Maritime Patrol Aircraft Market Report
Maritime Patrol Aircraft Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028 See less
Maritime Patrol Aircraft Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028 ... See more
Maritime Patrol Aircraft Market is segmented by Aircraft Type (Armored and Unarmored), by Engine Type (Jet Engine and Turboprop Engine), by Component (Radar, Camera and Sensors), by Platform (Fixed Wing and Rotary Wing) and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
The maritime patrol aircraft market was estimated at US$ 18 billion in 2021 and is expected to grow at a CAGR of 5.1% during 2022-2028 to reach US$ 25 billion by 2028. The impact of COVID-19 on the overall market revenue is deemed to be less. Manufacturing delays hit the industry for a short duration between 2020 and 2021. However, boost in the requirements of rescue & airlifting operations and emergency medical services for COVID-19 patients in the coastal areas had created a splurge in demand for maritime patrolling aircraft during this period.
Maritime patrol aircraft, also known as maritime reconnaissance aircraft, refers to a craft that is specifically designed to operate over water for assisting smooth proceedings for anti-ship warfare, anti-submarine warfare (ASW) and search & rescue (SAR). The aircraft includes data links, sensors, infrared cameras, over-the-horizon communications systems and several air-deployable measuring buoys. These aircrafts offer security, technical support availability, reliability, flexibility, and scalability at a cost-effective price. Currently, the maritime patrol aircrafts are available in armored and unarmored variations.
Rising terrorism occurrences along with growing border skirmishes between countries is one of the Key factors driving the growth of the global maritime patrol aircraft. Further, utilization of maritime patrol aircraft in protecting the maritime trade routes and exposing illegal cross-border activities such as smuggling is positively impacting the market growth. Additionally, government initiatives and investments for strengthening the defense sector are boosting the market growth.
Introduction of next-gen turbo-powered maritime patrol aircrafts for surveillance is acting as another growth-inducing factor for the market. These upgraded aircrafts possess characteristics such lower fuel burn rates and higher engine efficiency. Further, strategic collaborations between regulatory bodies and the top industry players for introducing advanced product range with significant technological improvements, and extensive R&D activities are expected to create a positive impact on the worldwide maritime patrol aircraft market. Rapid modernization of the existing maritime patrol aircraft fleet is also fuelling growth. However, currently, several manufacturers of these aircrafts are finding it difficult to stay up-to-date with the technological advancements due the high-price associated with such upgradations and replacements. Such high-cost entry and expansion barriers along with the ever-changing technology requirements are expected to hamper the market growth.
There have been several developments in the defence industry directed at maritime patrol aircarfts in the recent years, which would boost the overall market. Some of them are:
Based on engine type, the maritime patrol aircraft market is divided into jet engine and turboprop engine. The jet engine is expected to be the largest segment in the market owing to the growing demand for these aircraft while the turboprop engine segment is expected to be the fastest-growing segment in the market. On the basis of aircraft type, the global maritime patrol aircraft market is segmented into armoured and unarmoured aircrafts.
On the basis of platform, the market is segmented into fixed-wing and rotary wing. The fixed-wing segment is expected to dominate the global maritime patrol aircraft market owing to the increased defence requirements for combat and surveillance.
Region-wise, North America was the largest maritime patrol aircraft market in 2021 and is forecast to grow at a decent pace during the forecast period. This is due to the high defence budget, technological advancements, favourable regulations and presence of key manufacturers in the region. However, Asia-Pacific is expected to witness the fastest demand growth by 2028 owing to the surge in investments in the defence sector, rise in terrorism activities in neighbouring countries and unstable socio-political scenarios in the region. Further, emerging economies in the region such as India and China are also investing heavily on these maritime aircrafts, apart from modernizing their existing military equipment. Japan is another key market in the Asia-Pacific region.
There is stiff competition in the maritime patrol aircraft market. The growth of the companies is directly dependent on the industry conditions and government support. These companies differentiate their offerings on the basis of their quality and their penetration in the target and emerging markets. Also, there have been some major developments in the industry landscape in recent years, which significantly influenced the competitive dynamics. For example:
The following are the major players in the maritime patrol aircraft market:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The maritime patrol aircraft market was estimated at US$ 18 billion in 2021 and is expected to grow at a CAGR of 5.1% during 2022-2028 to reach US$ 25 billion by 2028.
The major players in the maritime patrol aircraft market are Airbus S.A.S, Boeing, Lockheed Martin Corporation, Saab AB, BAE Systems plc, Leonardo S.p.A, Thales Group, Kawasaki Heavy Industries, Ltd, Dassault Aviation, Textron Inc., RUAG International Holding, Israel Aerospace Industries, Inc., Diamond Aircraft Industries, Embraer, Harbin Aircraft Industry.
Rising terrorism occurrences along with growing border skirmishes between countries is one of the Key factors driving the growth of the maritime patrol aircraft. Further, utilization of maritime patrol aircraft in protecting the maritime trade routes and exposing illegal cross-border activities such as smuggling is positively impacting the market growth. Additionally, government initiatives and investments for strengthening the defense sector are boosting the market growth.
North America was the largest maritime patrol aircraft market in 2021 and is forecast to grow at a decent pace during the forecast period.
The jet engine is expected to be the largest segment in the market owing to the growing demand for these aircraft while the turboprop engine segment is expected to be the fastest-growing segment in the market.
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