Global Offshore Patrol Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Offshore Patrol Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Offshore Patrol Vessels market finds that the global Offshore Patrol Vessels market reached a value of USD 14963.17 million in 2022. It’s expected that the market will achieve USD 22030.95 million by 2028, exhibiting a CAGR of 6.66% during the forecast period.

Offshore Patrol Vessels Growth Drivers

A modern navy operates various types of warships to meet its diverse roles, from simple coastal patrols to power projection and warfighting. While the Navy has aircraft carriers, cruisers, destroyers, frigates, submarines, and missile boats for its offensive missions, it also has different classes of ships for patrol, presence, and support roles. The grant of a 200 nm exclusive economic zone (EEZ) and the extension from 3 nm to 12 nm of the maritime boundary/territorial waters of a nation brought to the fore the requirement of naval ships that could fulfill the roles of extended coastal security as well as provide security cover to the EEZ. The other coastal roles that are needed for the naval craft include pollution control, search, and rescue (SAR), law enforcement, firefighting, towing, etc. Larger naval ships cannot maneuver in the restricted and shallow coastal waters and would largely remain underutilized if deployed for EEZ patrols. This had given rise to the birth of the offshore patrol vessel (OPV) class of ships.

The OPVs are being built to sizes and roles specific to a nation; they may range in size from a large attack craft to nearly a frigate size ship. They are proving economical for smaller nations because of their flexible roles. They are mainly being used for, extended coastal patrols, EEZ protection, maritime presence, law enforcement at sea, humanitarian assistance and disaster relief (HADR), and if needed, for Arctic or Antarctic ice patrols. In the future, the defense budgets of most countries will be reduced, and the maritime security problem in recent years has gradually transformed from the previous confrontation between countries to an asymmetric threat, such as terrorist attacks, illegal activities, and local conflicts in small regions. Therefore, small patrol boats, which emphasize flexibility, maneuverability, easy dispatch, and even transport, have become a mainstream tool for countries around the world to respond to such asymmetric threats.

Offshore Patrol Vessels Market Challenges

The COVID-19 pandemic has hit the global economy hard, with the impact continuing into 2022. Even though most areas have been unblocked, the emergence of mutant viruses still affects border epidemic prevention policies of various countries. The infection of seafarers and the surge in freight demand have led to port congestion. The imbalance between supply and demand has led to soaring sea and air freight rates. lead to large fluctuations in raw material prices. The bulk purchase of metal raw materials and marine equipment in the shipbuilding industry will be affected by the above freight and raw material price factors, and the cost increase will increase.

Region Overview:

From 2022-2027, Europe is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Fincantieri, China State Shipbuilding Corporation, Navantia with the revenue market share of 9.06%, 9.80%, 10.36% in 2022.

Fincantieri is one of the world’s largest shipbuilding groups, global Italian leader in cruise ship design, reference player in all high-tech shipbuilding industry sectors, from naval to offshore vessels, from high-complexity ferries to mega yachts, as well as production of systems and component equipment for mechanical and electrical segments, from cruise ship interiors solutions, electronic and software systems, to infrastructures and maritime constructions, as well as after-sales services. With over 230 years of history and more than 7,000 ships built, Fincantieri maintains its know-how, expertise and management centres in Italy, here employing 10,000 workers and creating around 90,000 jobs, which double worldwide thanks to a production network of 18 shipyards operating in four continents and with over 20,000 employees.

The China State Shipbuilding Corporation (CSSC) is a Chinese shipbuilding conglomerate. CSSC is one of the top 10 defense groups in China, consists of various shipyards, equipment manufacturers, research institutes and shipbuilding related companies that built both civilian and military ships. In the marine defense equipment industry, the main products cover surface ships, submarines, electronic information equipment, naval armament, naval power, electromechanical equipment, official law enforcement equipment, boat bridges, etc. Mainly carry out system top-level research, R&D design, final assembly and construction, system integration, equipment matching, test development, maintenance support and other businesses. At the same time, it will carry out the export and international cooperation of the above-mentioned equipment and services.

Segmentation Overview:

By type, Basic Patrol Vessel segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Navy segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Offshore Patrol Vessels market covered in Chapter 3:

Navantia
Damen
Naval Group
China State Shipbuilding Corporation
Fassmer
Irving Shipbuilding
Fincantieri
Reliance Naval and Engineering Limited
BAE Systems
Eastern Shipbuilding
Austal

In Chapter 4 and Chapter 14.2, on the basis of types, the Offshore Patrol Vessels market from 2018 to 2029 is primarily split into:

Basic Patrol Vessel
Warfighting Patrol Vessel

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Offshore Patrol Vessels market from 2018 to 2029 covers:

Coast Guard
Navy
Police Force

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)