Offshore Patrol Vessels Market Is Estimated To Witness High Growth...

Offshore Patrol Vessels Market Is Estimated To Witness High Growth

Posted 2023-11-03 13:04:46

The Offshore Patrol Vessels Market is estimated to be valued at US$ 15.53 Billion in 2022 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Offshore patrol vessels (OPVs) are defined as seagoing ships used for coastal defense and patrol duties in regional seas. These vessels are equipped with sophisticated radars, navigation systems, communication devices and are armed with weapons for different defense purposes. Different types of offshore patrol vessels include multipurpose vessels, offshore patrol combatants, patrol boats and coastal patrol crafts. These vessels perform multiple tasks like securing economic zones, combating piracy activities, search and rescue operations and monitoring illegal activities at sea.

Market Dynamics:
The Offshore Patrol Vessels market is primarily driven by the increasing threats from maritime terrorism, piracy and illegal activities in coastal areas. According to the International Maritime Organization, around 58,163 incidents of piracy have been recorded from 2007 to 2018. Growing defense budgets of coastal countries is also propelling the demand for OPVs during the forecast period. For instance, in 2021, Indian Navy announced plans to induct over 100 new patrol vessels in the near future under 'Make in India' to enhance its coastal security capabilities. Furthermore, some countries are focused on upgrading their existing patrol vessels fleets to better manage their maritime resources and boundaries using advanced radar and communication systems, propelling the market growth.