The maritime patrol aircraft market is anticipated to register a CAGR of over 3% during the forecast period. - The increasing threat of terrorism and border issues have led the countries to focus on strengthening their maritime surveillance, which may propel the demand for maritime patrol aircraft during the forecast period.
New York, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Maritime Patrol Aircraft Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p06009447/?utm_source=GNW
- The increasing military spending, fueled by the growth of territorial conflicts between the countries, is also expected to support the growth of the market during the forecast period.
- The need for replacement of aging maritime patrol aircraft that are being used beyond their lifetimes, with new and advanced aircraft that have greater patrolling capabilities and efficiency, is expected to generate demand for the market.
Key Market Trends
Jet Engine Aircraft Segment to Experience the Highest Growth During the Forecast Period
The jet engine aircraft segment of the market is expected to record the highest CAGR during the forecast period. The demand for this segment is majorly due to the increasing orders and deliveries of the P-8A Poseidon aircraft of Boeing. This aircraft is currently being procured by the naval forces of countries, like the United States, the United Kingdom, South Korea, Australia, and Norway, to replace their aging fleet of turboprop maritime patrol aircraft. This aircraft is derived from the Boeing Next Generation 737-800 aircraft, with long-range anti-surface warfare, anti-submarine warfare and intelligence, and surveillance and reconnaissance mission capabilities. As of January 2019, the company was expected to deliver 111 P-8s to the US Navy, 12 to the Royal Australian Air Force, nine to the Royal Air Force of the United Kingdom, five to Norway, and four to the Indian Navy. The orders and deliveries of the P-8A Poseidon aircraft, and the development of new aircraft, like Saab Swordfish Maritime Patrol Aircraft, are expected to support the growth of this segment during the forecast period.
Asia-Pacific is Expected to Experience the Highest Growth During the Forecast Period
Asia-Pacific is anticipated to have the highest growth during the forecast period. The increasing military spending, powered by the on-going tensions between the countries in Asia-Pacific, is expected to aid the growth during the forecast period. Additionally, the aging fleet of maritime patrol aircraft is another factor for the countries in this region to procure new aircraft. Countries, like New Zealand, the Philippines, South Korea, Thailand, and India, have placed orders for new maritime patrol aircraft during the past few years. Japan received the delivery of its indigenously developed 15 P-1s, to replace its fleet of P-3C Orions. Owing to the orders and expected deliveries, along with the current territorial issues, the market for marine patrol aircraft in this region is expected to witness strong growth during the forecast period.
The market is highly consolidated, with the majority of the share occupied by very few players. Some of the prominent players in the market are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Leonardo SpA, and Textron Inc. With the need for advanced surveillance and reconnaissance, along with anti-submarine warfare and anti-ship warfare capabilities, the development of new aircraft by the companies is expected to help them gain prominent positions in the market. For instance, Saab developed its Swordfish Maritime Patrol Aircraft, based on the twinjet Global 6000 that can be used for intelligence, surveillance, and reconnaissance (ISR), airborne early warning (AEW), and SIGINT missions, along with maritime roles of anti-submarine warfare (ASW) and anti-surface warfare (ASuW).
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