Offshore patrol vessel market 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), according to Offshore Patrol Vessels Market Report, By Vessel Type (Advanced and Basic), By Application (Monitoring, Exclusive Economic Zone (EEZ) Protection, Anti-Air Warfare (AAW), Anti-Surface Warfare (ASuW), Electronic Warfare (EW) Operations, and Humanitarian Tasks), By Size (< 50 meter, 50-90 meter, and >90 meters), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by . Offshore patrol vessels are used by navies and coast guards for various applications such as search and rescue, counter-narcotics and drugs smuggling, and humanitarian operations. Moreover, offshore patrol vessels are also used for patrol and surveillance of offshore assets such as oil platforms and for convoy protection and anti-mine missions. Patrol vessels are used mainly for detecting drug trafficking, smuggling, and monitoring and controlling marine pollution. For instance, in September 2018, the U.S. CBP and Air and Marine Operations (AMO) aircrews along with inter-agency partners seized a vessel with around 2,880 pounds of cocaine and detained drug smugglers on the coast of Acapulco, Mexico. Therefore, increasing focus on coastal security leads to high demand for offshore patrol vessels, thereby boosting the market growth over the forecast period. Furthermore, increasing investments and exploration activities in offshore oil and gas sector is expected to increase demand for offshore patrol vessels. According to the U.S. Energy Information Administration (EIA), in 2015, offshore production accounted for 30% of the global crude oil output. Saudi Arabia, Brazil, Mexico, Norway, and the U.S. are the major offshore oil producing countries. Although oil and gas industry witnessed downturn since 2014, the investment in oil and gas industry increased in 2018 and is expected to rise further over the forecast period. According to Rystad Energy, expenditure on offshore oilfield services is expected to increase by 6% in 2019 compared to previous year, reaching US$ 208 billion. Increasing investments in offshore oil and gas sector is expected to significantly fuel exploration, development, and production activities in the offshore sector. This in turn is expected to increase demand for offshore patrol vessels for monitoring offshore activities. 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 Key Takeaways of the Market:
- Asia Pacific held the dominant position in the market in 2017. This region was valued at US$ 5,671.54 Mn in 2017 and is expected to generate revenue of US$ 8,235.77 Mn by 2027. The region is expected to exhibit a CAGR of 3.9% over the forecast period. Need for surveillance in large coastal areas of countries in Asia Pacific region is one of the major factors driving growth of the offshore patrol vessel market in the region. Countries in Asia Pacific such as India, China, Sri Lanka, Pakistan, the Philippines, and Japan have large coastal areas. Offshore patrol vessels are useful for the purpose of surveillance and to avoid intrusions from the coastal borders. Hence, offshore patrol vessels are one of the important parts of the defense sector for these countries in Asia Pacific region. For instance, in August 2018, India’s Defense Acquisition Council approved a plan for the procurement of six next-generation offshore patrol vessels for the Indian Navy at a cost of US$ 706.5 million. Moreover, in April 2018, the Indian Coast Guard commissioned the lead ship of a new class of OPVs, ICGS Vikram.
- Advanced vessel segment held the dominant position in the market in 2017. This segment was valued at US$ 7,512.65 Mn in 2017 and is expected to exhibit a CAGR of 4.6% over the forecast period. Advance vessels are equipped with echo sounders, cameras, LiDAR, sensors, visual systems, sonars, and marine radars. Several benefits associated with advanced offshore patrol vessels such as wide range of engines, low load performance with high reliability, high maintainability, long service intervals, and low fuel consumption lead to their high demand. Furthermore, increasing demand and development of advanced offshore patrol vessels is expected to boost the segment growth. For instance, in November 2018, ICGS Varaha, the fourth in the series of 98 M offshore patrol vessel (OPV) of Indian Coast Guard (ICG) was launched at L&T Kattupalli shipyard, Tamil Nadu, India. It is developed by L&T and fitted with advanced navigation technology, & communication equipment, along with an automated power management system (APMS), integrated bridge system (IBS), integrated platform management system (IPMS), and high power external firefighting (EFF) system.
- 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.