Maritime Patrol Aircraft Market Size 2020-2026 |Industry Growth Report

Maritime Patrol Aircraft Market Size 2020-2026 |Industry Growth Report

The global maritime patrol aircraft market is projected to grow at a CAGR of over 3% over the forthcoming timespan. This growth can be attributed to the increasing defense budgets of several nations, which is subsequently increasing the amount allotted for maritime surveillance. In addition, partnerships among several countries regarding the executing of a plethora of maritime activities is further likely to positively influence the overall market size in coming years.

Maritime surveillance platform offers cost-effective, and reliable operations for maritime patrol, EEZ (economic exclusion zone) patrol, anti-piracy, overland ISR, long-range rescue and search as well as other strategic missions.

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With reference to the component, the maritime patrol aircraft market would foresee significant expansion due to radars. The segment is slated to grow at a considerable CAGR of over 3% through the forthcoming timeframe due to the numerous technological modifications the segment is observing lately.

Several nations and key market players are augmenting their efforts towards building a highly efficient radar system. In October 2019, for instance, South Korea unveiled a novel maritime patrol radar that is specifically designed to effectively monitor the country's sea and coastlines. The new maritime surveillance radar also boasts of an ability to seamlessly integrate with guided weapons that can be targeted with precision. The entire development cost of this radar was about $27 million.

With respect to platform, the fixed-wing aircraft segment represented over 60% of the overall maritime patrol aircraft market back in 2019, primarily owing to the increasing efforts taken by several nations to integrate bigger aircrafts into their surveillance network. Citing an instance, India inducted four P8I aircraft worth $1.1 billion into its surveillance network in February of 2020 to support its anti-ship and patrol activities. Considering these growth drivers, the fixed-wing aircraft segment is projected to grow at a CAGR of over 3% through 2020 and 2026.

Several developing countries are establishing elaborative maritime patrol through collaboration for better surveillance and management. For instance, India and Bangladesh signed a MoU in 2019 to set up a coastal surveillance system radar in Bangladesh. The expanded radar system will act as a front line for defense to address the rising terrorist activities and intrusions via sea.

Subsequently, increasing investments as well as acquisitions are further playing a major role in the regional market expansion. In June 2018 for instance, Telephonics Corporation received an IDIQ (Indefinite Delivery Indefinite Quantity) worth over $31.8 million to deliver a multi-mode radar called APS-143C(V)3 for the USCG’s (United States Coast Guard) HC-27J Spartan medium-range platform for maritime patrol.

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Geographically, owing to a proactive government approach towards the replacement of old technologies and efforts to integrate surveillance systems with the latest SATCOM (Satellite Communication) network, the North America maritime patrol aircraft market is expected to bring in tremendous growth to the overall industry landscape in coming years.

The competitive landscape of the global maritime patrol market is inclusive of players such as Textron Inc., Dassault Aviation, Kawasaki Heavy Industries, Ltd, Thales Group, Leonardo S.p.A, BAE Systems plc., Saab AB, Lockheed Martin Corporation, Boeing, and Airbus S.A.S among others.

Major Key Points from Table of Content:

Chapter 5. Maritime Patrol Aircraft Market, By Engine Type

5.1.    Key trends, by engine type

5.2.    Jet engine

5.2.1. Market estimates and forecast, 2015 - 2026

5.3.    Turboprop engine

5.3.1. Market estimates and forecast, 2015 – 2026

Chapter 6. Maritime Patrol Aircraft Market, By Component

6.1.    Key trends, by component

6.2.    Radars

6.2.1. Market estimates and forecast, 2015 - 2026

6.3.    Camera

6.3.1. Market estimates and forecast, 2015 – 2026

6.4.    Sensors

6.4.1. Market estimates and forecast, 2015 - 2026

6.5.    Others

6.5.1. Market estimates and forecast, 2015 - 2026

Chapter 7. Maritime patrol aircraft Market, By Platform

7.1.    Key trends, by platform

7.2.    Fixed wing

7.2.1. Market estimates and forecast, 2015 - 2026

7.3.    Rotary wing

7.3.1. Market estimates and forecast, 2015 – 2026

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