Global Maritime Patrol Naval Vessels Market 2017-2021

New Research Report - Global Maritime Patrol Naval Vessels Market 2017-2021

The publisher recognizes the following companies as the key players in the global maritime patrol naval vessels market: Austal, BAE Systems, Damen Shipyards, DCNS, and FINCANTIERI.

Other Prominent Vendors in the market are: Goa Shipyard, Fr. Lürssen Werft, Hyundai Heavy Industries, MITSUBISHI HEAVY INDUSTRIES, Navantia, and Saab.

Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is Development of multi-purpose patrol vessel. With the expansion of military missions, nations have turned their attention toward the development of multi-purpose patrol vessels that can be deployed for various operations. The mission capabilities of multi-purpose patrol vessels include patrolling, surface combat, anti-piracy, monitoring, protection and control of maritime zones, rescue of personnel in distress, and other customized capabilities as per the requirements of the buyer.”

According to the report, one of the major drivers for this market is Fortifying maritime security. The need to fortify maritime security owing to the rising territorial water zone disputes between countries and the growing security concerns for trade through sea routes are expected to drive the market for patrol vessels. Marine transport is extensively used for travel and transportation, especially for cargo shipments. This mode of conveyance is used for exporting and importing high-volume inventories including cars, food and beverages, oil, and even military weapons. The value, sensitivity, and hazardous nature of such contents make the cargo ships vulnerable to attacks of theft of cargo contents or to cause damage and spill contents. The modern maritime risks to cargo ships range from sea terrorism, sea hijacking, to deadly offshore armed piracy.

Further, the report states that one of the major factors hindering the growth of this market is Mid-life upgrade of older vessels delaying procurement of new vessels. Many naval forces across the world are planning modernization programs for naval fleets rather than procuring new vessels owing to budgetary constraints and delays in replacement procedures. For instance, the Armed Forces of Malta awarded FINCANTIERI a contract to upgrade the components of their OPV P61 in 2016. The upgrades include improved board systems for better reaction capability of the unit, which will require an estimated cost of EUR7 million ($7.79 million).

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.