MarketResearch.biz has recently published its market research report titled, “Global Patrol Boats Market by Product Type, by Application, and by Region/ Country (US, Europe, Japan, China, India, Southeast Asia, and Rest of the World) – Global Forecast from 2020 to 2029”. The report provides an in-depth analysis of the global patrol boats market. It is through exhaustive and systematic research efforts as well as ideal segmentation that the research results have been presented over the study period. In addition, the report provides the first five-year cumulative revenue (2020–2024), which is expected to be valued at over US$ 22 Billion, and this is projected to increase significantly over the latter part of the forecast period.
Browse Patrol Boats Market Report at https://marketresearch.biz/report/patrol-boats-market/
Patrol boats, also known as patrol ships, patrol craft, and patrol vessels, are majorly used for small naval ships especially related to defense duties in coastal areas. Patrol boats are used for different border protection management roles such as anti-piracy, anti-smuggling, and rescue operations. Various gas turbine adjustments are the power sources of patrol boats. Patrol boats have a speed of around 25–30 knots range. These boats are considered most suitable for patrolling in Exclusive Economic Zone as these boats are small in size and have low cost. In addition, multiple missions can be performed with patrol boats as these boats are equipped with communication systems and advanced weapons. Inshore patrol vessels (IPVs) and offshore patrol vessels (OPVs) are the two types of patrol boats. Both of these two types of patrol boats are used for various purposes such as illegal immigration patrols, fisheries inspection, search and rescue (SAR), anti-smuggling patrols, and anti-piracy patrols. Moreover, patrol boats are used for search and rescue operations during the time of flood, inundation, and various other calamities.
Global Patrol Boat Market: Market Dynamics
Owing to increasing demand for patrol boats around the world, demand for patrol boats in the global patrol boat market is expected to increase during the forecast period. Other factors driving growth of the market are increasing terrorist activities and drug trafficking, which necessitated patrolling on territorial waters. Italy, Greece, and France have increased their patrolling activity due to immigrant crisis and this is expected to be a factor driving demand for patrol boats. Developing nations such as India and China are investing much in maritime security currently, which is expected to further drive demand for patrol boats in the global patrol boat market during the forecast period. Low cost of patrol boats makes it affordable for developing countries. In addition, growing demand for affordable security equipment from governments is projected to increase demand for patrol boats in the global patrol boat market during the forecast period. Due to small size of patrol boats, police force and navy mostly prefer patrol boats and this is expected to further drive demand for patrol boats in the global patrol boat market.
Global Patrol Boat Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global patrol boat market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global patrol boat market is expected to register a CAGR of 6.7% over the forecast period.
Global Patrol Boat Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region/ country. The product type segment includes inshore patrol vessels (IPVs) and Offshore patrol vessels (OPVs). The application segment includes military, police patrol, and rescue. The regions/ countries include the US, Europe, Japan, China, India, Southeast Asia, and Rest of the World.
Product Type: The offshore patrol vessels segment is expected to account for the highest revenue share as compared to other segments. The segment is projected to register highest CAGR of over 6.8%.
Application: The military segment is expected to record highest revenue share in the global market as compared to other segments, and is projected to register highest CAGR of over 7.2%
Region/ Country: The market in the US is expected to record largest revenue share in the global patrol boat market. The market in the US is projected to register the highest growth rate of more than 7.1% over the 10-year forecast period.
Global Patrol Boat Market: Competitive Analysis
The research report on the global patrol boat market includes profiles of some of the major companies such as Fincantieri S.p.A, Mitsui E&S Holdings Co., Ltd, Austal Limited, Future Mobility Solutions Limited (Willard Marine Inc.), Damen Shipyards Group NV, MetalCraft Marine Inc, Swede Ship Marine AB, SAFE Boats, A.F. Theriault & Son Ltd., Metal Shark Aluminum Boats, Hike Metal Products, Kewatec AluBoat Oy Ab, Striker Yacht Corporation, Shenzhen Hispeed Boats Tech & Dev. Co., Ltd., and Fassmer GmbH & Co KG.
“Global Patrol Boat Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2029” report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global patrol boat market for 2019–2029.
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