Market Overview:
Offshore patrol vessels are multi-mission naval ships designed to patrol coastal waters. These vessels are versatile, high-performing and equipped with advanced weaponry for efficient maritime operation and security. Advantages of offshore patrol vessels include enhanced endurance, sea-keeping capabilities and ability to operate in all weather conditions. They can efficiently perform duties related to security, search and rescue, pollution control, fishery protection and anti-smuggling operations.

Market key trends:
With growing global maritime security threats such as illegal fishing, transnational organized crime, piracy and terrorism, the demand for offshore patrol vessels is increasing significantly. According to Stockholm International Peace Research Institute, global military expenditure rose to $2.1 trillion in 2021, registering an increase of 0.7% from 2020 levels. Additionally, increasing acquisitions of offshore patrol vessels by navies of developing nations to augment their maritime monitoring capabilities is expected to drive the offshore patrol vessels market over the forecast period. For instance, in 2022 Indian government approved acquisition of six new offshore patrol vessels at an estimated cost of $2.2 billion to enhance surveillance along its coastline.

Key Takeaways

The global Offshore Patrol Vessels Market Size is expected to witness high growth at a CAGR of 4.1% over the forecast period owing to increasing investments in coastal and maritime security by governments. Regionally, Asia Pacific dominates more than 30% share led by countries like India, Japan and China on account of territorial conflicts and increasing smuggling activities.

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