Offshore Patrol Vessel Market

Market Overview:

The global offshore patrol vessel market size reached US$ 32.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.6% during 2023-2028. The increasing geopolitical tensions, especially among neighboring countries, and the rising threat of terrorism represent some of the key factors driving the market.

Offshore patrol vessel (OPV) refers to a small surface, highly versatile ship specially designed for executing various exclusive economic zone (EEZ) management operations, protecting shipping lanes, and ensuring coastal security. It can be remotely operated by the navy, marine police, coast guard, and customs for defense at coastal regions. It is further utilized by several law enforcement agencies for ensuring optimal maritime security and border control. OPV is high-performance, reliable, durable, and persistent and offers customizability, excellent stability, and exceptional seakeeping attributes to facilitate varying tasks in different seagoing environments. Apart from this, OPV is employed for offshore patrolling, policing maritime zones, control and surveillance, and protecting against maritime criminality, piracy, marine pollution, and human or narcotics trafficking activities. As a result, OPV finds extensive applications in external firefighting, search, and rescue, anti-mine and humanitarian operations. 

Offshore Patrol Vessel Market Trends:

The increasing threat of terrorism, rising geopolitical tensions, especially among neighboring countries, and escalating human or drug-trafficking operations, represents some of the prime factors driving the market toward growth. Additionally, the rising need for coastal monitoring solutions due to the increasing security concerns has prompted governments to enhance multiple defense capabilities, including OPV for convoy protection, offshore asset surveillance, and anti-mine missions, which is acting as another growth-inducing inducing factor. Moreover, the advent of naval offshore patrol vessels (NOPVs) with super rapid gun mount (SRGM) systems to offer medium and short-range defensive features in warfare-like situations is favoring the market growth. This is further influenced by the ongoing development of patrol ships, which are equipped with diesel engine-driven propulsion systems that are controlled by intelligent platform management systems and provide high speed while performing ship operations. Furthermore, the significant improvements in the navy and military and defense sectors, rapid increment in the defense budget, and the employment of military robotic technologies are favoring the market growth. Apart from this, the growing focus on improving border security and the integration of advanced solutions by key players to develop products in varying sizes and optimize monitoring and detection properties of vessels are creating a positive outlook for the market. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global offshore patrol vessel market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on vessel type, size and application. 

Vessel Type Insights:

• Advanced Vessels  
• Basic Vessels
   

The report has also provided a detailed breakup and analysis of the offshore patrol vessel market based on the vessel type. This includes advanced and basic vessels. According to the report, basic vessels represented the largest segment.

Size Insights:

• <50 Meters 
• 50 to 90 Meters 
• >90 Meters
   

A detailed breakup and analysis of the offshore patrol vessel market based on the size has also been provided in the report. This includes <50, 50 to 90 and >90 meters. According to the report, >90 meters accounted for the largest market share.

Application Insights:

• Coast Guard
• Navy
• Police Force
   

The report has also provided a detailed breakup and analysis of the offshore patrol vessel market based on the application. This includes coast guard, navy and police force. According to the report, navy represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for offshore patrol vessels. Some of the factors driving the Asia Pacific offshore patrol vessel market included the increasing geopolitical tensions and rising threat of terrorism.

Competitive Landscape

The report has also provided a comprehensive analysis of the competitive landscape in the global offshore patrol vessel market. Detailed profiles of all major companies have also been provided. Some of the companies covered include 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. Naval Group, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global offshore patrol vessel market performed so far and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global offshore patrol vessel market?
• What are the key regional markets?
• Which countries represent the most attractive offshore patrol vessel markets?
• What is the breakup of the market based on the vessel type?
• What is the breakup of the market based on the size?
• What is the breakup of the market based on the application?
• What is the competitive structure of the offshore patrol vessel market?
• Who are the key players/companies in the global offshore patrol vessel market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the offshore patrol vessel market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global offshore patrol vessel market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the offshore patrol vessel industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.