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Maritime Patrol Aircraft Market worth over $7bn by 2026
- Published Date: May 25, 2020
Maritime Patrol Aircraft Market size is set to surpass USD 7 billion by 2026, according to a new research report by Global Market Insights Inc.
Market growth is attributed to the technological advancement in radars, sensors, and cameras along with the integration of various communication technologies, such as SATCOM, in maritime surveillance. These modifications will improve the operational efficiency and overall lifespan of the system, credited to positive market statistics.
The rising requirement of hardware upgrades in existing aircraft to replace obsolete technologies will support the market expansion. For instance, in February 2020, Terma North America received USD 15 million firm-fixed price contract from Lockheed Martin to deliver ALQ-213A Defensive Aids Controller (DAC) and Range-Less Electronic Warfare Training (REWT) for the USAF HC-130J.
The rise in geopolitical insurgencies and terrorist activities is posing a demand for improving maritime surveillance networks of various countries, resulting in the acquisition activities of surveillance aircraft for improving market opportunities.
The sudden outbreak of the COVID-19 pandemic will positively impact the maritime patrol aircraft market. The sudden upsurge to limit trade activities through coastal borders and provide emergency & medical services are demanding active operations of maritime surveillance vehicles. Limited MRO facilities and temporary shutdown of manufacturing facilities limited the infrastructure requirement, thereby hindering the growth rate.
Increasing efforts to establish Satellite Communication (SATCOM) network
The rise in demand to improve accuracy and preciseness on surveillance activities and respond immediately to threats has allowed countries to explore various ways to gain technological expertise. One of the major methods is the integration of SATCOM with the existing maritime surveillance network. Various countries are entering into Long Term Agreements (LTA) to integrate such capabilities.
Browse key industry insights spread across 180 pages with 148 market data tables & 18 figures & charts from the report, “Maritime Patrol Aircraft Market Size, By Engine Type (Jet Engine, Turboprop Engine), By Component (Radar, Camera, Sensors), By Platform (Fixed Wing, Rotary Wing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising adoption of jet engine aircraft in maritime surveillance activities
Jet engines in the maritime patrol aircraft market accounted for USD 2 billion in 2019 and will witness 3% growth rate through 2026. Properties of jet engine aircraft to take off and land within limited space and increased maneuverability are the major factors supporting the market progression. For instance, in September 2019, India initiated the acquisition of 10 Boeing P8I maritime patrol aircraft worth USD 3.1 billion. The aircraft will be used to add surveillance capabilities in the India Ocean.
Technological advancement in components of maritime surveillance
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Sensors segment will capture more than 18% of the maritime patrol aircraft market share by 2026 on account of the increasing scope of application sensors in a number of maritime surveillance activities. Various industry players are integration several sensors with radars and cameras to boost their capabilities. For instance, in September 2019, Controp Precision Technologies used a combination of electro-optics and infrared sensors to trace multiple short- and long-range targets. The system demonstrated capabilities to trace activities up to 12 km within three seconds.
Rising efforts to establish integrated maritime surveillance system in the European region
Europe maritime patrol aircraft market is estimated to attain a CAGR of over 3% through 2026 led by the increasing efforts of European countries to establish integrated maritime surveillance network encompassing several activities such as border control, fisheries control, safety & security, customs, environment, and defense. The data collected by these activites will be harnessed on a common platform, the European Union Common Information Sharing Environment (EUCISE). A total grant of USD 3.83 million was received under EUCISE 2020.
Long-term collaborations to gain technological competitiveness
Major strategies practiced by industry players operating in the market are LTA, technological collaborations, and IDIQ contracts to improve their market penetration. High involvement of government authorities in defense contracts will also govern the market statistics.
Leading companies significantly contributing to the market include Airbus S.A.S, Boeing, Lockheed Martin Corporation, Saab AB, BAE Systems plc., Leonardo S.p.A, Thales Group, Kawasaki Heavy Industries, Ltd, Dassault Aviation, and Textron Inc.
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