The Global Offshore Patrol Vessels Market Propelled By Enhance Surveillance Capabilities
Offshore patrol vessels (OPVs) are highly maneuverable seagoing ships intended for coastal patrol and surveillance duties. They typically operate at extended ranges from shore-based facilities and support extended air and surface surveillance operations.
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:
Enhance surveillance capabilities, with the advancement in technologies, offshore patrol vessels are equipped with modern sensors and communication equipment to locate threats over long distances, even in adverse weather and sea conditions. Advanced technologies such as electro-optic sensors, over-the-horizon radars, and unattended/smart sensors enable improved maritime domain awareness and surveillance capabilities from offshore patrol vessels. These enhance surveillance capabilities are expected to drive the growth of the offshore patrol vessels market during the forecast period.
SWOT Analysis
Strength: Offshore patrol vessels have high endurance and speed capabilities enabling them to patrol large maritime zones effectively. They are equipped with advanced sensors, radars and weapons allowing surveillance and interdiction of threats.
Weakness: Development and procurement of offshore patrol vessels requires huge capital investments and operating costs. Their deployment is mostly limited to coastal waters due to limitations of operating far from shore bases.
Opportunity: Growing emphasis on maritime security and enforcement of rules in EEZs by nations will spur demand for offshore patrol vessels. New technologies allow miniaturization of sensors and weapons bringing down procurement costs.
Threats: Budgetary constraints of nations may limit procurement of new offshore patrol vessels. Emergence of asymmetric threats such as terrorist attacks pose challenges. Tensions between nations could impact cooperative efforts in maritime security.
Key Takeaways
The Global Offshore Patrol Vessels Market Size is expected to witness high growth. The market was valued at US$ 16.17 Bn in 2023 and is forecast to reach US$ 18.32 Bn by 2030, expanding at a CAGR of 3.8% during the forecast period.
Regional analysis: The Asia Pacific region currently dominates the offshore patrol vessels market owing to increasing maritime security expenditures by countries like India, China, Japan and Australia. China is the largest operator of offshore patrol vessels seeking to safeguard critical sea lanes. Countries in Southeast Asia are also procuring new vessels to strengthen coastal and maritime law enforcement capabilities.
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. These companies are engaging in new product launches and partnerships to sieve opportunities in this high growth market.
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