Maritime Patrol Naval Vessels Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Maritime Patrol Naval Vessels Market Analysis
The maritime patrol naval vessels market is projected to grow from USD 5.44 billion in 2022 to USD 6.99 billion in 2028, registering a CAGR of 4.10% during the forecast period.
The COVID-19 outbreak and the subsequent lockdowns have affected the defense manufacturing sector in several countries. The negative impacts of the pandemic are visible in the global defense supply chains, as several programs rely upon a unique global network of parts suppliers. Though governments and defense companies have emphasized avoiding disruptions, the pandemic has resulted in several delays in development efforts. With longer timelines involved in the development of naval vessels, the delays are expected to result in extra expenditures for shipbuilders. For instance, in Canada, the construction of new naval ships by Halifax and Vancouver shipyards is delayed due to supply chain disruptions caused by the lockdowns to stop the spread of the virus at their shipyards. Hence, the reduction in production rates due to the pandemic-induced disruptions is expected to hinder the market's growth during the initial few years of the forecast period.
The need to strengthen maritime security due to increasing geopolitical tensions between various countries is majorly driving the procurements of maritime patrol naval vessels. Also, the fleet modernization plans of various armed forces are bolstering the investments into the procurement of new vessels, which is supporting the growth of maritime patrol naval vessels market. The development of new maritime patrol vessels integrated with advanced technology for enhancing the monitoring and detection capabilities of the vessels, as well as advanced weapon systems, is anticipated to propel the growth of the market during the forecast period.
Maritime Patrol Naval Vessels Market Trends
Manned Patrol Vessels Segment to Dominate the Market During the Forecasted Period
The procurement of new offshore patrol vessels, corvettes, and multi-role vessels, among others for the surveillance of the water borders, has witnessed growth in the past few years. Countries like India, China, France, Italy, Japan, Thailand, etc., are developing and deploying new-generation manned vessels into the fleet. For instance, in March 2023, Kongsberg Maritime will be providing a suite of equipment to a newbuild ship named SDO-SuRS (Special and Diving Operations - Submarine Rescue Ship) to be built by the Italian shipyard T.Mariotti for the Marina Militare Italiana (The Italian Navy). With the introduction of such new programs, the manned patrol vessels segment is expected to grow moderately. However, the evolution of military robotic technology has led to the deployment of unmanned vehicles across all three operating environments, air, land, and sea. Currently, countries are investing heavily in the introduction of autonomy into naval vessels, in order to minimize human interference and increase the effectiveness of the maritime missions. This is likely to propel the growth of the unmanned patrol vessels segment during the forecast period.
Asia-Pacific Region is Expected to Generate the Highest Demand during the Forecast Period
The ongoing maritime disputes among various countries in the Asia-Pacific region are driving investments toward fleet modernization and procurement of new maritime patrol vessels. The navies in the region are investing in developing and procuring advanced unmanned sea systems for anti-submarine warfare and defense surveillance applications. Countries like China, India, Japan, Thailand, etc., are procuring new patrol vessels to strengthen their security along the borders. For Instance, In March 2023, the Indiana Ministry of Defense awarded a USD 2.8 billion contract with Indian shipyards for the acquisition of 11 next-generation offshore patrol vessels & six next-generation missile vessels for the Indian Navy. Similarly, Thailand is rapidly developing its naval capabilities to address the maritime challenges in surrounding waters in the Andaman Sea, the Gulf of Thailand, and others. The country under the maritime modernization plan inducted its second Krabi-class missile-capable OPV, the HTMS Prachuap Khiri Khan. The growing territorial tensions and subsequent fleet modernization plans of countries are anticipated to generate the demand for maritime patrol vessels from the Asia-Pacific region during the forecast period.
Maritime Patrol Naval Vessels Industry Overview
The market of maritime patrol naval vessels is fragmented with the presence of many regional manufacturers that provide different types of patrol vessels. Some of the prominent players in the maritime patrol naval vessels market are BAE Systems plc, Naval Group, Huntington Ingalls Industries Inc., Mitsubishi Heavy Industries Ltd, and Fincantieri S.p.A. The majority of the shipbuilding companies are based out of Europe, like BAE Systems PLC, Austal Limited, SAAB AB, Naval Group, and Damen Shipyards Group, among others. The companies are developing new patrolling vessels with the integration of advanced technology to increase various capabilities like autonomy, monitoring, detection, etc. In April 2022, Huntington Ingalls successfully launched the Legend-class national security cutter Calhoun (WMSL 759) at the company's Ingalls Shipbuilding division. This new vessel is integrated with automated navigational decision-making technologies, which will make naval missions faster, easier, and safer. The orders for such new and advanced vessels may enable the companies to increase their global footprint, as well as enhance cashflow.
