OFFSHORE PATROL VESSELS MARKET ANALYSIS

Offshore Patrol Vessels MarketSize and Trends

Global Offshore Patrol Vessels Market was valued at US$ 15.53 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030.

Global Offshore Patrol Vessels Market – Trends

Adoption of advanced technologies in shipbuilding

The shipbuilding industry is growing significantly due to the introduction of advanced technologies that assist in solving rising fuel costs and environmental pollution issues. Therefore, market players are focusing on upgrading their existing patrol vessels by improving fuel efficiency in order to reduce pollution. Offshore patrol vessels are mainly used by navies and coastguards for a wide variety of patrol, protection, and patrolling tasks across the world. Various technologies are incorporated in offshore patrol vessels in order to offer multiple capabilities that will assist in the protection of sea borders, exclusive economic zone (EEZs), and offshore installations. Therefore, vendors are offering various technology upgrades in offshore patrol vessels that include HVAC&R (Heating, Ventilation, Air-conditioning, & Refrigeration) technology, 3D printing technology, integrated electric propulsion, and other advanced marine technologies. Thus, advancements in technologies for the production of patrol vessels are the latest trends in the offshore patrol vessels market, globally.