The global maritime patrol aircraft market is anticipated to witness significant growth over the coming years due to an upsurge in defense budget allocations that focus on improving maritime surveillance capabilities. Additionally, collaborations among several nations to undertake mining activities would further add up to the overall market share by 2026. On account of these factors, the market is estimated to grow at a CAGR of more than 3% over the analysis period.
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Over the past few years, several technological modifications have been witnessed in maritime patrol radars. Manufacturers are increasing their efforts towards the development of advanced and highly efficient radar systems. For instance, South Korea developed a new maritime patrol radar in 2019. The development cost of the radar was approx. USD 27 million, and it demonstrates capabilities of integration with guided weapons that can be targeted precisely.
The radar was designed specifically to monitor the sea and the country's coastal line. Maritime patrol radars industry share is expected to grow at around 3% CAGR over 2020-2026.
With rise in cross-boundary conflicts, several countries are focusing on expanding surveillance fleet along with integrating large aircraft in their surveillance network. For instance, India announced induction of four P8I aircraft in 2019 to support their surveillance & anti-ship activities.
The aircrafts costed USD 1.1 billion and the measure was undertaken in response to the Pulwama attack. In maritime patrol aircraft market, fixed wing aircraft holds over 60% share and is set to grow considerably over 2020-2026.
Several developing countries are establishing elaborative maritime patrol through collaboration for better surveillance and management. For instance, India and Bangladesh signed a MoU in 2019 to set up a coastal surveillance system radar in Bangladesh. The expanded radar system will act as a front line for defense to address the rising terrorist activities and intrusions via sea.
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North America maritime patrol aircraft market share is estimated to grow at 3% CAGR on account of a large coastal line as well as significant funding by defense organizations towards surveillance activities. Telephonics Corporation received an IDIQ (Indefinite Delivery Indefinite Quantity) deal worth USD 31.8 million in 2018 to supply a multi-mode radar system, APS-143C(V)3, to the USCG’s (United States Coast Guard) Spartan med-range maritime patrol platform.
The competitive landscape of the global maritime patrol aircraft market is inclusive of players such as Airbus, Textron, Dassault Aviation, Kawasaki Heavy Industries, Thales Group, Leonardo, BAE Systems, Saab AB, Lockheed Martin Corporation, and Boeing among others.
Major Key Points from Table of Content:
Chapter 5. Maritime Patrol Aircraft Market, By Engine Type
5.1. Key trends, by engine type
5.2. Jet engine
5.2.1. Market estimates and forecast, 2015 - 2026
5.3. Turboprop engine
5.3.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Maritime Patrol Aircraft Market, By Component
6.1. Key trends, by component
6.2.1. Market estimates and forecast, 2015 - 2026
6.3.1. Market estimates and forecast, 2015 – 2026
6.4.1. Market estimates and forecast, 2015 - 2026
6.5.1. Market estimates and forecast, 2015 - 2026
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