Market Size of Maritime Patrol Naval Vessels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Maritime Patrol Naval Vessels Market Analysis
The maritime patrol naval vessels market is projected to grow from USD 5.44 billion in 2022 to USD 6.99 billion in 2028, registering a CAGR of 4.10% during the forecast period.
The COVID-19 outbreak and the subsequent lockdowns have affected the defense manufacturing sector in several countries. The negative impacts of the pandemic are visible in the global defense supply chains, as several programs rely upon a unique global network of parts suppliers. Though governments and defense companies have emphasized avoiding disruptions, the pandemic has resulted in several delays in development efforts. With longer timelines involved in the development of naval vessels, the delays are expected to result in extra expenditures for shipbuilders. For instance, in Canada, the construction of new naval ships by Halifax and Vancouver shipyards is delayed due to supply chain disruptions caused by the lockdowns to stop the spread of the virus at their shipyards. Hence, the reduction in production rates due to the pandemic-induced disruptions is expected to hinder the market's growth during the initial few years of the forecast period.
The need to strengthen maritime security due to increasing geopolitical tensions between various countries is majorly driving the procurements of maritime patrol naval vessels. Also, the fleet modernization plans of various armed forces are bolstering the investments into the procurement of new vessels, which is supporting the growth of maritime patrol naval vessels market. The development of new maritime patrol vessels integrated with advanced technology for enhancing the monitoring and detection capabilities of the vessels, as well as advanced weapon systems, is anticipated to propel the growth of the market during the forecast period.
