2018 - 2026
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The maritime patrol aircraft market is anticipated to register a CAGR of 6.43% during the forecast period.
- Maritime patrol aircraft are crucial for nations with long coastlines. Modern patrol aircraft with multirole capabilities have become important assets for the global naval forces over the years.
- Maritime patrol aircraft are typically fitted with a wide range of sensors to perform wide-area monitoring, anti-submarine warfare (ASW), anti-ship warfare (AShW), and search and rescue (SAR) operations. While the demand for modern dedicated maritime patrol aircraft increased, countries are also preferring low-cost upgrade options to obtain added features for their existing aircraft fleets.
- The increasing threat of terrorism and border issues led the countries to focus on strengthening their maritime surveillance, which may propel the demand for maritime patrol aircraft during the forecast period. The increasing military spending, fueled by the growth of territorial conflicts between the countries, has been one of the prime drivers for the market growth over the years.
- On the other hand, the need for replacement of aging maritime patrol aircraft that are being used beyond their lifetimes, with new and advanced aircraft that have greater patrolling capabilities and can perform anti-submarine and anti-surface warfare, is expected to generate demand for the market during the forecast period.
- However, budget cuts are projected to be imposed by various governments in response to the economic downturn, triggered by the COVID-19 pandemic. These might impact the procurement plans of large patrol aircraft. Also, the availability of surveillance drones as low-cost alternatives and the growing preference for such UAVs can hamper the growth of the market during the forecast period.
Scope of the Report
- The market study includes the details of the fixed-wing aircraft used for various purposes, including maritime surveillance and patrol, anti-submarine, and anti-surface warfare.
- Helicopters used for maritime surveillance and patrol are excluded from the study.
- The study includes revenues from new deliveries, upgrades, as well as maintenance of maritime patrol aircraft.
Key Market Trends
Turbofan Segment to Experience the Highest Growth During the Forecast Period
The turbofan engine powered MPAs have larger endurance due to lower fuel burn rate. Hence, they have higher engine efficiency than their turboprop counterpart. Although the current market demand for new-generation turbofan-powered MPAs is comparatively much lower than that of turboprop MPAs, the adoption is expected to be higher during the forecast period due to the evolving regulations pertaining to aviation carbon emissions on a global scale. Moreover, several procurements and modernization programs are underway, worldwide, as nations with naval boundaries are seeking to enhance their maritime ISR capabilities. The demand for this segment is majorly due to the increasing orders and deliveries of the P-8A Poseidon aircraft of Boeing. This aircraft is currently being procured by the naval forces of countries, like the United States, the United Kingdom, South Korea, Australia, and Norway, to replace their aging fleet of turboprop maritime patrol aircraft. This aircraft is derived from the Boeing Next-Generation 737-800 aircraft, with long-range anti-surface warfare, anti-submarine warfare and intelligence, and surveillance and reconnaissance mission capabilities. As of January 2019, the company was expected to deliver 111 P-8s to the US Navy, 12 to the Royal Australian Air Force, nine to the Royal Air Force of the United Kingdom, five to Norway, and four to the Indian Navy. The orders and deliveries of the P-8A Poseidon aircraft, and the development of new aircraft, like Saab Swordfish Maritime Patrol Aircraft, are expected to support the growth of this segment during the forecast period.
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Asia-Pacific Accounted for a Major Market Share in 2019
Asia-Pacific accounted for a major market share in 2019 and is anticipated to experience healthy growth during the forecast period. The increasing military spending, powered by the on-going tensions between the countries in Asia-Pacific, is expected to aid the growth during the forecast period. Additionally, the aging fleet of maritime patrol aircraft is another factor for the countries in this region to procure new aircraft. Countries, like New Zealand, the Philippines, South Korea, Thailand, and India, have placed orders for new maritime patrol aircraft during the past few years. Japan received the delivery of its indigenously developed 15 P-1s, to replace its fleet of P-3C Orions. Recently, in November 2020, India received its ninth P-8I aircraft at the naval airbase in Goa. India also signed a three-year contract with Boeing, in 2017, to continue its support of the Indian Navy’s P-8I fleet. Owing to the orders and expected deliveries, along with the current territorial issues, the market for marine patrol aircraft in this region is expected to witness healthy growth during the forecast period.
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The market is highly consolidated, with the majority of the share occupied by very few players. Some of the prominent players in the market are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Dassault Aviation SA, and Textron Inc. With the need for advanced surveillance and reconnaissance, along with anti-submarine warfare and anti-ship warfare capabilities, the development of new aircraft by the companies is expected to help them gain prominent positions in the market. For instance, Saab developed its Swordfish Maritime Patrol Aircraft, based on the twinjet Global 6000 that can be used for intelligence, surveillance, and reconnaissance (ISR), airborne early warning (AEW), and SIGINT missions, along with maritime roles of anti-submarine warfare (ASW) and anti-surface warfare (ASuW). With the growing demand for anti-surface warship and anti-submarine warfare, countries are expected to upgrade MPA’s radars, sensor system, and multifunctional digital screen, which can search, detect, and collate stored data and automatically capture and track enemy warships. Due to this, companies are enhancing their maintenance and upgrading capabilities. Moreover, companies in collaboration with governments are investing in the development of new-generation manned maritime patrol aircraft equipped with modern surface ship and submarine detection systems.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Engine Type
5.2.1 North America
126.96.36.199 United States
5.2.2 Latin America
188.8.131.52 Rest of Latin America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.4 Middle-East and Africa
18.104.22.168 United Arab Emirates
22.214.171.124 Rest of Middle-East and Africa
126.96.36.199 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 The Boeing Company
6.2.2 Saab AB
6.2.3 Dassault Aviation SA
6.2.4 Lockheed Martin Corporation
6.2.5 Airbus SE
6.2.6 Kawasaki Heavy Industries Ltd
6.2.7 Leonardo SpA
6.2.8 Textron Inc.
6.2.9 RUAG International Holding Ltd.
6.2.10 Israel Aerospace Industries Ltd.
6.2.11 Diamond Aircraft Industries
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Maritime Patrol Aircraft Market market is studied from 2018 - 2026.
What is the growth rate of Maritime Patrol Aircraft Market?
The Maritime Patrol Aircraft Market is growing at a CAGR of 6.43% over the next 5 years.
Which region has highest growth rate in Maritime Patrol Aircraft Market?
Latin America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Maritime Patrol Aircraft Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Maritime Patrol Aircraft Market?
- The Boeing Company
- Lockheed Martin Corporation
- Airbus SE
- Textron Inc.
- Dassault Aviation SA
Are the major companies operating in Maritime Patrol Aircraft Market.