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:
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