Maritime patrol Aircraft Market Research Report Coverage:
This report covers drivers, restraints, opportunities, challenges, and market trends. The report also covers the product portfolio analysis of the Maritime patrol Aircraft products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the Maritime patrol Aircraft market.
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.
A separate section with Maritime patrol Aircraft industry key players is included in the report, which provides a comprehensive analysis of price, cost, gross, revenue, product picture, specifications, company profile, and contact information. Development and Research plays a vital role towards the innovation in any given industry which require to execute. Additionally, performing research and development offers a competitive advantage over the competitors owing to regular introduction of products and prototypes to attract consumers. This is expected to have a positive impact on the Maritime patrol Aircraft market growth over the forecast period.
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Maritime patrol Aircraft Market Value, 2018 to 2023($Million)
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 â€˜second-tier platformâ€™, 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 Navyâ€™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 nationâ€™s current six P-3 Orion and three DA-20 Jet Falcon Aircraft.
Key Developments in the Market:
â€¢ 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.
â€¢ February, 2018: The introduction of the new maritime patrol aircraft â€˜Swordfishâ€™ 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 Porterâ€™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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Maritime patrol Aircraft Market Forecast 2018-2023
The Maritime patrol Aircraft industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Maritime patrol Aircraft production, supply, sales and market status.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.