Global Maritime Patrol Aircraft Market Report and Forecast 2024-2032

Global Maritime Patrol Aircraft Market Outlook

The global maritime patrol aircraft market is expected to grow at a CAGR of 6.5% in the forecast period of 2024-2032.

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Turbofan Segment to Account for a Substantial Market Share of the Global Maritime Patrol Aircraft Industry

Based on engine type, the turbofan segment is predicted to hold a substantial market share of the global maritime patrol aircraft industry. This growth can be attributed to the high endurance and low fuel burn rate offered by turbofan engines. In addition, these engines have high operational efficiency. Moreover, the regulations pertaining to the reduction of carbon emissions are also expected to increase the demand for maritime patrol aircraft with turbofan engines. In addition, a turbofan engine increases acceleration while decreasing the takeoff roll and improving initial climb performance. It also has the effect of decreasing specific fuel consumption. These factors are expected to significantly contribute to the industry growth.

The Asia Pacific to Occupy a Considerable Market Share in the Global Maritime Patrol Aircraft Industry

The Asia Pacific is estimated to hold a considerable share of the maritime patrol aircraft industry in the forecast period. This growth can be attributed to the heightened military expenditure by the countries in the region. In addition, the increasing threats of terrorist activities are motivating the governments to exceedingly invest in the coastline protection of nation. Moreover, the ongoing tensions across international borders are also driving the demand for maritime patrol aircraft in the region, which is predicted to positively contribute to the industry growth.

Maritime Patrol Aircraft: Market Segmentation

Maritime patrol aircraft, also known as reconnaissance aircraft, is a fixed-wing aircraft constructed to function for a long duration over water in maritime patrol roles such as in surveillance and search and rescue operations, among others. The aircraft are built to detect nearby threats, take necessary actions, and be deployed in anti-submarine and anti-surface warfare activities. In addition, these aircraft are known for their large frames. Moreover, maritime patrol aircraft are essential for countries with long coastlines.

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By engine type, the market is divided into:

• Turbofan
• Turboprop

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Heightened Investments in the Defence Sector to Augment the Growth of the Global Maritime Patrol Aircraft Industry

The rising investments in the defence sector in major parts of the world due to the increasing threats of terror across borders are estimated to drive the market growth in the coming years. According to the statistics provided by the Stockholm International Peace Research Institute, the world military expenditure was USD 1981 billion in 2020, which witnessed a 2.6% increase from 2019. Among these, 62% of the total expenditure was carried out by the United States, China, India, Russia, and the United Kingdom. Moreover, the need to replace ageing aircraft with advanced and better-equipped aircraft having modern technological specifications is also contributing to the demand for maritime patrol aircraft. For instance, in July 2021, the leading aircraft manufacturer Boeing delivered the 10th long-range maritime reconnaissance anti-submarine warfare aircraft to the Indian Navy. This multi-mission P-8I aircraft replaced the ageing fleet of the Indian Navy’s Tupolev Tu-142 aircraft. Such developments are estimated to significantly contribute to the market growth.

Key Industry Players in the Global Maritime Patrol Aircraft Market

The report gives a detailed analysis of the following key players in the global maritime patrol aircraft market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• The Boeing Company
• Saab AB
• Dassault Aviation SA
• Lockheed Martin Corporation
• Airbus SE
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report