According to Future Market Insights, during the projected period, the Global Coastal Patrol Military Vessels Market is set to enjoy a valuation of US$ 6.1 Billion in 2023, and further grow at a CAGR of 4.4% from 2023 to 2033. Patrol naval vessels refer to vessels that are specifically designed for coastal defense for identifying and observing threats and patrolling water areas. The need to strengthen maritime security due to increasing geopolitical tensions between various countries is majorly driving the procurements of the coastal patrol military vessels market.
| Market Size 2023 | US$ 6.1 Billion |
| Market Size 2033 | US$ 9.4 Billion |
| Value CAGR (2023 to 2033) | 4.4% |
| Collective Value Share: Top 3 Countries (2023E) | 34% |
The need for coastal patrol military vessels is supported by the rise in fatal capabilities of sea bandits and smugglers, which contributes to the market's expansion. The increasing technological advancement in patrolling vessels for search and rescue, combat, coast monitoring, etc is anticipated to boost the market growth. A new forecast by FMI analysis estimates that coastal patrol military vessel sales will augment from 2023 to 2033 and is anticipated to create a growth opportunity of US$ 3.3 Billion.
The Global Coastal Patrol Military Vessels Market witnessed a CAGR of 3.9% during the historic period with a market value of US$ 5.8 Billion in 2022.
Territorial wars and international disputes have increased the demand for military vessels, which are the main factors driving the market for coastal patrol military vessels. The demand for coastal patrol vessels is also fueled by a rise in incidents of fishermen trespassing in and violating international waters. Additionally, the market for coastal patrol military vessels is being driven by the growth of urbanization and industrialization as well as the expansion of transportation trade via waterways. Manufacturers have been driven to create vessels with strategic sealift and amphibious operations capabilities that allow the vessels to fulfill many roles as a result of shifting consumer preferences. Therefore, the development of patrol vessels is anticipated to fuel market expansion.
For coastal defense, patrol naval vessels are made to spot threats, keep an eye out for them, and monitor waterways. These boats are frequently employed in search and rescue missions. They help find enemy vessels and submarines. Threats to national security have helped enhance technology, which has increased demand for patrol ships that conduct maritime patrols. The global Coastal Patrol Military Vessels Market is expected to grow by 1.6X during the forecast period.
Technological advancement in patrol vessels to fuel the market
Technological advancement of coastal patrol military vessels is anticipated to boost market growth. The multipurpose use of these vessels for military, law enforcement, fire rescue, and other uses are fueling the demand for the patrol vessels. The integration of autonomous technology in patrol vessels and the addition of other technologies like a digital control system that features a collision avoidance system with decision-making capability is anticipated to boost the demand for coastal patrol military vessels in near future. Also, the autonomous or remote operation of navigation and safety lighting, hailers and sirens, pumps, and other components is fueling the demand. These vessels can also be equipped with autonomous or remote operation of a near-infinite range of specialized equipment, including monitors, fire pumps, and other firefighting equipment, equipment for acoustic, hydrographic survey equipment, meteorological or oceanographic monitoring, and the full spectrum of FLIRs and other specialty cameras. All these technological advancements are anticipated to boost the market.
The global market for coastal patrol military vessels is expected to be dominated by offshore coastal patrol vessels. The global Coastal Patrol Military Vessels Market by offshore segment is anticipated to grow at 4.2% CAGR by volume over the forecast period. Offshore coastal patrol vessels represent a significant portion of the Europe and Asia region. Achieving significant profitability and expanding into new markets requires partnerships between leading market participants and well-known manufacturers. Moreover, new-generation manned vessels are being developed and added to the fleet by countries such as India, China, France, Japan, Thailand, and others. For instance, in November 2019, the European Council introduced a new European Patrol Corvette (EPC) initiative under the Permanent Structured Cooperation on Defence and Security (PESCO) framework. The proposal calls for Fincantieri and Naval Group to create a prototype for a new class of military ships that can support a variety of missions.
China's navy, which already has the highest number of ships in the world, has been constructing new vessels as part of a larger military buildup. China started building the largest offshore patrol ship in January 2020 with a USD 97.1 million investment for the coastguard to improve civilian maritime law enforcement capabilities. In September 2021, Guangdong Maritime Safety Administration launched new ships launched for patrolling purposes. China is estimated to hold around 44% value share of the East Asia Coastal Patrol Military Vessels Market in 2023.
The key players operating in the Coastal Patrol Military Vessels Market are focusing on expanding their market presence to meet the growing demand for military vessels during the projected period. Also, the key players are adopting collaboration & joint venture strategies with vehicle manufacturers to expand their revenue.
| Attribute | Details |
| Growth Rate | CAGR of 4.4% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume (Units), and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
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| Regions Covered |
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| Customization & Pricing | Available upon Request |
In 2023, the value of the Global Coastal Patrol Military Vessels Market reached over US$ 6.1 billion.
During the forecast period, the Global Coastal Patrol Military Vessels Market is estimated to expand at a CAGR of 4.4% from 2023 to 2033.
The Global Coastal Patrol Military Vessels Market is projected to reach US$ 9.4 billion by the end of 2033.
The key players operating in the Coastal Patrol Military Vessels Market are DSME Co.,Ltd., FASSMER, Grup Aresa, Damen Shipyards Group, and BAE Systems.
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Coastal Patrol Military Vessels Market
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