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Market Overview of Global Offshore Patrol Vessels market:
According to our latest research, the global Offshore Patrol Vessels market looks promising in the next 5 years. As of 2022, the global Offshore Patrol Vessels market was estimated at USD 15159.43 million, and it's anticipated to reach USD 21760.66 million in 2028, with a CAGR of 6.21% during the forecast years.
Offshore Patrol Vessels Growth Drivers
A modern navy operates various types of warships to meet its diverse roles, from simple coastal patrols to power projection and warfighting. While the Navy has aircraft carriers, cruisers, destroyers, frigates, submarines, and missile boats for its offensive missions, it also has different classes of ships for patrol, presence, and support roles. The grant of a 200 nm exclusive economic zone (EEZ) and the extension from 3 nm to 12 nm of the maritime boundary/territorial waters of a nation brought to the fore the requirement of naval ships that could fulfill the roles of extended coastal security as well as provide security cover to the EEZ. The other coastal roles that are needed for the naval craft include pollution control, search, and rescue (SAR), law enforcement, firefighting, towing, etc. Larger naval ships cannot maneuver in the restricted and shallow coastal waters and would largely remain underutilized if deployed for EEZ patrols. This had given rise to the birth of the offshore patrol vessel (OPV) class of ships.
The OPVs are being built to sizes and roles specific to a nation; they may range in size from a large attack craft to nearly a frigate size ship. They are proving economical for smaller nations because of their flexible roles. They are mainly being used for, extended coastal patrols, EEZ protection, maritime presence, law enforcement at sea, humanitarian assistance and disaster relief (HADR), and if needed, for Arctic or Antarctic ice patrols. In the future, the defense budgets of most countries will be reduced, and the maritime security problem in recent years has gradually transformed from the previous confrontation between countries to an asymmetric threat, such as terrorist attacks, illegal activities, and local conflicts in small regions. Therefore, small patrol boats, which emphasize flexibility, maneuverability, easy dispatch, and even transport, have become a mainstream tool for countries around the world to respond to such asymmetric threats.
Offshore Patrol Vessels Market Challenges
The COVID-19 pandemic has hit the global economy hard, with the impact continuing into 2022. Even though most areas have been unblocked, the emergence of mutant viruses still affects border epidemic prevention policies of various countries. The infection of seafarers and the surge in freight demand have led to port congestion. The imbalance between supply and demand has led to soaring sea and air freight rates. lead to large fluctuations in raw material prices. The bulk purchase of metal raw materials and marine equipment in the shipbuilding industry will be affected by the above freight and raw material price factors, and the cost increase will increase.
Region Overview:
From 2022-2027, Europe is estimated to witness robust growth prospects.
Company Overview:
The top three companies are Fincantieri, China State Shipbuilding Corporation, Navantia with the revenue market share of 9.06%, 9.80%, 10.36% in 2022.
Fincantieri is one of the world's largest shipbuilding groups, global Italian leader in cruise ship design, reference player in all high-tech shipbuilding industry sectors, from naval to offshore vessels, from high-complexity ferries to mega yachts, as well as production of systems and component equipment for mechanical and electrical segments, from cruise ship interiors solutions, electronic and software systems, to infrastructures and maritime constructions, as well as after-sales services. With over 230 years of history and more than 7,000 ships built, Fincantieri maintains its know-how, expertise and management centres in Italy, here employing 10,000 workers and creating around 90,000 jobs, which double worldwide thanks to a production network of 18 shipyards operating in four continents and with over 20,000 employees.
The China State Shipbuilding Corporation (CSSC) is a Chinese shipbuilding conglomerate. CSSC is one of the top 10 defense groups in China, consists of various shipyards, equipment manufacturers, research institutes and shipbuilding related companies that built both civilian and military ships. In the marine defense equipment industry, the main products cover surface ships, submarines, electronic information equipment, naval armament, naval power, electromechanical equipment, official law enforcement equipment, boat bridges, etc. Mainly carry out system top-level research, R&D design, final assembly and construction, system integration, equipment matching, test development, maintenance support and other businesses. At the same time, it will carry out the export and international cooperation of the above-mentioned equipment and services.
Segmentation Overview:
By type, Basic Patrol Vessel segment accounted for the largest share of market in 2021.
Application Overview:
By application, the Navy segment occupied the biggest share from 2017 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Offshore Patrol Vessels market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Offshore Patrol Vessels Market Report:
Market Size Estimates: Offshore Patrol Vessels market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Offshore Patrol Vessels market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Offshore Patrol Vessels market
Segment Market Analysis: Offshore Patrol Vessels market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Offshore Patrol Vessels market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Offshore Patrol Vessels Market: Revenue and sales volume of major countries in each region
Offshore Patrol Vessels Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Offshore Patrol Vessels market in major regions.
Offshore Patrol Vessels Industry Value Chain: Offshore Patrol Vessels market raw materials & suppliers, manufacturing process, distributors, downstream customers
Offshore Patrol Vessels Industry News, Policies & Regulations
Key players in the global Offshore Patrol Vessels market are covered in Chapter 12:
Reliance Naval and Engineering Limited
Naval Group
Hyundai Heavy Industries
Babcock
Damen
Navantia
Socarenam
Irving Shipbuilding
Austal
Dearsan Shipyard
China State Shipbuilding Corporation
BAE Systems
Fassmer
Eastern Shipbuilding
Fincantieri
In Chapter 2 and Chapter 15.1, based on types, the Offshore Patrol Vessels market from 2018 to 2028 is primarily split into:
Basic Patrol Vessel
Warfighting Patrol Vessel
In Chapter 3 and Chapter 15.2, based on applications, the Offshore Patrol Vessels market from 2018 to 2028 covers:
Coast Guard
Navy
Police Force
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Offshore Patrol Vessels market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028