LONDON--(BUSINESS WIRE)--The global offshore patrol vessel (OPV) market is poised to grow by USD 4.91 billion during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Offshore Patrol Vessel Market Analysis Report by Product (Basic OPVs and High-end OPVs), Geographic Segmentation (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
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The market is driven by the increasing need to control drug trafficking. In addition, the melting of Arctic ice leading to an increase in maritime activities is anticipated to boost the growth of the offshore patrol vessel market.
Sea shores are often the active route for drug traders. In February 2019, the United Nations Office on Drugs and Crime (UNODC) pointed out that crimes such as piracy and armed robbery in the seas surrounding the Gulf of Guinea, heroin trafficking in the Indian Ocean, and cocaine trafficking in the Atlantic Ocean are posing severe threats to the lives of people. The urgency to curb these maritime crimes is propelling the need to secure maritime borders by implementing international legal framework. Consequently, individual countries are encouraged to safeguard their coastlines and exclusive economic zones by expanding their OPV fleets. As a result, offshore patrol vessels (OPVs) are deployed off-shore to detect and intercept the smuggling of drugs. Thus, the increasing need to control drug trafficking is expected to drive market growth during the forecast period.
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Major Five Offshore Patrol Vessel Market Companies:
Austal Ltd.
Austal Ltd. operates the business under various segments such as USA and Australasia. The company offers CAPE CLASS PATROL BOAT. It also manufactures high-performance aluminum defense vessels and educates on maintenance of these vessels.
BAE Systems Plc
BAE Systems Plc offers products through the following business units: Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company offers a range of offshore patrol vessels and manufactures combat vehicles.
Damen Shipyards Group NV
Damen Shipyards Group NV operates under various business segments, namely TUGS & WORKBOATS, OFFSHORE VESSELS, HIGH SPEED CRAFT, SHIPPING, PATROL VESSELS, and Others. The company offers Offshore Patrol Vessel 1800 Sea Axe.
Fincantieri Spa
Fincantieri Spa offers products through the following business segments: Shipbuilding, Offshore and Specialized Vessels, and Equipment, Systems, and Services. The company offers MULTIPURPOSE OFFSHORE PATROL VESSEL.
Fr. Fassmer GmbH & Co. KG
Fr. Fassmer GmbH & Co. KG offers products through the following business segments: Shipbuilding, Boats and Davits, Deck Equipment, Wind Power, Composite Technology, and Services. The company a range of offshore patrol vessels and Boats and Davits.
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Offshore Patrol Vessel Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Basic OPVs
- High-end OPVs
Offshore Patrol Vessel Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- APAC
- Europe
- MEA
- North America
- South America
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