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Global Maritime Patrol Aircraft Market to Grow at a CAGR of 6.5% During 2021-2026, Aided by the Rising Investments in the Defence Sector Worldwide

According to a new report by EMR titled, ‘Global Maritime Patrol Aircraft Market Report and Forecast 2021-2026’, the market is expected to witness a healthy growth in the forecast period, growing at a CAGR of 6.5% between 2021 and 2026.

The global maritime patrol aircraft industry is being driven by the heightened investments in the development of defence infrastructure worldwide. This can be attributed to the rising threats of terror across borders, especially at the coastlines. In addition, the growing territorial conflicts are also a threat to national security due to which governments are increasingly investing in maritime patrol aircraft to enable surveillance across borders and enhance the country’s potential to take necessary actions in an escalating situation. These aircraft are fitted with sensors that help them monitor wide areas.

The rising emphasis of the leading market players to develop maritime patrol aircraft by using advanced technological and mechanical solutions in order to strengthen their efficiency and functionality is predicted to significantly impact the industry growth in the forecast period. For instance, in July 2021, The Boeing Company (NYSE: BA) announced the delivery of India’s 10 P8-I aircraft, which has long-range maritime reconnaissance anti-submarine warfare capabilities. In addition, this aircraft can also be utilised during disaster relief and humanitarian missions. In addition, another leading aircraft manufacturer, Lockheed Martin Corporation (NYSE: LMT), in a press release dated May 2019, announced the delivery of the P-3B maritime patrol aircraft to the Hellenic Navy, which was welcomed with a special ceremony near Athens, Greece. This aircraft is used for homeland security, humanitarian relief and natural disaster support, anti-piracy operations, intelligence gathering, anti-submarine warfare, search and rescue and also to assist in air traffic control. Such developments are expected to positively impact the growth of the maritime patrol aircraft industry in the forecast period.

Market Breakup by Engine Type and Region:

  • The market is divided based on engine type into turbofan and turboprop.
  • Region-wise, the global market for maritime patrol aircraft can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for maritime patrol aircraft is being driven by the heightened investments in the defence sector worldwide.  
  • The rapid threats of terror across borders are expected to significantly contribute to the market expansion. 
  • Increased territorial conflicts and the demand for search and rescue operations are also aiding the industry growth. 
  • The rising technological advancements in the development of maritime aircraft are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for maritime patrol aircraft for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the engine types and major regions of maritime patrol aircraft.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global maritime patrol aircraft market are The Boeing Company, Saab AB, Dassault Aviation SA, Lockheed Martin Corporation, Airbus SE, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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