New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Maritime Patrol Aircraft Market Size is to Grow from USD 15.7 Billion in 2022 to USD 26.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.3% during the projected period.
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Maritime patrol aircraft (MPA) are specialized aircraft that are designed and outfitted to conduct maritime surveillance, reconnaissance, and security operations. These aircraft are designed to fly over oceans, seas, and coastal areas, where they can monitor maritime traffic, detect and track vessels, conduct Anti-Submarine Warfare (ASW) missions, and assist in search and rescue operations. MPAs are outfitted with advanced sensor systems, communication equipment, and weaponry to improve their maritime surveillance and response capabilities. The increasing threat of coercion and border issues has prompted countries to prioritize maritime police investigation, which will drive demand for maritime patrol craft throughout the forecast period. Increasing military spending, fueled by the expansion of territorial conflicts between countries, is also expected to support market growth over the forecast period. Market demand is expected to be driven by the need to replace aging maritime patrol craft that are nearing the end of their useful lives with new and advanced craft that have greater patrolling capabilities and potency. The current market is constrained by constant advancements in maritime patrol craft technology. Several vendors recognize the difficulty of keeping up with technological advances. Upgrading and replacing equipment is costly. The high barrier to entry and the volatile nature of technology will stifle market growth.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Maritime Patrol Aircraft Market Size, Share, and COVID-19 Impact Analysis, By Type (Armoured, Unarmoured), By Engine (Jet Engine, Turboprop Engine), By Component (Radar, Camera, Sensors), By Platform (Fixed Wing, Rotary Wing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The armoured segment is expected to hold the largest share of the global maritime patrol aircraft market during the forecast period.
The global maritime patrol aircraft market is divided into two types: armoured and unarmoured. The armoured segment is projected to account for the majority of the global maritime patrol aircraft market during the forecast period. Nations have invested in these heavily armored aircraft due to concerns about piracy, territorial disputes, and smuggling. They ensure personnel safety during critical missions, making them indispensable assets for maritime patrol and protection.
The Jet Engine segment accounted for the largest share of the Maritime Patrol Aircraft market in 2022.
The global maritime patrol aircraft market is divided into two segments based on engine type: jet engines and turboprop engines. The Jet Engine segment held the largest share of the Maritime Patrol Aircraft market in 2022. The jet engine segment of the maritime patrol aircraft market is thriving due to its critical role in improving aircraft performance. Jet engines provide increased speed, operational range, and enhanced capabilities, all of which are essential for effective maritime surveillance and rapid response missions.
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North America is anticipated to hold the largest share of the Global Maritime Patrol Aircraft Market over the predicted timeframe.
Over the forecasted years, North America is expected to hold the biggest share of the global maritime patrol aircraft market. The area is well-known for housing a modern navy installation. In North America, the use of maritime patrol aircraft is increasing at an exponential rate. The primary market drivers are the regulations that allow for maritime activities. Furthermore, the US defense industry is the primary market driver.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global maritime patrol aircraft market. Aircraft technology innovation has a long history in Asia Pacific. Kawasaki Heavy Industries and AVIC are two well-known aircraft manufacturers in the region. These organizations have a wealth of technical expertise, which allows them to develop and deploy cutting-edge technologies like maritime patrol aircraft and support systems. Aircraft manufacturers in Asia Pacific have made significant investments in maritime patrol aircraft technology.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Maritime Patrol Aircraft Market include AVIC, Airbus S.A.S, RUAG Group, Boeing, Textron Inc., Lockheed Martin Corporation, Leonardo S.p. A, Dassault Aviation, Saab AB, Kawasaki Heavy Industries, Ltd, BAE Systems plc, Thales Group, Embraer S.A., Harbin Aircraft Industry Co., Ltd, and Others Vendors.
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Recent Developments
- In May 2023, Leonardo S.P.A. has agreed to supply two ATR 72 MPA (Maritime Patrol Aircraft) platforms to Malaysia. The Malaysian Ministry of Defence formalized this contract at LIMA 2023, a major exhibition focusing on maritime and defense affairs in the Asia-Pacific region. This event was held in Langkawi, Malaysia.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Maritime Patrol Aircraft Market based on the below-mentioned segments:
Global Maritime Patrol Aircraft Market, By Type
- Armoured
- Unarmoured
Global Maritime Patrol Aircraft Market, By Engine
- Jet Engine
- Turboprop Engine
Global Maritime Patrol Aircraft Market, By Component
- Radar
- Camera
- Sensors
Global Maritime Patrol Aircraft Market, By Platform
- Fixed Wing
- Rotary Wing
Global Maritime Patrol Aircraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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