Offshore Patrol Vessels Market Is Driven By Growing Maritime Security Concerns
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| Offshore Patrol Vessels Market |
Offshore patrol vessels (OPVs) are medium-sized seagoing ships used for coastal defense and security purposes. OPVs used for patrol, fishery protection, anti-smuggling operations, and search and rescue within a country's territorial waters. They are equipped with sophisticated navigation and communication technologies along with light armaments. The key functions of OPVs include surveillance, interdiction, law enforcement, and anti-piracy operations. Growing concerns regarding drug trafficking, smuggling of goods, and sea piracy have increased deployment of OPVs for maritime security.
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
Increasing research and development for advanced technologies: Key players in
the offshore patrol vessels market are focusing on developing technologically
advanced OPVs with more habitable space, enhanced endurance, and greater
payload capacity. Ongoing R&D for integrated platform management systems,
command and control systems, advanced radar, electro-optical sensors, and
communication suites is helping modernize naval fleets. Growing investments in
unmanned systems is also gaining traction, with unmanned aerial, surface, and
underwater vehicles being increasingly integrated with OPVs. These developments
are aimed at boosting situational awareness and operational capabilities of
offshore patrol vessels.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the Offshore
Patrol Vessels industry requires large scale production facilities and R&D
investments.
Bargaining power of buyers: The bargaining power of buyers is high as there are
many established players operating in this market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate
due to the availability of substitute raw materials.
Threat of new substitutes: The threat of substitutes is low as Offshore Patrol
Vessels offer unique operational capabilities.
Competitive rivalry: The competitive rivalry is high due to the presence of
many global players competing on the basis of product quality, pricing and
innovation.
Key Takeaways
The Global
Offshore Patrol Vessels Market Size is expected to witness high growth.
Regional analysis comprises. The Asia Pacific region is expected to dominate
the market and witness the fastest growth due to increased defense spending of
countries like China and India.
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
specializes in clinical laboratory tests, genetic testing and end-to-end drug
development services. Quest Diagnostics offers diagnostic information services
through its labs located across the United States.
The global Offshore Patrol Vessels market size was valued at US$ 16.17 Bn in
2023 and is expected to reach over US$ 18 Bn by 2030, expanding at a CAGR of
3.8% during the forecast period. Steady growth in maritime patrols owing to
increasing terrorism and piracy at sea are driving the demand for offshore
patrol vessels globally. Countries are increasing their defense budgets to
modernize their naval fleets, which is further propelling the market growth.
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