Offshore patrol vessels (OPVs) are small boats designed for coastal defense. These vessels are operated by the navy, marine police, coast guard, or customs.
In 1994, the United Nations Convention on the Law of Sea granted sea rights within 200 nautical miles of the country as exclusive economic zone to benefit from the natural resources. The need to patrol the territorial waters is a major factor driving the offshore patrol vessel market. Increased terrorism activities and drug trafficking is also a primary driver of the offshore patrol vessel market. Immigrant crisis in the Mediterranean region in Europe witnessed an increase in patrolling activities, led by France, Italy, and Greece, thereby boosting the offshore patrol vessel market. OPVs are cost-effective as they are small hub vessels and hence, are more effective for the defense budget as against larger warfare vessels. The compact size of the OPV enables easy and quick maneuvering and hence, it is highly preferred in order to patrol the coastline. Moreover, the offshore patrol vessel are also being used for counter narcotics, pollution control, search & rescue operations during inundation, flood, and other calamities. OPVs are utilized in diverse situations, as they are robust, and their demand is expected to rise in the near future. China’s expansion into the Indian Ocean by developing more than 3000 acres land is expected to boost the offshore patrol vessel market. Asia Pacific countries such as India, Taiwan, South Korea, and Indonesia are strategizing to improve their offshore patrol vessels to improve their defense against the rising intrusion of China in the Indian Ocean.
Planning to lay down future strategy? Perfect your plan with our report sample here https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=51429
High cost of manufacturing and maintenance are key factors restraining the offshore patrol vessel market.
The global offshore patrol vessel market can be segmented based on weight, length, and region. Based on weight (tons, fully loaded), the offshore patrol vessel market can be classified into less than 1,500, 1,500-2,000 and more than 2,500. The less than 1,500 ton segment dominates the global offshore patrol vessel market. More than 2,500 ton offshore patrol vessel are extensively utilized in the U.K., France, Japan, the U.S., and the Netherlands, which have extensive territorial waters.
In terms of length, the global offshore patrol vessel can be divided into 61 – 60 meter, 81 – 100 meter, and two other segments. The 81 – 100 meter segment holds a prominent share of the offshore patrol vessel market.
Based on region, the global offshore patrol vessel market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the global offshore patrol vessel market due to extensive use of offshore patrol vessel by China, India, Japaa and South Korea. India has ordered five 97m offshore patrol vessels from Larsen & Toubro with all five vessels expected to be operational by 2022.
Key players operating in the global offshore patrol vessel market include BAE Systems Plc, Austal, Maritime Partner AS, Fasser GmbH & Co., General Dynamics Corporation, SAFE Boats International, LLC, Hyundai Heavy Industries Co., Ltd., Daewoo Shipbuilding Industry Corporation, and Fassmer GmbH & Co.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Looking for exclusive market insights from business experts? Request a Custom Report here https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=51429
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.