Maritime Patrol Naval Vessels Market Leaders
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BAE Systems plc
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Naval Group
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Mitsubishi Heavy Industries Ltd
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Fincantieri S.p.A.
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Huntington Ingalls Industries
*Disclaimer: Major Players sorted in no particular order
Maritime Patrol Naval Vessels Market News
- In March 2023, the Belgian Navy is procuring its third coastal naval vessel from the French naval architecture firm MAURIC and built by the French shipyard SOCARENAM.
- In February 2023, France's Ocea received a contract worth USD 19 million from Nigeria for the procurement of three 32-meter OCEA fast patrol boats, six special forces boats, and six RHIBs (rigid hull inflatable boats)
Maritime Patrol Naval Vessels Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Technology Trends
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Manned Patrol Vessels
5.1.1.1 Offshore Patrol Vessels
5.1.1.2 Corvettes
5.1.1.3 Other Manned Patrol Vessels
5.1.2 Unmanned Patrol Vessels
5.2 Application
5.2.1 Dry Cargo Vessels
5.2.2 Tankers
5.2.3 Dry Bulk Carriers
5.2.4 Special Purpose Vessels
5.2.5 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Egypt
5.3.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BAE Systems plc
6.2.2 Austal Limited
6.2.3 SAAB AB
6.2.4 Naval Group
6.2.5 Navantia S.A. SM.E
6.2.6 Damen Shipyards Group
6.2.7 Mitsubishi Heavy Industries Ltd.
6.2.8 Fincantieri S.p.A.
6.2.9 Fr. Lürssen Werft GmbH & Co. KG
6.2.10 Hyundai Heavy Industries Co. Ltd
6.2.11 Goa Shipyard Ltd.
6.2.12 Huntington Ingalls Industries
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Maritime Patrol Naval Vessels Industry Segmentation
The maritime patrol naval vessels market includes all the patrol vessels used by navies, coastal guards, and law enforcement agencies for maritime security and border control.
The scope of the study includes both manned and unmanned vessels that are used for patrolling the naval borders. The manned patrol vessels include offshore patrol vessels, corvettes, multi-role vessels, and minehunter vessels. The unmanned segment includes unmanned surface vehicles and unmanned underwater vehicles.
The maritime patrol naval vessels market is segmented by vessel type, application, and geography. Based on vessel type, the market is segmented into Manned and Unmanned patrol vessels. Based on application the market is segmented into Dry Cargo Vessels, Tankers, Dry Bulk Carriers, Special Purpose Vessels, and Others. The report provides market size and forecasts for all major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle-East and Africa. The report also provides the profiles of major players in the market and their market shares. The market size and forecast are provided by value (USD billion).
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| Tankers | |
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| Special Purpose Vessels | |
| Others |
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Maritime Patrol Naval Vessels Market Research FAQs
What is the current Maritime Patrol Naval Vessels Market size?
The Maritime Patrol Naval Vessels Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)
Who are the key players in Maritime Patrol Naval Vessels Market?
BAE Systems plc, Naval Group, Mitsubishi Heavy Industries Ltd, Fincantieri S.p.A. and Huntington Ingalls Industries are the major companies operating in the Maritime Patrol Naval Vessels Market.
Which is the fastest growing region in Maritime Patrol Naval Vessels Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Maritime Patrol Naval Vessels Market?
In 2024, the North America accounts for the largest market share in Maritime Patrol Naval Vessels Market.
What years does this Maritime Patrol Naval Vessels Market cover?
The report covers the Maritime Patrol Naval Vessels Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Maritime Patrol Naval Vessels Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Maritime Patrol Naval Vessels Industry Report
Statistics for the 2024 Maritime Patrol Naval Vessels market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Maritime Patrol Naval Vessels analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
