Maritime Patrol Aircraft Market - Growth, Trends, and Forecast (2019 - 2024)
The maritime patrol aircraft market is anticipated to grow at a CAGR of above 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 will propel the demand for maritime patrol aircraft during the forecast period.
The increasing military spending fuelled by the growth of territorial conflicts between the world nations is another reason supporting the growth of maritime patrol aircraft market during the forecast period.
The need for replacement of aging maritime patrol aircraft that are used beyond their lifetimes with new and advanced aircraft that have greater patrolling capabilities and efficiency is also expected to generate demand for the market.
Scope of the Report
The market study of maritime patrol aircraft include:
Key Market Trends
Jet Engine Aircraft Segment to Experience the Highest Growth During the Forecast Period
Jet Engine aircraft segment of the market is expected to grow at the highest CAGR during the forecast period. The major demand for this segment is majorly due to the increasing orders and deliveries of P-8A Poseidon aircraft of Boeing. This aircraft is currently being procured by the naval forces of the countries like the United States, the United Kingdom, South Korea, Australia, and Norway among others to replace their aging fleet of turboprop maritime patrol aircraft. This aircraft is derived from Boeing Next Generation 737-800 aircraft with long-range anti-surface warfare, anti-submarine warfare and intelligence, 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 Royal Air Force of the UK, five to Norway and four to the Indian Navy. The orders and deliveries of P-8A Poseidon aircraft along with the development of new aircraft like Saab Swordfish Maritime Patrol Aircraft are expected to support the growth of the segment during the forecast period.
Asia-Pacific Region to Experience the Highest Growth During the Forecast Period
Asia-Pacific region is anticipated to have the highest growth during the forecast period. The increasing military spending powered by on-going tensions between the countries in Asia-Pacific during the forecast period. Also, the aging fleet of maritime patrol aircraft is another factor for the countries in this region to procure new aircraft. The countries like New Zealand, Philippines, South Korea, Thailand, and India have placed orders for new maritime patrol aircraft during the past few years. Japan has taken delivery of indigenously developed 15 P-1s to replace its fleet of P-3C Orions. With the orders and deliveries in line fuelled by the current territorial issues, the market of marine patrol aircraft in this region is expected to see strong growth during the forecast period.
The maritime patrol aircraft market is highly consolidated with the majority of the share taken by a very few players in the market. Some of the prominent players in the market are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Leonardo S.p.A., and Textron Inc. With the need for advanced surveillance and reconnaissance along with anti-submarine warfare and anti-ship warfare capabilities, development of new aircraft by the companies is expected to help them to take a prominent position in the market. For instance, Saab developed Swordfish Maritime Patrol Aircraft based on the twinjet Global 6000 that can be used for intelligence, surveillance & 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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