A recent report published by Infinium Global Research on maritime patrol aircraft market provides an in-depth analysis of segments and sub-segments in the global as well as regional maritime patrol aircraft market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional maritime patrol aircraft market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global maritime patrol aircraft market. According to the report, the global maritime patrol aircraft market is projected to grow at a CAGR of 4.73% over the forecast period of 2019-2025.
The aircraft industry has been mainly driven by the military and defense sector. The aircraft have found application in military and defense for numerous purposes. Maritime patrolling is one of the significant applications of aircraft. The maritime patrol aircraft patrols and guards the boundaries and remote areas of the countries. The maritime patrol aircraft market is highly competitive with the number of market players competing with each other for their share of the market. The key market players including Airbus S.A.S, Boeing Company, Lockheed Martin Corporation, Leonardo S.p.A., BAE Systems Inc. are focusing on the development of advanced aircraft. In 2018, Saab Automobile AB launched its high-tech maritime patrol aircraft Swordfish MPA, which has strategic intelligence, surveillance and reconnaissance capabilities over both sea and land.
The rise in territorial and undersea threats is the major driving factor for the growth of the maritime patrol aircraft market. The South China Sea dispute is one of the major border threats, which increase the demand for maritime patrol aircraft in countries such as Malaysia, Taiwan, the Philippines, Brunei, Vietnam, and others. Moreover, the growing competition among major contractors and sub-contractors augment the growth of the maritime patrol aircraft market. Furthermore, the increase in government spending on military and defense has augmented the demand for maritime patrol aircraft. The US Navy alone bought about 100 Boeing P-8A Poseidon aircraft in 2018. However, the rising adoption of strategic bombers for patrolling is expected to hamper the growth of the maritime patrol aircraft market. Nevertheless, the rise in in-house manufacturing capabilities has posed lucrative business opportunities for the players in the market.
In terms of region, North America dominates the maritime patrol aircraft market, accounting for the highest market share among the regions. The growth of North America's maritime patrol aircraft market attributes to the rise in the investment by the US Department of Defense (DoD) for the research and development programs to develop advanced maritime patrol aircraft market. Moreover, the presence of the leading manufacturers including the Boeing Company and Lockheed Martin Corporation in the region is anticipated to boost the growth of maritime patrol aircraft market in North America.
The report on global maritime patrol aircraft market covers segments such as type, and aircraft type. On the basis of type, the sub-markets include armored, and unarmored. On the basis of aircraft type, the sub-markets include fixed-wing, and rotary-wing.
The report provides profiles of the companies in the market such as Airbus S.A.S, Boeing Company, Leonardo S.p.A., BAE Systems Inc., Thales Group, Harbin Aircraft Industry Co., Ltd., Saab Automobile AB, Textron Inc., Northrop Grumman Innovation Systems, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of maritime patrol aircraft market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.