Global Maritime Patrol Aircraft Market Research Report: Information by Type (Armored and Unarmored), Integrated Sensors (Radar, Camera and others), Aircraft Type (Fixed-Wing and Rotary-Wing) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2025
Market Research Future (MRFR) expects the global maritime patrol aircraft market to achieve a CAGR of more than 5% during the forecast period (2018-2023).
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Intensifying competition among leading contractors and sub-contractors could have a lucrative effect on the maritime patrol aircraft market in the coming years. With the surge in territorial and undersea threats, government bodies around the world are making massive investments in the defense sector to curb tensions and handle sovereign security matters. Consequently, the defense contractors are presented with opportunities that prompt them to sell higher number of airborne platforms including MPA featuring highly advanced military weapons systems.
In the face of surging competition, contractors are progressively indulging in marketing strategies such as acquisitions and joint ventures. To illustrate, Poseidon is the culmination of efforts made by Boeing's partners like Raytheon, BAE Systems, Spirit AeroSystems, GE Aviation and Northrop Grumman. In addition, several manufacturers are using various approaches to reach more customers, either from larger countries like Singapore and Taiwan or smaller countries with limited resources like Brunei. The opportunities in the market for the vendors are in the form of mounting demand for effective surveillance platforms as well as sensor providers.
Commercial aircraft transforming to MPA is a key trend that could have a significant influence over the market. This trend could bring in a host of prominent benefits along with it, including reduction of developmental risks originating during manufacturing of a new platform, elevating economy of scale, easy availability of technical support, low life-cycle-cost and reliability of commercial aircraft.
The worldwide maritime patrol aircraft market has been segmented depending on type, aircraft type, and integrated sensors.
In terms of type, the maritime patrol aircraft market is considered for armored and unarmored.
With respect to aircraft type, the maritime patrol aircraft market caters to fixed-wing and rotary-wing.
Integrated sensors-wise, the maritime patrol aircraft market includes radar, camera, and others.
The primary markets for maritime patrol aircraft are South America, Europe, North America, Middle East, and Africa and Asia Pacific.
North America commands the biggest share in the global maritime patrol aircraft market. Market growth in the region is in response to the surge in investment by the US Department of Defense (DoD) in research and development programs for the development of advanced maritime patrol aircraft. The regional market also benefits from the prominence of several manufacturers like Lockheed Martin Corporation and Boeing Company, among others.
On-going tensions between countries in Asia Pacific has resulted in expansion of military spending, which stimulates market growth. Additionally, aging fleet of maritime patrol aircraft is also prompting several countries to procure new aircraft. Countries such as Philippines, New Zealand, Thailand, India and South Korea are ordering new maritime patrol aircraft and have been doing so in the past couple of years. For instance, Japan is reported to have taken delivery of 15 P-1s to be used in place of its fleet of P-3C Orions. With a series of orders as well as deliveries in line brought on by current territorial issues, the marine patrol aircraft market in the region is presumed to witness exhilarating growth in the near future.
In Europe, heightened competition between prominent contractors and sub-contractors is boosting growth of maritime patrol aircraft market. Besides, surging government spending on defense and military accelerates demand for maritime patrol aircraft in the region.
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Significant players shaping the worldwide maritime patrol aircraft market include Thales Group (France), Embraer S.A. (Brazil), Lockheed Martin (U.S.), Orbital ATK Inc. (U.S.), BAE Systems Inc. (U.K), Boeing (U.S.), Harbin Aircraft Industry Co., Ltd (China), Leonardo S.p.A (Italy), Saab Automobile AB (Sweden), Airbus S.A.S (France), to mention a few.
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