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The offshore patrol vessel market size has the potential to grow by USD 4.91 bn during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (basic OPVs and high-end OPVs) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 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.
The market is concentrated with moderate competition among market vendors. Shipbuilders are competing to reap profits from this increase in demand for OPVs. They are incorporating digital technologies in their manufacturing processes to cut down operating costs. 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. Although the increasing need to control drug trafficking will offer immense growth opportunities, the high cost of setting up a shipyard will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this offshore patrol vessel market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this offshore patrol vessel market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
APAC was the largest offshore patrol vessel market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The high defense spending on navy and expanding naval patrol vessel fleets of countries in APAC will significantly influence offshore patrol vessel market growth in this region.
42% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for offshore patrol vessels in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The lower cost of basic OPVs makes it easy for nations with a low navy budget to purchase them and expand the sizes of their respective fleets. This is driving the basic offshore patrol vessel market growth.
Market growth in this segment will be faster than the growth of the market in the high-end OPVs segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the offshore patrol vessel market size.
The aggressive expansion by China into the South China Sea and the Indian Ocean is one of the crucial factors driving the offshore patrol vessel market growth. China has claimed most of the areas around the South China Sea, and this aggressive policy can disrupt the trade routes for many countries. The presence of high oil and natural gas reserves is considered among the key reasons for China’s massive expansion in the South China Sea. This region is of strategic importance as one-third of the world’s shipping, and most of Asia’s oil supply happens through this sea. Several countries, like Japan, Taiwan, the Philippines, Malaysia, and India, are taking adequate steps to tackle the threat of China’s sea expansion. To safeguard the sovereignty of various countries, navies of different countries use offshore patrol vessels (OPVs) to monitor maritime activities and protect critical situations. The demand for OPVs has been growing in the last decade and is expected to increase further during the forecast period.
The adoption of digital technologies in shipbuilding is one of the critical offshore patrol vessel market trends that will further boost the market growth. Globally, shipbuilders depend on traditional designing techniques to manufacture ships, including OPVs. Though digital technologies have been discussed for a long time, the technology was adopted by very few builders. The use of collaborative design tools, big data, and analytics in production, AR for precision in complex manufacturing, and robots for production and maintenance are a few of the applications of digital technology in shipbuilding. Digital technology adoption is expected to reduce operational costs by a huge margin, thus encouraging many builders to adopt digital shipbuilding and maintenance techniques.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
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