Global Patrol Boats Market By Type (Small Patrol Boats, Medium Patrol Boats, and Large Patrol Boats), By Application (Military, Police Patrol, and Rescue), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2019–2029

Market.us announces the 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 – Global Forecast to 2029.”, which offers a holistic view of the global Patrol Boat market through systematic segmentation that covers every aspect of the target market.

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%.

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, along with the 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) are the power source of the patrol boats. These boats are small in size and operate at speed of 25–30 knots (46–56 km/h; 29–35 mph) range. Since patrol boats are smaller in size and have relatively low costs, 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.

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 the quality performance of patrol boats. Therefore, the high maintenance requirement of patrol boats may hamper the market growth to a certain extent. Nonetheless, the Focus on R&D activities for the 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.

The Global Patrol boat market is segmented on the basis of product type, and application. On the basis of product type, the market is segmented into Inshore patrol vessels (IPVs) and Offshore patrol vessels (OPVs). The Offshore patrol vessels (OPVs) segment accounts for the majority share and is expected to register the highest growth over the forecast period, followed by the Inshore patrol vessels (IPVs) segment. On the basis of application, the market is segmented into Military, Police Patrol, and Rescue. The Military segment accounts for a majority share of the global Patrol Boat market.

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 Boat market, owing to increasing spending on the military sector. The research report on the global Patrol Boat market includes profiles of some of the 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:

Type

• Small Patrol Boats
• Medium Patrol Boats
• Large Patrol Boats

Application

• Military
• Police Patrol
• Rescue

Key Market Players included in the report:

• Fincantieri S.p.A.
• Austal Limited
• Future Mobility Solutions Limited
• Damen Shipyards Group NV
• MetalCraft Marine Incorporated
• SAFE Boats International (SAFE)
• A. F. Theriault & Son Ltd.

For the Patrol Boats Market research study, the following years have been considered to estimate the market size: