Global Offshore Patrol Vessel Market to Reach US$ 69.5 Billion by 2032, Propelled by the Increasing Security Threats

The latest report by IMARC, titled “Offshore Patrol Vessel Market by Vessel Type (Advanced Vessels, Basic Vessels), Size (<50 Meters, 50 to 90 Meters, >90 Meters), Application (Coast Guard, Navy, Police Force), and Region 2024-2032”, finds that the global offshore patrol vessel market size reached US$ 35.5 Billion in 2023. Offshore patrol vessels (OPVs) are naval ships designed to carry out numerous maritime security and law enforcement tasks in coastal waters and offshore regions. OPVs are typically smaller than traditional warships and often used for border protection, anti-piracy operations, fisheries protection, search and rescue, and environmental protection. They are equipped with various systems and technologies that enable them to carry out their various missions. These may include surveillance and reconnaissance systems, weapons systems, communication systems, and search and rescue equipment. Some OPVs are also equipped with helicopter landing pads and hangars, allowing them to carry out a range of airborne operations. OPVs are designed to operate in a wide range of sea conditions and are capable of traveling long distances without the need for refueling. They are typically built with robust hulls and propulsion systems that enable them to operate in rough seas and adverse weather conditions. These machinery are used by a range of naval and coast guard forces around the world, including the United States Coast Guard, the Royal Navy, and the Australian Border Force. 

Global Offshore Patrol Vessel Market Trends:

One of the primary factors driving the market is the increasing prevalence of piracy, terrorism, and illegal maritime activities. Additionally, the escalating demand for OPVs for border and coastal waters protection from illegal immigration, smuggling, and other threats is creating a positive market outlook. Other than this, on account of the exponential growth in the offshore oil and gas industry, OPVs are needed to provide security and support services for offshore platforms and vessels, thus positively influencing the market growth. Besides this, the augmenting demand for search and rescue operations in coastal waters and offshore regions is increasing the product adoption rate as it responds well to emergencies. In line with this, the development of various technologies, such as unmanned systems, is making OPVs more capable, efficient, and cost-effective. Furthermore, governments of different countries are investing in the development of OPVs to improve their maritime security and law enforcement capabilities. Moreover, extensive research and development (R&D) activities by key players to enhance their product capability is propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 69.5 Billion by 2032, expanding at a CAGR of 7.53% during the forecast period (2024-2032). 

Market Summary:

• On the basis of the type, the market has been bifurcated into advanced and basic vessels. Currently, basic vessels represent the largest segment.
• Based on the size, the market has been divided into <50 meters, 50 to 90 meters, and >90 meters. Among these, >90 meters account for the largest market share.
• On the basis of the application, the market has been segregated into coast guard, navy, and police force. Currently, navy holds the majority of the market share.
• Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Asia Pacific exhibits a clear dominance in the market.
• The competitive landscape of the market has also been analyzed, with some of the key players being Austal Ltd., BAE Systems Plc., Damen Shipyards Group N.V., Dearsan, Fincantieri S.p.A., Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co.KG, Garden Reach Shipbuilders & Engineers Limited, Israel Shipyards Ltd., and Naval Group.

Report Coverage:

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