Maritime Patrol Aircraft Market size worth over $7bn by 2026
Published Date: May 25, 2020 Authors: Ankita Bhutani, Preeti Wadhwani
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.
The market growth is due to 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, attributing to growth opportunities for the market.
The rising requirement of hardware upgrades in existing aircraft to replace obsolete technologies will support the maritime patrol aircraft market size 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. For instance, in March 2020, Boeing received a contract worth USD 1.5 billion to deliver P-8A Poseidon maritime patrol aircraft to the U.S., New Zealand, and South Korea.
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The sudden outbreak of the COVID-19 pandemic will positively impact the market demand in 2020. The upsurge to limit trade activities through coastal borders and provide emergency & medical services are demanding active operations of maritime patrol vehicles. However, limited MRO facilities and temporary shutdown of manufacturing facilities limited the infrastructure requirement, thereby hindering the market 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 patrol 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 crossed USD 2 billion valuation in 2019 and is estimated to grow at 3% CAGR during the forecast period. Properties of jet engine aircraft to take off and land within limited space and increased maneuverability are the major factors boosting the market revenue.
Technological advancement in components of maritime patrol
The sensors component segment is expected to capture over 18% of the total market share by 2026. This market penetration can be credited to increasing scope of application sensors in number of maritime patrol 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 patrol system in Europe
The Europe maritime patrol aircraft market size will experience a growth rate of more than 3% from 2020 to 2026 driven by increasing efforts of European countries to establish integrated maritime patrol network encompassing several activities such as border control, fisheries control, safety & security, customs, environment, and defense. The data collected by these activities 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 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.
Key players operating in the maritime patrol aircraft 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.