July 14, 2024

The Global Offshore Patrol Vessels Market Growth Accelerated By Improved Maritime Security Capabilities

Offshore patrol vessels offer advanced maritime surveillance and security capabilities. They are equipped with latest communication equipment, navigation systems and weaponry to monitor coastal waters. These ships aid in maritime border protection, counter-terrorism operations, drug interdiction, illegal immigration control and combat piracy. Growing investments by governments worldwide in coastal security are driving the demand for offshore patrol vessels.

 The global Offshore Patrol Vessels Market is estimated to be valued at US$ 16.17 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Unmanned systems provide offshore patrol vessels significant operational advantages over manned capabilities. For instance, unmanned aerial vehicles equipped with advanced sensors enhance offshore patrolling and border protection capabilities without risking human life. Similarly, unmanned underwater vehicles extend offshore patrol vessels’ underwater surveillance range without requiring additional manned assets. Deployment of unmanned systems is expected to witness significant growth over the forecast period as they help improve maritime safety and security with reduced operational costs.

Segment Analysis

The global offshore patrol vessels market is dominated by armed vessels segment. Armed offshore patrol vessels are specifically designed for maritime surveillance and security along coastal borders. They are equipped with sophisticated sensors, radar systems and armaments to monitor waters and deter any border intrusion attempts. Several countries are procuring armed offshore patrol vessels to strengthen their maritime security capabilities amid rising territorial disputes and illegal activities at sea like smuggling and poaching.

Key Takeaways

The Global Offshore Patrol Vessels Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising maritime security threats. Countries are rapidly upgrading their naval fleet with technologically advanced offshore patrol vessels to safeguard coastlines and vast exclusive economic zones.

Regional Analysis

Asia Pacific dominates the global offshore patrol vessels market currently and is likely to remain the fastest growing regional market during the forecast period as well. India, China, Japan, Indonesia and other emerging Asian economies are heavily investing in indigenous shipbuilding capabilities and new vessel procurementto monitor growing maritime trade routes and assert control over disputed territorial waters. Their procurement plans will significantly boost the demand for offshore patrol vessels in the coming years.

Key Players

Key players operating in the offshore patrol vessels market are LabCorp, Quest Diagnostics, Abbott Laboratories, Bio-Rad Laboratories, Inc., bioMérieux SA, DiaSorin S.p.A, T2 Biosystems, Inc., F. Hoffmann-La Roche AG, Meridian Bioscience, Inc., Quidel Corporation, and Thermo Fisher Scientific Inc. LabCorp and Quest Diagnostics are the major providers of clinical laboratory tests in the U.S. while Abbott Laboratories, Roche and Thermo Fisher Scientific dominate the global IVD market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it