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Maritime Patrol Aircraft Market : Global Major Key Players Research – Forecast to 2023
Market Research Future added New Report Named "Global Maritime Patrol Aircraft Market Research Report- Forecast 2023" to its Database
Maritime Patrol Aircraft (MPA) is also recognized as a patrol aircraft or patrol bomber. Maritime patrol aircraft consists of long range and high endurance limits. Due to the increasing territorial and underwater threats, governments are majorly focusing on the defense sector to combat tensions and address sovereign security problems. Due to the growing competition, contractors are focusing on acquisitions and joint ventures with the major companies in this market. In addition, aircraft producers are incorporating different methods to grasp different segments of customers, ranging from larger economies, such as Taiwan and Singapore, to smaller nations with restricted resources, such as Brunei, owing to the rising demand for effective sensor providers.
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The alteration of commercial aircraft to MPA will speed up the growth scenarios for the global MPA market in the next few years. Some of the major benefits to enhance the conversion rate of commercial aircraft into MPAs is the drop of risks involved with the manufacturing, the economy of scale of the market, easy availability of technical support from the companies, and reliability of the components.
The key driver for the MPA market is the South China Sea dispute. Expansion of China into sea borders towards the Southeast Sea is forming barriers among nations. International law specifies that every country is permitted to use its ocean borders and is not allowed to cross the territorial regional boundaries of other nations without authorization. Bordering countries to China, such as Malaysia, Taiwan, the Philippines, Brunei, Vietnam, the U.S., India, and Australia, are concerned that the actions of China will affect their sea trade routes. Moreover, industry experts have expected that the South China Sea has substantial reserves of oil and gas. These growing pressures are driving the acquisition of highly advanced ISR stages in MPA.
The MPA market in the globe is extremely competitive, owing to the presence of a large number of well-established global and regional vendors across the globe. Some of the major challenges for vendors, such as rapid developments in technology and continuous changes in government rules and guidelines. Furthermore, vendors are focusing on the following factors to gain an additional benefit over their competitors, such as global occurrence, in-house manufacturing competence, the variety of product offerings, research and developmental investments, and strong customer support. The growing competition among major contractors and sub-contractors and rise in marine security threats will boost the growth of the global maritime patrol aircraft market in the next few years.
The major challenge in maritime patrol aircraft market is the rising acceptance of strategic bombers. Conventionally, strategic bombers were solely used to drop heavy air-to-ground arsenal onto distance targets for devastating the enemy's attack and confrontation competences in warfare. With changing warfare policies, these bombers are also being progressively used for multi-mission resolves, such as maritime patrol, surveillance, and maritime military movements. In 2016, the U.S. Air Force Global Strike Command (AFGSC) engaged three B-52 Stratofortress bombers to link in the NATO Baltic drills, led at the military airport in the U.K.
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The global maritime patrol aircraft market is estimated to witness a CAGR of more than 5% during the forecast period from 2018 to 2023.
The maritime patrol fixed-wing aircraft segment is foreseeable to account for the maximum market share in the coming years. The rise in the number of MPAs due to the transformation of airborne defense and crime units will gear-up the global expansion of special mission military aircraft market. North America market has arisen as the leading region in terms of value, followed by Europe. Enormous funds and rising asset in R&D are some of the main drivers, which support the market growth for MPA.
The key players in the global maritime patrol aircraft market are Airbus S.A.S (France), Boeing (U.S.), Lockheed Martin (U.S.), Saab Automobile AB (Sweden), BAE Systems Inc. (U.K), Embraer S.A. (Brazil), Harbin Aircraft Industry Co., Ltd (China), Leonardo S.p.A (Italy), Thales Group (France), and Orbital ATK Inc. (U.S.)
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