Maritime Patrol Naval Vessels Market Key Insights Based On ...| MENAFN.COM

Thursday, 09 February 2023 08:51 GMT

Maritime Patrol Naval Vessels Market Key Insights Based On Product Type, Size, End-Use And Regional Demand And Forecast: 2022-2031

(MENAFN- America News Hour)

The maritime patrol naval vessels market
is anticipated to record a CAGR of more than 4% during 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.

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Key Market Trends
Manned Patrol Vessels Segment had the Largest Market Share in 2022

The procurement of new offshore patrol vessels, corvettes, and multi-role vessels, among others for the surveillance of the water borders, has witnessed growth in the past few years. Countries like India, China, France, Japan, Thailand, etc., are developing and deploying new-generation manned vessels into the fleet. For instance, under the Permanent Structured Cooperation on Defence and Security (PESCO) scheme, the European Council launched a new program of European Patrol Corvette (EPC) in November 2019. Under the program, Fincantieri and Naval Group are expected to design and develop a prototype for a new class of military ships to support a wide variety of missions. With the introduction of such new programs, the manned patrol vessels segment is expected to grow moderately. However, the evolution of military robotic technology has led to the deployment of unmanned vehicles across all three operating environments, air, land, and sea. Currently, countries are investing heavily in the introduction of autonomy into naval vessels, in order to minimize human interference and increase the effectiveness of the maritime missions. This is likely to propel the growth of the unmanned patrol vessels segment during the forecast period.
Asia-Pacific Region is Expected to Generate the Highest Demand during the Forecast Period

The on-going maritime disputes among various countries in the Asia-Pacific region are driving the investments toward fleet modernization and procurement of new maritime patrol vessels. Countries like China, India, Japan, Thailand, etc., are procuring new patrol vessels to strengthen their security along the borders. In January 2020, China began the construction of the largest offshore patrol vessel with an investment of USD 97.1 million for the coastguard to boost civilian maritime law enforcement capabilities. Guangdong Maritime Safety Administration plans to commission the new vessel into service by September 2021. Similarly, Thailand is rapidly developing its naval capabilities to address the maritime challenges in surrounding waters in the Andaman Sea, the Gulf of Thailand, and others. The country under the maritime modernization plan inducted its second Krabi-class missile-capable OPV, the HTMS Prachuap Khiri Khan in October 2019. The growing territorial tensions and subsequent fleet modernization plans of countries are anticipated to generate the demand for maritime patrol vessels from the Asia-Pacific region during the forecast period.

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Competitive Landscape
The market of maritime patrol naval vessels is fragmented with the presence of many regional manufacturers that provide different types of patrol vessels. Some of the prominent players in the maritime patrol naval vessels market are BAE Systems PLC, Naval Group, Huntington Ingalls Industries Inc., Mitsubishi Heavy Industries Ltd, and Fincantieri SpA. The majority of the shipbuilding companies are based out of Europe, like BAE Systems PLC, Austal Limited, SAAB AB, Naval Group, and Damen Shipyards Group, among others. The companies are developing new patrolling vessels with the integration of advanced technology to increase various capabilities like autonomy, monitoring, and detection, etc. In July 2019, BAE Systems successfully completed the trails of the autonomous Pacific 950 Rigid Inflatable Boat (RIB) demonstrator. This demonstrator was developed in collaboration with L3Harris and MSI Defence Systems. This new vessel is integrated with automated navigational decision-making technologies, which will make naval missions faster, easier, and safer. The orders for such new and advanced vessels may enable the companies to increase their global footprint, as well as enhance cashflows.
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