Market Size of Maritime Patrol Aircraft Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Maritime Patrol Aircraft Market Analysis
The maritime patrol aircraft market is anticipated to register a CAGR of over 5% during the forecast period.
The COVID-19 pandemic impacted the supply chain of certain aircraft programs, which resulted in delivery delays in 2020. However, the situation improved in 2021 for several manufacturers across the world. On the other hand, no visible impact was noted on the orders placed by various naval forces globally.
The increasing threat of terrorism and border issues led the countries to strengthen 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 of the market's growth over the years.
Also, the need to replace aging maritime patrol aircraft 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 maritime patrol aircraft during the forecast period.
However, the availability of surveillance drones as low-cost alternatives and the growing preference for such UAVs can hamper the market's growth during the forecast period.
