Global Offshore Patrol Vessels Market is Expected to Exhibit a CAGR of 3.8% During the Forecast Period (2019-2027)

News provided by

Jul 17, 2019, 10:33 ET

SEATTLE, July 17, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global offshore patrol vessels market is projected to exhibit a significant CAGR of 3.8% over the forecast period (2019 – 2027).

Market trends of the Global Offshore Patrol Vessels Market: Adoption of advanced technologies in Shipbuilding

The shipbuilding industry is growing significantly due the introduction of advanced technologies that assist in solving rising fuel cost and environmental pollution issues. Therefore, vendors are focusing on upgrading their existing patrol vessels by improving fuel efficiency, in order to reduce the pollution. Offshore patrol vessels are mainly used by navies and coastguards for a wide variety of patrol and 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 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 technology, 3D printing technology, integrated electric propulsion, and other advanced marine technologies. Thus, advancement in technologies for the production of patrol vessels are the latest trends in the global offshore patrol vessels market, globally.

Request Sample pages of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/2822

The shipbuilding industry is undergoing rapid transformation due to introduction of advanced technologies that are integrated in the offshore patrol vessels. Offshore patrol vessels are in huge demand, due to their effective monitoring and operational activities at coastline. However, the high cost of component and technologies that are used in offshore patrol vessels are limiting the market growth. There are various additional costs that are involved in the production of offshore patrol vessels such as fluctuating labor cost, maintenance cost, and the cost of components used in manufacturing the vessels. For instance, the patrol vessels that are less than 50 m in size cost around US$ 30-40 million while the cost of patrol vessels of 90 m size is around US$ 100 million. Therefore, high cost of manufacturing offshore patrol vessels is one of the restraining factors that could hamper growth of global offshore patrol vessels market over the forecast period.

Inquire before Buying @ https://www.coherentmarketinsights.com/insight/talk-to-analyst/2822

Key Market Takeaways:

Global offshore patrol vessel market is was valued at US$ 13,557.12 Mn in 2018, up from US$ 13,134.20 Mn in 2017. By 2027, the market is projected to reach US$ 18,803.13 Mn, exhibiting a CAGR of 3.8% over the forecast period (2019–2027).
Exclusive economic zone (EEZ) protection segment held the dominant position in the market in 2017. This segment was valued at US$ 3,115.11 Mn in 2017 and is expected to generate revenue of US$ 4,454.64 Mn by 2027. The segment is expected to exhibit a CAGR of 3.7% over the forecast period. Patrol vessels preferred for EEZ protection are advanced vessels and are more expensive in comparison with basic vessels used for monitoring at non-EEZ areas. However, advanced patrol vessels are preferred over basic vessels and are considered cost-effective solutions for border protection. Advanced offshore patrol vessels also have advanced warfare capabilities and are used for emergency situations such as illegal border threat entrance.
Monitoring segment is the fastest growing segment in the market. This segment was valued at US$ 2,335.96 Mn in 2017 and is expected to generate US$ 3,509.33 Mn by 2027. The segment is expected to exhibit a CAGR of 4.3% over the forecast period. This is owing to increasing border security operations such as monitoring, surveillance, and reconnaissance across different coastal borders in the sea around the world. The patrol vessels used for monitoring operations provide support for operations such as fishery inspection, disaster relief, logistic support, counter drugs & weapons trafficking, and to counter piracy & smuggling at sea coasts. Moreover, patrol vessels used for electronic warfare are capable of counter-measure capabilities such as from underwater submarine torpedoes. These vessels can also identify and notify underwater submarines from longer distances.
Some of the major players operating in the global offshore patrol vessels market include 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, and Garden Reach Shipbuilders & Engineers Ltd.

Report Segmentation:

Global Offshore Patrol Vessels Market, By Vessel Type:

Advanced Vessels
Basic Vessels

Global Offshore Patrol Vessels Market, By Application:

Monitoring
Exclusive Economic Zone (EEZ) Protection
Anti-Air Warfare (AAW)
Anti-Surface Warfare (ASuW)
Electronic Warfare (EW) operations
Humanitarian Tasks

Global Offshore Patrol Vessels Market, By Size:

<50 Meters
50 to 90 Meters
>90 Meters

Global Offshore Patrol Vessels Market, By Region:

North America

By Country:

U.S.
Canada

Europe

By Country:

Germany
Italy
France
Spain
UK
Rest of Europe

Asia Pacific

By Country:

China
India
Japan
Australia & New Zealand
Rest of Asia Pacific

Latin America

By Country:

Brazil
Mexico
Argentina
Rest of Latin America

Middle East & Africa

By Country:

GCC Country
South Africa
Rest of the Middle East & Africa

Company Profiles

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/offshore-patrol-vessels-market-2822

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Mr. Raj Shah
Coherent Market Insights
1001 4th Ave.
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: [email protected]

SOURCE Coherent Market Insights