Global Offshore Patrol Vessels Market is Expected to Exhibit a CAGR of 3.8% During the Forecast Period (2019-2027)

SEATTLE, July 17, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global offshore patrol vessels market is projected to exhibit a significant CAGR of 3.8% over the forecast period (2019 - 2027).

Market trends of the Global Offshore Patrol Vessels Market: Adoption of advanced technologies in Shipbuilding

The shipbuilding industry is growing significantly due the introduction of advanced technologies that assist in solving rising fuel cost and environmental pollution issues. Therefore, vendors are focusing on upgrading their existing patrol vessels by improving fuel efficiency, in order to reduce the pollution. Offshore patrol vessels are mainly used by navies and coastguards for a wide variety of patrol and protection and patrolling tasks across the world. Various technologies are incorporated in offshore patrol vessels, in order to offer multiple capabilities that will assist in protection of sea borders, exclusive economic zone (EEZs), and offshore installations. Therefore, vendors are offering various technology upgrades in offshore patrol vessels that include HVAC&R technology, 3D printing technology, integrated electric propulsion, and other advanced marine technologies. Thus, advancement in technologies for the production of patrol vessels are the latest trends in the global offshore patrol vessels market, globally.

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The shipbuilding industry is undergoing rapid transformation due to introduction of advanced technologies that are integrated in the offshore patrol vessels. Offshore patrol vessels are in huge demand, due to their effective monitoring and operational activities at coastline. However, the high cost of component and technologies that are used in offshore patrol vessels are limiting the market growth. There are various additional costs that are involved in the production of offshore patrol vessels such as fluctuating labor cost, maintenance cost, and the cost of components used in manufacturing the vessels. For instance, the patrol vessels that are less than 50 m in size cost around US$ 30-40 million while the cost of patrol vessels of 90 m size is around US$ 100 million. Therefore, high cost of manufacturing offshore patrol vessels is one of the restraining factors that could hamper growth of global offshore patrol vessels market over the forecast period.

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Key Market Takeaways:

    --  Global offshore patrol vessel market is 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).
    --  Exclusive economic zone (EEZ) protection segment held the dominant
        position in the market in 2017. This segment was valued at US$ 3,115.11
        Mn in 2017 and is expected to generate revenue of US$ 4,454.64 Mn by
        2027. The segment is expected to exhibit a CAGR of 3.7% over the
        forecast period. Patrol vessels preferred for EEZ protection are
        advanced vessels and are more expensive in comparison with basic vessels
        used for monitoring at non-EEZ areas. However, advanced patrol vessels
        are preferred over basic vessels and are considered cost-effective
        solutions for border protection. Advanced offshore patrol vessels also
        have advanced warfare capabilities and are used for emergency situations
        such as illegal border threat entrance.
    --  Monitoring segment is the fastest growing segment in the market. This
        segment was valued at US$ 2,335.96 Mn in 2017 and is expected to
        generate US$ 3,509.33 Mn by 2027. The segment is expected to exhibit a
        CAGR of 4.3% over the forecast period. This is owing to increasing
        border security operations such as monitoring, surveillance, and
        reconnaissance across different coastal borders in the sea around the
        world. The patrol vessels used for monitoring operations provide support
        for operations such as fishery inspection, disaster relief, logistic
        support, counter drugs & weapons trafficking, and to counter piracy &
        smuggling at sea coasts. Moreover, patrol vessels used for electronic
        warfare are capable of counter-measure capabilities such as from
        underwater submarine torpedoes. These vessels can also identify and
        notify underwater submarines from longer distances.
    --  Some of the 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.

Report Segmentation:

    --  Global Offshore Patrol Vessels Market, By Vessel Type:
        --  Advanced Vessels
        --  Basic Vessels
    --  Global Offshore Patrol Vessels Market, By Application:
        --  Monitoring
        --  Exclusive Economic Zone (EEZ) Protection
        --  Anti-Air Warfare (AAW)
        --  Anti-Surface Warfare (ASuW)
        --  Electronic Warfare (EW) operations
        --  Humanitarian Tasks
    --  Global Offshore Patrol Vessels Market, By Size:
        --  <50 Meters
        --  50 to 90 Meters
        --  >90 Meters
    --  Global Offshore Patrol Vessels Market, By Region:
        --  North America
            --  By Country:
                --  U.S.
                --  Canada
        --  Europe
            --  By Country:
                --  Germany
                --  Italy
                --  France
                --  Spain
                --  UK
                --  Rest of Europe
        --  Asia Pacific
            --  By Country:
                --  China
                --  India
                --  Japan
                --  Australia & New Zealand
                --  Rest of Asia Pacific
        --  Latin America
            --  By Country:
                --  Brazil
                --  Mexico
                --  Argentina
                --  Rest of Latin America
        --  Middle East & Africa
            --  By Country:
                --  GCC Country
                --  South Africa
                --  Rest of the Middle East & Africa
    --  Company Profiles

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