August 27, 2020
According to the research report titled ‘Maritime Patrol Aircraft Market Size By Engine Type, By Component , By Platform, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report LLC, global maritime patrol aircraft market is predicted to witness a robust CAGR between 2020 and 2026.
Rising concerns regarding cross-border conflicts and terrorism is a major factor fostering the demand for maritime patrol aircrafts, which in turn is driving the market growth. For those uninitiated, a maritime surveillance aircraft plays a vital role for countries with long coastlines. These aircrafts are built as multi-role platforms and hence can conduct various missions ranging from exclusive naval combat to surveillance operations.
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Maritime patrol aircrafts have high flight endurance and can carry different types of weaponry such as anti-ship missiles, mines, depth charges, and torpedoes. These aircrafts play a vital role in search & rescue operations and are equipped with inflatable boat, food, water, and an advanced radio equipment in order to communicate with emergency services.
Increasing economic importance of maritime regions such as oil fields located in Philippines, Indonesia, and North Sea is further stimulating the industry outlook. Besides this, emphasis on protecting large areas efficiently is also favoring the market outlook. Maritime patrol aircrafts help in detecting warships, poachers and smugglers. It can also help in discovering pollution sources.
As per component type, the others segment is slated to witness commendable growth in the ensuing years, primarily driven by growing demand for advanced components in order to enhance operational accuracy.
In terms of platform type, the rotary wing segment is anticipated to experience significant expansion during the analysis timeframe. Inclination towards modernizing old aircrafts into maritime surveillance aircrafts is fueling the segmental share.
With regards to geographical landscape, Latin America maritime patrol aircraft industry is expected to showcase appreciable growth in the ensuing years, primarily driven by increasing geopolitical activities and emphasis towards protecting coastal areas.
On the other hand, maritime patrol aircraft market in Middle East & Africa is likely to display noteworthy growth during the study duration. Escalating expenditure in defense sector in order to acquire maritime surveillance aircrafts is favoring the regional market outlook.
Textron Inc., Leonardo S.p.A, Dassault Aviation SA, Thales Group, BAE Systems plc, Lockheed Martin Corporation, The Boeing Co., Kawasaki Heavy Industries Ltd., Saab AB, and Airbus S.A.S are the major contenders in worldwide maritime patrol aircraft industry.