A key factor driving the growth of the global offshore patrol vessel market is China’s aggressive expansion into the South China Sea and the Indian Ocean. China has built more than 3,200 acres of land on islands in the South China Sea. The country is also strategizing to expand naval operations into the Indian Ocean. Therefore, many nations, including Japan, Taiwan, Vietnam, the Philippines, Malaysia, and India are taking measures in terms of increasing their naval strength in both the South China Sea and the Indian Ocean.
This market research report on the global offshore patrol vessel market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights active procurement programs across the world as one of the key emerging trends in the global offshore patrol vessel (OPV) market:
Global offshore patrol vessel market: Active procurement programs across the world
OPVs are versatile and can be used for a range of purposes. They cost less than frigates and corvettes but can be deployed. Therefore, various nations across the world are expanding their fleet of OPVs. A few of them that did not own an OPV before are also ordering OPVs. For instance, countries such as Poland and Qatar are introducing OPVs into their fleets.
“Besides procuring new vessels, a few nations are also upgrading their existing fleet of OPVs as well as other sea vessels to be a patrol vessel. For instance, the Royal Australian Navy has planned for upgrading its survey vessels to patrol vessels, retrofitting them with the necessary equipment. These factors are expected to drive the growth of the global OPV market during the forecast period,” says a senior market research analyst at Technavio for transportation and distribution.
Global offshore patrol vessel market: Segmentation analysis
This market research report segments the global offshore patrol vessel market by product (high-end OPVs and basic OPVs) and geographical regions (APAC, EMEA, and the Americas).
The high-end OPVs segment held a smaller share of the market in 2017, owing to the higher cost of procurement as compared to the basic OPVs, which are more affordable. The market share of the basic OPVs is expected to increase further over the forecast period.
APAC led the market in 2017 with over 45% of the market share, followed by EMEA and the Americas respectively. The market share of APAC is expected to witness a further increase of more than 2% over the forecast period, while EMEA and the Americas will see a decline in their market shares.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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