Offshore Patrol Vessels Market is Estimated To Witness High Growth
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| Offshore Patrol Vessels Market |
The Offshore Patrol Vessels Market is estimated
to be valued at US$ 15.53 Billion or Mn
in 2022 and is expected to exhibit a CAGR
of 4.1% over the forecast period 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market Overview:
Offshore patrol vessels are naval ships designed for coastal defense and law
enforcement and to protect maritime borders and offshore installations. They
are equipped with advanced communication and automatic identification system to
maintain maritime security and monitor sea lanes. They play a vital role in
enforcing maritime regulations, providing humanitarian and disaster relief, and
combating piracy, illegal fishing, smuggling, and other crimes.
Market key trends:
One of the major trends driving the offshore patrol vessels market is the
increasing adoption of new technologies like unmanned surface vehicles,
artificial intelligence, enhanced communication systems, and advanced sensors
and radars. For instance, autonomous surface vessels are being developed that
can operate independently or in conjunction with manned vessels to extend their
reach and operational endurance. AI and machine learning are being used to
analyze data collected through advanced sensors to detect anomalies and
threats. Enhanced communication networks are improving situational awareness.
Cameras, electronic support measures, and over-the-horizon radars also help
expand monitoring range. The integration of new technologies is allowing offshore
patrol vessels to perform tasks more efficiently with fewer personnel.
Porter's Analysis
Threat of new entrants: Low capital requirements and established customers make
it easy for new companies to enter the Offshore
Patrol Vessels Market. However, established players have built strong
brand names and capital resources over the years that pose difficulties for new
entrants.
Bargaining power of buyers: The buyers have moderate bargaining power due to
the availability of substitutes and well-established suppliers in the market.
However, compliance with strict governmental regulations allows suppliers to
avoid intense price competition.
Bargaining power of suppliers: Major suppliers have strong bargaining power due
to their technological expertise and capability to meet customized demands.
However, the presence of a large number of medium and small suppliers balances
this power.
Threat of new substitutes: Low threat as Offshore Patrol Vessels offer unique
capabilities to governments for defense and coastal security that are not
easily substitutable.
Competitive rivalry: Intense due to the highly fragmented market consisting of
global as well as regional vendors competing on product quality, capability,
and price.
SWOT Analysis
Strengths: Growing need for coastal security and increasing maritime disputes
fuel demand. Suppliers offer customized and technologically advanced vessels.
Weaknesses: High initial investment and long replacement cycles. Dependency on
government contracts and budgets exposes to uncertainties.
Opportunities: Emerging economies boosting navy budgets to strengthen maritime
forces. Development of autonomous and electric vessel propulsion systems opens
new avenues.
Threats: Economic slowdowns depressing defense spends. Delays in planned
procurement programs pose revenue risks. Rising raw material costs squeeze
margins.
Key Takeaways
The global Offshore Patrol Vessels market is expected to witness high growth,
exhibiting CAGR of 4.1% over the
forecast period, due to increasing investments in coastal security and maritime
security by governments globally. The Asia Pacific region dominated the market
with over 30% share in 2022 due to increasing naval modernization programs by
China, India, Japan and Southeast Asian countries.
Regional analysis: The Asia Pacific region is projected to continue its
dominance during the forecast period driven by substantial allocations towards
boosting indigenous shipbuilding infrastructure and naval fleets by emerging
economies. China, India and Southeast Asian countries are procuring new vessels
while upgrading the capabilities of existing ones. Growing maritime disputes
and rising terrorism at sea are also prompting nations to strengthen
surveillance and law enforcement mechanisms.
Key players: Key players operating in the Offshore Patrol Vessels market are
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
Read More : https://www.rapidwebwire.com/offshore-patrol-vessels-market-share-analysis-forecast/
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