is a high demand for the modernization of naval fleets from the emerging economies.
- Because of the rise in raw material and labor costs and the need for regulatory compliance, there is a steady increase in the cost of naval vessels.
- The increasing cost of patrol naval vessels is inducing the governments of emerging economies to finance the procurement of naval fleets for naval forces and security agencies.
- For instance, the Philippine Navy has adopted the G2G approach to procure OPVs from Austal through in inter-government agreement with Australia.
- The adoption of these innovative approaches by the emerging economies in procuring patrol naval vessels will be one of the major patrol naval vessels market trends that will influence market growth.
- As a result of such factors, the market will grow at a CAGR of almost 9% during 2020-2024.
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What are the Key Factors Covered in this Maritime Patrol Naval Vessels Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the maritime patrol naval vessels market growth during the next five years
- Precise estimation of the global maritime patrol naval vessels market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the industrial pump rental industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of maritime patrol naval vessels vendors
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