The Global Patrol Boat market is projected to be US$ 16,351.7 Mn in 2019 to reach US$ 31,258.1 Mn by 2029 at a CAGR of 6.7%.
Market.us announces publication of its most recently generated research report titled, “Global Patrol Boats Market by Product Type Inshore patrol vessels (OPVs) and Offshore patrol vessels (OPVs), By Application (Military, Police Patrol, Rescue), and by Region – Forecast to 2029.”, which offers a holistic view of the global Patrol Boats market through systematic segmentation that covers every aspect of the target market.
A patrol boat is also known as a patrol ship, patrol craft, or patrol vessel. It is a small naval ship designed for coastal defense duties. The coast guard operates these boats, nation’s navy, police force, and customs for border protection management roles comprising of anti-piracy, anti-smuggling, fisheries patrols, rescue operations, and immigration law enforcement. Gas turbine adjustments such as combined diesel and gas (CODAG) is the power source of the patrol boats. These boats are small in size and operate in speed of 25–30 knots (46–56 km/h; 29–35 mph) range. Since patrol boats are smaller in size and have relatively low cost, they are suitable for patrol in a country’s Exclusive Economic Zone. These boats are operative in littoral waters and equipped with advanced communication systems and weapons to perform multiple missions. Inshore patrol vessels (OPVs) and offshore patrol vessels (OPVs) are types of patrol boats. They are primarily used for anti-smuggling patrols, fisheries inspection, anti-piracy patrols, search and rescue (SAR), and illegal immigration patrols. The offshore patrol vessels are generally the smallest ship in a navy’s fleet seaworthy enough to patrol off-shore in the open ocean.
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Earlier healthcare companies used to establish expensive and large facilities for the manufacturing of drugs and medical devices but a number of failure stories of these facilities led to an increased demand for outsourcing of these products to reduce the risk factors for the manufacturers.
Global Patrol Boats Market Revenue (US$ Mn), 2019–2029
However, the maintenance activities such as repairs, resource loading, software-based scheduling, and risk mitigation strategies are needed to be conducted frequently for quality performance of patrol boats. Therefore, high maintenance requirement of patrol boats may hamper the market growth to a certain extent. Nonetheless, Focus on R&D activities for development of innovative communication systems and surveillance systems by market players is increasing. Therefore, rising investments in the form of mergers & acquisition and foreign direct investments for R&D activities to develop innovative technology for patrol boats is creating lucrative opportunities for market growth.
Global Patrol Boats market is segmented on the basis of product type, application. On the basis of product type, the market is segmented into Inshore patrol vessels (IPVs) and Offshore patrol vessels (OPVs). The and Offshore patrol vessels (OPVs) segment accounts for the majority share and is expected to register highest growth over forecast period, followed by Inshore patrol vessels (IPVs) segment. On the basis of application, the market is segmented into Military, Police Patrol, Rescue. The Military segment accounts for a majority share in the global Patrol Boats market.
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Global Patrol Boats Market by Application, 2019
On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. The USA accounts for the majority share in the global Patrol Boats market, owing increasing spending on military sector. The research report on the global Patrol Boats market includes profiles of some of major companies such as Fincantieri S.p.A., Austal Limited, Future Mobility Solutions Limited, Damen Shipyards Group NV, MetalCraft Marine Incorporated, SAFE Boats International (SAFE) and A. F. Theriault & Son Ltd.
Key Market Segments:
Small Patrol Boats
Medium Patrol Boats
Large Patrol Boats
Key Market Players included in the report:
Future Mobility Solutions Limited
Damen Shipyards Group NV
MetalCraft Marine Incorporated
SAFE Boats International (SAFE)
A. F. Theriault & Son Ltd.
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