LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global maritime patrol naval vessels market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global maritime patrol naval vessels market for 2017-2021. The report also lists manned maritime patrol vessels and unmanned maritime patrol vessels as the two major product segments, of which the manned maritime patrol vessels accounted for around 98% of the market share in 2016.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global maritime patrol naval vessels market:
- Fortifying maritime security
- Naval force modernization
- Need for vigilance over maritime trespassing by fishermen
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Fortifying maritime security
The need to fortify maritime security owing to the rising territorial water zone disputes between countries and the growing security concerns for trade through sea routes will drive the market for patrol vessels. Marine transport is extensively used for travel and transportation, especially for cargo shipments. This mode of conveyance is used for exporting and importing high-volume inventories including cars, food and beverages, oil, and even military weapons. The modern maritime risks to cargo ships range from sea terrorism, sea hijacking, to deadly offshore armed piracy.
Apart from the security threats to trade ships, maritime threats also involve the use of coasts for infiltration by foreign terrorists or military or smuggling of goods in and out of a country. Vast expanses of sea beaches of coastal countries mean that some parts of it will always be unguarded in some instances. This provides miscreants an opportunity to use such areas to gain inland access to the country.
“Issues of security and infiltration warrant constant patrols along a country’s coastline for homeland security and along the International Maritime Boundary Line between countries that share the same water bodies to preserve the integrity of a country’s offshore resources,” says Moutushi Saha, a lead analyst at Technavio for defense research.
Naval force modernization
Globally, naval fleets are being modernized to keep up with the latest technologies and to ensure latest defense and strike capabilities across the sea. These modernization programs include the addition of advanced patrol vessels to the existing fleet. For instance, Croatia launched its first IPV in June 2017 at the Brodosplit shipyard in Split. This vessel is a part of Croatia's ongoing naval modernization plan that includes upgrades to existing platforms.
On similar lines, the Kingdom of Saudi Arabia has also inked a deal with the US for modernizing its naval fleet. In 2015, Saudi Arabia planned to replace almost all the vessels in its Eastern Fleet and expressed its interest in buying new vessels from the US. In 2017, both the countries have inked a proposal worth USD 6 billion for four Lockheed Martin’s frigates, which are based on the company’s Freedom-class littoral combat ship (LCS) design.
Need for vigilance over maritime trespassing by fishermen
Countries with neighboring coastlines regularly witness fishermen from one country cross over to the other country’s waters, accidentally or knowingly, to seize surplus quantities of fish and other marine animals. Constant patrolling of these areas is required to prevent such illegal fishing activities. Also, at times, the fishing and patrol boats get engulfed in high tides or in some accident and fishermen or coastguards are reported missing, which calls for search and rescue operations.
“Natural calamities also raise the need for patrol and search and rescue operations. For instance, in June 2017, Cyclone Mora hit southeast Bangladesh around Cox's Bazaar with a wind speed of up to 85 mph and heavy rain. Responding to the crisis, the Bangladesh Navy mobilized 15 patrol vessels along with other patrol craft to search for survivors and rescue them from the country’s coast,” says Moutushi.
Browse Related Reports:
- Global Military Wearable Sensors Market 2017-2021
- Global Military Floating Bridge Market 2017-2021
- Global Military Robots Market 2017-2021
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
