DUBLIN--(BUSINESS WIRE)--The "Global Maritime patrol Aircraft Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The maritime patrol aircraft market is anticipated to register a CAGR of 4.75% over the forecast period 2018-2023.
The average lifespan of a Maritime Patrol Aircraft (MPA) is around 20 years according to American Naval School, but usage beyond this time can lead to high risks and maintenance expenses. The replacement of old MPAs with new ones gives multiple advantages for greater patrolling capabilities and efficiency. There is also a growing market for the so-called second-tier platform', particularly among countries that need to safeguard their coastline and maritime approaches but do not have the requirement to patrol vast stretches of the open ocean.
There are fleet replacement programs that have been launched by the governments of US, Australia, and Europe and Southeast Asian countries, in response to several maritime disputes, especially in the South China Sea, the Middle East and the North Atlantic. More than seven countries in the Asia-Pacific region are flying versions of the Lockheed Martin P-3 Orion. Several countries have either recently upgraded them, or have acquired second-hand aircrafts, which are being upgraded before delivery. There is an ongoing market for this work.
Key Developments in the Market
- January, 2018: Boeing Corporation has announced that they will provide the UK armed forces with the Poseidon P-8A maritime patrol aircraft. The main objective of the aircraft shall be to protect the nuclear submarines as well as the two new aircraft carriers of the UK military.
- February, 2018: The introduction of the new maritime patrol aircraft Swordfish' by SAAB shall help in bringing a new level of operational confidence in the global maritime patrol aircraft market. The aircraft is a strategic, multi- role ISR system that will redefine the air power in the military domain.
Key Topics Covered
2. Executive Summary
3. Market Overview and Trends
4. Market Dynamics
5. Maritime Patrol Aircraft Market, Segmented by Type
6. Maritime Patrol Aircraft Market, Segmented by Geography
7. Competitive Landscape
8. Company Profiles
- Boeing Corporation
- Lockheed Martin
- IHI Corporation
- Northrop Grumman
- Rolls Royce Corporation
9. Future Outlook of the Market
For more information about this report visit https://www.researchandmarkets.com/research/8gfv2t/global_maritime?w=4