Offshore patrol vessels market is estimated to be valued at US$ 15.53 Billion in 2022, By 2030, the market is projected to reach US$ 21.37 Billion, exhibiting a CAGR of 4.1% over the forecast period (2022–2030).
The global offshore patrol vessels market is segmented on the basis of vessel type, application, size, and region. Based on vessel type, it is segmented into advanced and basic. As per application, the market is studied across monitoring, Exclusive Economic Zone (EEZ) protection, Anti-Air Warfare (AAW), Anti-Surface Warfare (ASuW), Electronic Warfare (EW) operations, and humanitarian tasks. As per size, the market is studied across < 50 meter, 50-90 meter, and >90 meters. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
It is further utilized by several law enforcement agencies for ensuring optimal maritime security and border control. OPV is high-performance, reliable, durable, and persistent and offers customizability, excellent stability, and exceptional seakeeping attributes to facilitate varying tasks in different seagoing environments. he need to strengthen maritime security due to increasing geopolitical tensions between various countries is majorly driving the procurements of maritime patrol naval vessels. Also, the fleet modernization plans of various armed forces are bolstering the investments into the procurement of new vessels, which is supporting the growth of maritime patrol naval vessels market. The development of new maritime patrol vessels integrated with advanced technology for enhancing the monitoring and detection capabilities of the vessels, as well as advanced weapon systems, is anticipated to propel the growth of the market during the forecast period.
Global Offshore Patrol Vessels Market - Drivers
Rise in Monitoring of Exclusive Economic Zone (EEZ)
Offshore patrol vessels are mainly designed to perform surveillance operations in the exclusive economic zone (EEZs). The main objective of the patrol vessels is to control and monitor the exclusive economic zone. Offshore patrol vessels will assist in the surveillance of exclusive economic zone and other operational tasks such as the protection of shipping lanes, anti-piracy patrols, and coastal security. Furthermore, naval offshore patrol vessels chartering services are introduced for the protection of the Exclusive Economic Zone (EEZ) against maritime criminality, piracy, marine pollution, and human and weapons or drug trafficking Naval offshore patrol vessels (NOPVs) are patrol ships that are armed with Super Rapid Gun Mount (SRGM) system along with AK-630M guns that offer medium and short range defensive capabilities. The armament is remotely controlled through an electronic Fire Control System. Also, patrol ships are fitted with diesel engine-driven propulsion systems that offer high speed, and ship operations are controlled by an intelligent platform management system that has interfaces for all operational activities. For Instance, In nov 2022, The Indian Navy will not allow the Yuan Wang-6 to enter the country's Exclusive Economic Zone (EEZ) that extends up to 200 nautical miles into the sea.
Global Offshore Patrol Vessels Market - Opportunities
Increasing defense budget
Increasing defense budget of numerous developing countries is expected to create a lucrative opportunity for the offshore patrol vessels market during the forecast period. For instance, according to Macrotrends LLC, India’s military spending in 2021 was US$ 76.60 Bn which is 5.02% increase from the year 2021 i.e., US$ 72.94 Bn. Moreover, according to Macrotrends LLC, Germany’s military spending in 2021 was US$ 56.02 Bn which is 5.27% increase from the year 2021 i.e., US$ 53.21 Bn.
Global Offshore Patrol Vessels Market - Restraints
The high capital expenditure on building the vessels and the shipyards may restrain the growth of the global offshore patrol vessels market. Shipyards are used to build and repair the ships, boats, and patrol vessels. The construction of shipyards requires high initial investment such as cranes, dust free warehouses, painting facility, and repair facility and also require large areas near to the sea. All this requires high initial investment which is a major challenge for producing the patrol vessels.
Global Offshore Patrol Vessels Market -Trends
Manned Patrol Vessels Segment to Dominate the Market
The procurement of new offshore patrol vessels, corvettes, and multi-role vessels, among others for the surveillance of the water borders, has witnessed growth in the past few years. Countries like India, China, France, Italy, Japan, Thailand, etc., are developing and deploying new-generation manned vessels into the fleet. For instance, in March 2023, Kongsberg Maritime will provide a suite of equipment to a new build ship named SDO-SuRS (Special and Diving Operations - Submarine Rescue Ship) to be built by the Italian shipyard T.Mariotti for the Marina Militare Italiana (The Italian Navy). With the introduction of such new programs, the manned patrol vessels segment is expected to grow moderately. However, the evolution of military robotic technology has led to the deployment of unmanned vehicles across all three operating environments, air, land, and sea. Currently, countries are investing heavily in the introduction of autonomy into naval vessels, in order to minimize human interference and increase the effectiveness of maritime missions. This is likely to propel the growth of the unmanned patrol vessels segment during the forecast period.
Global Offshore Patrol Vessels Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has affected the global offshore patrol vessels market significantly. Lockdown was imposed across the globe as a precautionary measure by governments of countries. This led to the temporary suspension of all businesses such as manufacturing, oil and gas, and others. The company’s manufacturing of offshore patrol vessels faced financial, and technological issues during the pandemic. Shortage of manpower also had an impact on the production of patrol vessels. Hence, the global offshore patrol vessels market witnessed slow growth during the pandemic.
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Key Takeaways:
The Global Offshore Patrol Vessels Market was valued at US$ 15.53 Billion in 2022 and is forecast to reach a value of US$ 21.37 Billion by 2030 at a CAGR of 4.1% between 2022 and 2030.
Global Offshore Patrol Vessels Market: Competitive Landscape
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
Global Offshore Patrol Vessels Market - Recent Developments
In September 2021, Island Offshore and Kongsberg Digital (Provide software and digital solutions[buzzword] such as artificial intelligence, maritime simulation and automation to companies within the merchant navy, the petroleum industry and renewable energy and utilities industry) agreed to supply the Vessel Insight infrastructure solution to the full fleet of 26 offshore vessels. They will collect all data from all fleets on one platform by installing the Vessel Insight architecture. The collected data will enable sophisticated decision support tools and benchmark vessels by comparing operational data from all vessels to reduce fuel consumption and emissions and automate reporting processes.
In August 2021, Pacific Hornbill, an Offshore platform supply vessel (PSV) from Swire Pacific, has been deployed to support the existing construction activities on the Greater Changhua 1 2a offshore wind plan in Taiwan. Pacific Hornbill is one of four H-Class assets in Swire Pacific Offshore's fleet and was built by Japan Marine United (JMU).
