Global Maritime patrol Aircraft Market - Growth, Trends, and Forecast (2018 - 2023)

SKU ID : INH- 12347001

Publishing Date : 01-Mar-2018

No. of pages : 100

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  • The maritime patrol aircraft market is anticipated to register a CAGR of 4.75% over the forecast period 2018 - 2023. Maritime patrol aircraft, which is also referred to as reconnaissance aircraft, is made, or specifically designed, for the purpose of patrolling the coastline and maritime borders over extended durations.

    AGEING FLEETS AND THE NEED TO UPGRADE, MODERNIZE OR REPLACE THEM

    The average lifespan of a Maritime Patrol Aircraft (MPA) is around 20 years according to American Naval School, but usage beyond this time can lead to high risks and maintenance expenses. The replacement of old MPAs with new ones gives multiple advantages for greater patrolling capabilities and efficiency. There is also a growing market for the so-called ‘second-tier platform’, particularly among countries that need to safeguard their coastline and maritime approaches but do not have the requirement to patrol vast stretches of the open ocean.

    There are fleet replacement programs that have been launched by the governments of US, Australia, and Europe and Southeast Asian countries, in response to several maritime disputes, especially in the South China Sea, the Middle East and the North Atlantic. More than seven countries in the Asia-Pacific region are flying versions of the Lockheed Martin P-3 Orion. Several countries have either recently upgraded them, or have acquired second-hand aircrafts, which are being upgraded before delivery. There is an ongoing market for this work. India has become the first export customer for the P-8 Poseidon Multi-Role Maritime Surveillance aircraft, to replace its existing fleet of ex-Soviet types. Australia owns a fleet of 18 AP-3C Orions, which are subject to further upgrade, ensuring viability until replacement by both manned and unmanned platforms over the next decade. Similarly, in the US Navy’s Broad Area Maritime Surveillance project, the AP-3C will be replaced by the P-8A Poseidon by March 2020 . New Zealand has six P-3K Orions, which are flown by the Royal New Zealand Air Force; the country is currently in the process of a significant sensor and systems upgrade. The country also requires a second-tier MPA, to shoulder much of the fisheries patrol and border protection work. Norway has also revealed a proposed defence spending plan in 2017 that allows for the acquisition of a new maritime patrol aircraft to replace its six-strong fleet of Lockheed P-3 Orions. The acquisition will be complete in 2021 and shall cost 9825 billion Norwegian Krone. Norway shall be acquiring sensors, anti-submarine weapons and supporting equipment together with the airplane. Once acquired in 2021, the P-8A shall replace the nation’s current six P-3 Orion and three DA-20 Jet Falcon Aircraft.

    Key Developments in the Market:

    • January, 2018: Boeing Corporation has announced that they will provide the UK armed forces with the Poseidon P-8A maritime patrol aircraft. The main objective of the aircraft shall be to protect the nuclear submarines as well as the two new aircraft carriers of the UK military.
    • February, 2018: The introduction of the new maritime patrol aircraft ‘Swordfish’ by SAAB shall help in bringing a new level of operational confidence in the global maritime patrol aircraft market. The aircraft is a strategic, multi- role ISR system that will redefine the air power in the military domain.

    Major Players: BOEING CORPORATION, LOCKHEED MARTIN, IHI CORPORATION, NORTHROP GRUMMAN, ROLLS ROYCE CORPORATION, EMBRAER, SAAB AMONGST OTHERS

    Reasons to Purchase this Report

    1. Provides Latest Insights into the maritime patrol aircraft market
    2. Analyzing various perspectives of the market with the help of Porter’s five forces analysis
    3. Detailed analysis on the region expected to witness fastest growth in the market
    4. Identify the latest developments, market shares, and strategies employed by the major market players
    5. 3 months analyst support along with the Market Estimate sheet (in excel)

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