LONDON--(BUSINESS WIRE)--The global maritime patrol naval vessels market size is poised to grow by USD 14.37 billion during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The rising number of maritime crimes is encouraging naval forces to modernize their fleets and shift their focus towards inducting multi-purpose OPVs. There is a growing focus of international bodies towards curbing transnational maritime crimes. This will result in the expansion of patrol naval fleets by multiple countries, influencing maritime patrol naval vessels market growth.
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- The major maritime patrol naval vessels market growth came from the Manned maritime patrol vessels segment. The naval forces and security agencies of emerging economies prefer OPVs that offer good scalability for operations. Because of the presence of large shipbuilding yards and deep ports in APAC there will be an increase in the usage of manned patrol vessels. As a result, manned maritime patrol vessels market size will steadily increase over the forecast period.
- APAC is one of the largest markets for maritime patrol naval vessels. The expansion of naval fleets in the region that is driving the growth of the manned and unmanned patrol naval vessels, will fuel maritime patrol naval vessels market growth in the region.
- The global maritime patrol naval vessels market is fragmented. Austal Ltd., BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., Naval Group SA, NAVANTIA SA, and Saab AB. Are some of the major market participants. To help clients improve their market position, this maritime patrol naval vessels market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global maritime patrol naval vessels market 2020-2024 is expected to have Negative and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/maritime-patrol-naval-vessels-market-industry-analysis
Adoption of Innovative Approaches by the Emerging Economies in Procuring Patrol Naval Vessels will be a Key Market Trend
With the increasing water disputes and aggressive expansion, there is a high demand for the modernization of naval fleets from the emerging economies. Because of the rise in raw material and labor costs and the need for regulatory compliance, there is a steady increase in the cost of naval vessels. The increasing cost of patrol naval vessels is inducing the governments of emerging economies to finance the procurement of naval fleets for naval forces and security agencies. For instance, the Philippine Navy has adopted the G2G approach to procure OPVs from Austal through in inter-government agreement with Australia. The adoption of these innovative approaches by the emerging economies in procuring patrol naval vessels will be one of the major patrol naval vessels market trends that will influence market growth.
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Maritime Patrol Naval Vessels Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist maritime patrol naval vessels market growth during the next five years
- Estimation of the maritime patrol naval vessels market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the maritime patrol naval vessels market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of maritime patrol naval vessels market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY TYPE
- Market segmentation by type
- Comparison by type
- Manned maritime patrol vessels - Market size and forecast 2019-2024
- Unmanned maritime patrol vessels - Market size and forecast 2019-2024
- Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Development of high-speed patrol naval vessels
- Adoption of innovative approaches in procuring patrol naval vessels
- Growing adoption of 3D printing
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Austal Ltd.
- BAE Systems Plc
- Damen Shipyards Group NV
- Fincantieri Spa
- Fr. Fassmer GmbH & Co. KG
- Fr. Lürssen Werft GmbH & Co. KG
- Mitsubishi Heavy Industries Ltd.
- Naval Group SA
- NAVANTIA SA
- Saab AB
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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