Market Size of Maritime Patrol Naval Vessels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Maritime Patrol Naval Vessels Market Analysis
The maritime patrol naval vessels market is projected to grow from USD 5.44 billion in 2022 to USD 6.99 billion in 2028, registering a CAGR of 4.10% during the forecast period.
The COVID-19 outbreak and the subsequent lockdowns have affected the defense manufacturing sector in several countries. The negative impacts of the pandemic are visible in the global defense supply chains, as several programs rely upon a unique global network of parts suppliers. Though governments and defense companies have emphasized avoiding disruptions, the pandemic has resulted in several delays in development efforts. With longer timelines involved in the development of naval vessels, the delays are expected to result in extra expenditures for shipbuilders. For instance, in Canada, the construction of new naval ships by Halifax and Vancouver shipyards is delayed due to supply chain disruptions caused by the lockdowns to stop the spread of the virus at their shipyards. Hence, the reduction in production rates due to the pandemic-induced disruptions is expected to hinder the market's growth during the initial few years of the forecast period.
The 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.
Maritime Patrol Naval Vessels Industry Segmentation
The maritime patrol naval vessels market includes all the patrol vessels used by navies, coastal guards, and law enforcement agencies for maritime security and border control.
The scope of the study includes both manned and unmanned vessels that are used for patrolling the naval borders. The manned patrol vessels include offshore patrol vessels, corvettes, multi-role vessels, and minehunter vessels. The unmanned segment includes unmanned surface vehicles and unmanned underwater vehicles.
The maritime patrol naval vessels market is segmented by vessel type, application, and geography. Based on vessel type, the market is segmented into Manned and Unmanned patrol vessels. Based on application the market is segmented into Dry Cargo Vessels, Tankers, Dry Bulk Carriers, Special Purpose Vessels, and Others. The report provides market size and forecasts for all major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle-East and Africa. The report also provides the profiles of major players in the market and their market shares. The market size and forecast are provided by value (USD billion).
| Type | |||||
| |||||
| Unmanned Patrol Vessels |
| Application | |
| Dry Cargo Vessels | |
| Tankers | |
| Dry Bulk Carriers | |
| Special Purpose Vessels | |
| Others |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Maritime Patrol Naval Vessels Market Size Summary
The maritime patrol naval vessels market is experiencing a dynamic phase, driven by the need to enhance maritime security amid rising geopolitical tensions. The market is characterized by a fragmented landscape with numerous regional manufacturers offering a variety of patrol vessels. Key players such as BAE Systems plc, Naval Group, and Huntington Ingalls Industries Inc. are at the forefront, developing advanced vessels integrated with cutting-edge technology to improve capabilities like autonomy and detection. The demand for new offshore patrol vessels, corvettes, and multi-role vessels has been on the rise, particularly in regions like Asia-Pacific, where countries are investing heavily in fleet modernization to address territorial disputes and enhance border security.
The market's growth trajectory is influenced by several factors, including the impact of the COVID-19 pandemic, which caused disruptions in defense manufacturing and supply chains, leading to delays and increased costs for shipbuilders. However, the ongoing development and procurement of new-generation manned and unmanned vessels are expected to propel market expansion. The introduction of autonomy in naval vessels is a significant trend, aiming to reduce human intervention and boost mission effectiveness. As nations continue to invest in advanced maritime patrol systems, the market is poised for steady growth, with opportunities for companies to expand their global presence and enhance their operational capabilities.
Maritime Patrol Naval Vessels Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Technology Trends
-
1.5 Porter's Five Forces Analysis
-
1.5.1 Bargaining Power of Buyers/Consumers
-
1.5.2 Bargaining Power of Suppliers
-
1.5.3 Threat of New Entrants
-
1.5.4 Threat of Substitute Products
-
1.5.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Type
-
2.1.1 Manned Patrol Vessels
-
2.1.1.1 Offshore Patrol Vessels
-
2.1.1.2 Corvettes
-
2.1.1.3 Other Manned Patrol Vessels
-
-
2.1.2 Unmanned Patrol Vessels
-
-
2.2 Application
-
2.2.1 Dry Cargo Vessels
-
2.2.2 Tankers
-
2.2.3 Dry Bulk Carriers
-
2.2.4 Special Purpose Vessels
-
2.2.5 Others
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
-
2.3.2 Europe
-
2.3.2.1 United Kingdom
-
2.3.2.2 Germany
-
2.3.2.3 France
-
2.3.2.4 Russia
-
2.3.2.5 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 Rest of Asia-Pacific
-
-
2.3.4 Latin America
-
2.3.4.1 Brazil
-
2.3.4.2 Rest of Latin America
-
-
2.3.5 Middle-East and Africa
-
2.3.5.1 United Arab Emirates
-
2.3.5.2 Saudi Arabia
-
2.3.5.3 Egypt
-
2.3.5.4 Rest of Middle-East and Africa
-
-
-
Maritime Patrol Naval Vessels Market Size FAQs
What is the current Maritime Patrol Naval Vessels Market size?
The Maritime Patrol Naval Vessels Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)
Who are the key players in Maritime Patrol Naval Vessels Market?
BAE Systems plc, Naval Group, Mitsubishi Heavy Industries Ltd, Fincantieri S.p.A. and Huntington Ingalls Industries are the major companies operating in the Maritime Patrol Naval Vessels Market.
