Maritime Patrol Aircraft Market
Maritime Patrol Aircraft Market Size was valued at USD 4.25 billion in 2022. The Maritime Patrol Aircraft market industry is projected to grow from USD 4.42 Billion in 2023 to USD 6.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2023 - 2032).
The global maritime patrol aircraft market is growing at the rapid pace. According to a recent study report published by the Market Research Future, the global market of Maritime Patrol Aircraft Market will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2023, which will be a surplus growth at a moderate CAGR during the projected period (2023-2032).
Maritime Patrol Aircraft Market Share is also identified as a patrol aircraft or patrol bomber. Maritime patrol aircraft consists of long range, high endurance and field-based patrol aircraft. The rise in marine security threats and growing competition among major contractors and subcontractors will propel the growth of the global maritime patrol aircraft market. With the increasing territorial and underwater threats, the government is majorly capitalizing in the defense sector to combat tensions and address sovereign security matters. With the growing competition, contractors are focusing on acquisitions and joint ventures with the big players in this market. Also, the manufacturers are incorporating different methods to grasp different segments of customers ranging from larger economies such as Taiwan and Singapore to smaller nations with restricted resources such as Brunei due to the rising demand for effective investigation providers and sensor providers.
The global MPA market is extremely competitive and expanded due to the presence of a large number of well-established global and regional vendors across the globe. Some of the challenges for vendors experience are growing competition, rapid developments in technology, and regular changes in government rules and guidelines. Moreover, to gain an additional advantage over their competitors, these vendors largely focus on key areas such as in-house manufacturing competences, global occurrence, the variety of product offerings, research and developmental investments, and strong client support.
One driver for MPA market is South China Sea dispute. China's expansion of its sea borders toward the Southeast Sea is forming gaps among the nations, a territory that has long been unclear by these nations. International law specifies that every country is pleased to use its own ocean borders and is not allowed to go in the territorial region of other nations without authorization. Though, China is building up mock islands in the South China Sea and claiming that it has sole power over most of this sea. Although the claim is not documented officially, the construction activity has gained international, consideration due to the strategic nature of the area under argument. Bordering countries to china like Malaysia, Taiwan, the Philippines, Brunei, and Vietnam and other countries like the U.S., India, and Australia are worried that China's actions will affect their trade routes through the sea. Moreover, industry experts have estimated that the area has substantial reserves of oil and gas. These growing pressures are driving the acquisition of highly advanced ISR stages such as MPA.
Replacement of ageing military aircraft augmented internal and external security threats, and innovation strategies are the major factors driving the growth of the global maritime patrol aircraft market. The maritime patrol fixed-wing aircraft segment is predictable to account for the maximum market share in the forecast years. Rise in the number of MPAs due to the transformation of airborne defense and crime units, will gear-up the global expansion of special mission military aircraft market. North America market has arisen as the leading region in terms of value, followed by Europe. Enormous funds, and rising asset in the R&D are some of the main drivers, which support the market growth for MPA.
Competitive Analysis:
The increasing demand for maritime patrol aircraft by various countries is leading to the rise in research and development expenditure by the players in the global maritime patrol aircrafts market in order to introduce advanced and upgraded versions of maritime patrol aircraft in the global market.
On 9th July 2018, The New Zealand government has officially approved the purchase of four Boeing P-8A Poseidon maritime patrol aircraft. The purchase of these U.S.-made aircraft is considered to be one of the most expensive and largest defense procurement programs for the New Zealand Defense Force (NZDF) in recent years.
On 15th July 2018, Pakistan Navy has announced that it has received its first of two ATR-72 maritime patrol aircraft. These ATR-72 MPAs are equipped with self-protection suite to provide defensibility to radar, infrared and laser-guided munitions along with passive electronic intelligence (ELINT) capabilities.
On 20th July 2018, Northrop Grumman Corp. has announced its strategy to upgrade the U.S. Navy MQ-4C Triton, long-range unmanned aerial vehicle (UAV), which is used for maritime patrolling with SIGINT capability to match the Navy’s EP-3 manned SIGINT patrol aircraft. The MQ-4C Triton provides surveillance, real-time intelligence and reconnaissance mission (ISR) over vast coastal and ocean region.
The Maritime Patrol Aircraft Market Players are Airbus S.A.S (France), Boeing (U.S.), Lockheed Martin (U.S.), Saab Automobile AB (Sweden), BAE Systems Inc. (U.K), Embraer S.A. (Brazil), Harbin Aircraft Industry Co., Ltd (China), Leonardo S.p.A (Italy), Thales Group (France), and Orbital ATK Inc. (U.S.).
Maritime Patrol Aircraft Market – Segmentation
The global Maritime Patrol Aircraft Market Trends is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding.
Segmentation by Type: Armored & Unarmored
Segmentation by Aircraft Type: Fixed-wing, Rotary-wing
Segmentation by Integrated Sensors: Radar, Camera and Others
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific, Middle East & Africa and South America.
Industry/ Innovation/ Related News:
• January 2018: Boeing Corporation had announced that they will provide the U.K armed forces with the Poseidon P-8A maritime patrol aircraft.
• February 2018: The introduction of the new maritime patrol aircraft Swordfish' by SAAB had helped bringing a new level of operational confidence in the global maritime patrol aircraft market.
Maritime Patrol Aircraft Market Research Report: Information by Type (Armored and Unarmored), Integrated Sensors (Radar, Camera and others), Aircraft Type (Fixed-Wing and Rotary-Wing) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2032
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