Research Nester released a report titled “Maritime Patrol Aircraft System Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the maritime patrol aircraft system market in terms of market segmentation by aircraft and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The maritime patrol aircraft system market is anticipated to expand at a CAGR of around of 4% over the forecast period i.e. 2019-2027. The growth of the market is driven by the current geopolitical issues and maritime boundary disputes among the nations around the world, therefore, resulting in the need for advanced surveillance systems. These systems are required on account of their capability to fulfil a certain number of automated roles ranging from surveillance and detection. Additionally, the high maintenance cost of maritime patrol aircraft systems is a major reason behind the increasing adoption of latest patrol aircrafts, which is further anticipated to contribute towards significant growth of the market in upcoming years.
The global maritime patrol aircraft system market is segmented by aircraft into turboprop aircraft and jet engine aircraft and by region. On the basis of aircraft, it is segmented into turboprop aircraft and jet engine aircraft, out of which, the jet engine aircraft is anticipated to significantly impact the maritime patrol aircraft system market owing to increase in the demand of advanced jet engine aircrafts by the naval forces.
By region, the maritime patrol aircraft system market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America region is anticipated to hold the major market share on the back of increasing demand for maintenance and modernization of huge fleet of manned and unmanned surveillance aircrafts pertaining to the changing nature of warfare. Further, the market in Europe region is anticipated to grow in order to meet the challenges of Russia’s military assertiveness. Furthermore, the market in Asia Pacific region remains a promising and the fastest growing market, especially for Australia, Japan, India, and Korea. The various disputes over territorial waters is a significant reason behind the anticipated growth of Asian maritime patrol aircraft system market over the forecast period.
Need For Advanced Surveillance Systems To Boost The Market Growth
On account of political assertiveness and regional along with increased defense spending for protection of territorial waters, the market is estimated to expand at a substantial rate. Further, MPAs are constantly upgraded to expand their applications from maritime surveillance to high-end naval combat operations which is estimated to increase the market growth.
However, high maintenance and replacement costs related to maritime patrol aircrafts are estimated to negatively impact the growth of the maritime patrol aircraft system market.
This report also provides the existing competitive scenario of some of the key players of the maritime patrol aircraft system market which includes company profiling of Airbus S.A.S(EPA: AIR), BAE Systems(LON: BA), Boeing(NYSE: BA), Dassault Aviation(EPA: AM), Embraer, Harbin Aircraft Company, Lockheed Martin(NYSE: LMT), Leonardo S.p.A (BIT: LDO), Saab (STO: SAAB-B), Textron Inc (NYSE: TXT), and Thales Group (EPA: HO). The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the maritime patrol aircraft system market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.