IMARC Group, a leading market research company, has recently releases report titled Offshore Patrol Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032, The study provides a detailed analysis of the industry, including the global offshore patrol vessel market trends, size, share, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the offshore patrol vessel market?
The global offshore patrol vessel market size reached US$ 35.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 69.5Billion by 2032, exhibiting a growth rate (CAGR) of 7.53% during 2024-2032.
What is Offshore Patrol Vessel?
Offshore patrol vessels (OPVs) are naval ships designed to carry out numerous maritime security and law enforcement tasks in coastal waters and offshore regions. OPVs are typically smaller than traditional warships and often used for border protection, anti-piracy operations, fisheries protection, search and rescue, and environmental protection. They are equipped with various systems and technologies that enable them to carry out their various missions. These may include surveillance and reconnaissance systems, weapons systems, communication systems, and search and rescue equipment. Some OPVs are also equipped with helicopter landing pads and hangars, allowing them to carry out a range of airborne operations. OPVs are designed to operate in a wide range of sea conditions and are capable of traveling long distances without the need for refueling. They are typically built with robust hulls and propulsion systems that enable them to operate in rough seas and adverse weather conditions. These machinery are used by a range of naval and coast guard forces around the world, including the United States Coast Guard, the Royal Navy, and the Australian Border Force.
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Offshore Patrol Vessel Market Growth and Development:
One of the primary factors driving the market is the increasing prevalence of piracy, terrorism, and illegal maritime activities. Additionally, the escalating demand for OPVs for border and coastal waters protection from illegal immigration, smuggling, and other threats is creating a positive market outlook. Other than this, on account of the exponential growth in the offshore oil and gas industry, OPVs are needed to provide security and support services for offshore platforms and vessels, thus positively influencing the market growth. Besides this, the augmenting demand for search and rescue operations in coastal waters and offshore regions is increasing the product adoption rate as it responds well to emergencies. In line with this, the development of various technologies, such as unmanned systems, is making OPVs more capable, efficient, and cost-effective. Furthermore, governments of different countries are investing in the development of OPVs to improve their maritime security and law enforcement capabilities. Moreover, extensive research and development (RD) activities by key players to enhance their product capability is propelling the market growth.
Offshore Patrol Vessel Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the offshore patrol vessel market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Austal Ltd.
- BAE Systems plc
- Damen Shipyards Group N.V.
- Dearsan
- Fincantieri S.p.A.
- Fr. Fassmer GmbH Co. KG
- Fr. Lrssen Werft GmbH Co.KG
- Garden Reach Shipbuilders Engineers Limited
- Israel Shipyards Ltd
- Naval Group, etc
Key Market Segmentation:
The report has segmented the global offshore patrol vessel market based on vessel type, size, application and region.
Breakup by Vessel Type:
- Advanced Vessels
- Basic Vessels
Breakup by Size:
- 50 Meters
- 50 to 90 Meters
- 90 Meters
Breakup by Application:
- Coast Guard
- Navy
- Police Force
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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