North America maritime patrol aircraft market is predicted to expand at more than 3% CAGR during the forecast period led by proactive approach of the government toward replacing old technologies and integration of surveillance systems with latest Satellite Communication (SATCOM) network.
Selbyville, Delaware, May 25, 2020 (GLOBE NEWSWIRE) —
According to latest report “Maritime Patrol Aircraft Market by Engine Type (Jet, Turboprop), Component (Radar, Camera, Sensors), Platform (Fixed Wing, Rotary Wing), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of maritime patrol aircrafts will reach $7 billion by 2026. Increase in defense budget allocation toward maritime surveillance will fuel the market growth. Additionally, the positive market trend can be analyzed by collaborations of various countries toward undertaking the maritime activities.
The turboprop engines in the maritime patrol aircraft market captured a revenue of USD 3 billion in 2019 and will observe a growth rate of over 3% through 2026. The rise in requirement of turboprop engine is owing to increasing requirement of small or general aviation aircraft for maritime surveillance activities. Low cost of operations and properties to carry small-scale manned surveillance activities within limited space will support the market growth.
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The fixed wing aircraft will capture more than 60% of total market share in 2019 and is expected to grow at CAGR of more than 3% between 2020 and 2026. The market growth can be attributed to the increasing activities of countries to integrate large aircraft in their surveillance network.
The radar component segment in the in maritime patrol aircraft market is estimated to grow at around 3% CAGR from 2020 to 2026 propelled by technological modifications witnessed by the component segment. Various countries and major industry participants are increasing their efforts toward the development of highly efficient radar systems.
The North America maritime patrol aircraft market is predicted to expand at more than 3% CAGR during the forecast period. Proactive approach of the government toward replacing old technologies and integration of surveillance systems with latest Satellite Communication (SATCOM) network is allowing the region to increase its pace of investment and acquisition, influencing the regional market revenue.
Major players operating in the market encompass Airbus S.A.S, Boeing, Lockheed Martin Corporation, Saab AB, BAE Systems plc., Leonardo S.p.A, Thales Group, Kawasaki Heavy Industries, Ltd, Dassault Aviation, and Textron Inc.
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Some major findings of the maritime patrol aircraft market report include:
- Increasing geopolitical conflicts supporting the demand for maritime surveillance.
- Increasing requirement of maritime patrol activities to safeguard coastal area.
- Technological integration of advanced sensors and electro optics in maritime patrol activities.
- Increasing defense budget allocation toward acquisition and modification of maritime patrol aircraft.
- Increasing R&D investments by major industry patricians to develop systems with more accuracy and operational efficiency.
- Changing government norms and regulations to increase maritime surveillance activities for border protection.
- Integration of various communication technologies, such as SATCOM, will support the maritime patrol aircraft market demand.
- Sudden outbreak of COVID-19 has positively impacted the market by spurring the requirement of maritime surveillance and eliminating any trade transaction within the coastal regions to limit the outbreak of coronavirus.
Table of Contents (ToC) of the report:
Chapter 3. Maritime Patrol Aircraft Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Impact of COVID-19
3.4.1. North America
3.4.3. Asia Pacific
3.4.4. Latin America
3.5. Evolution of maritime patrol aircraft
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.7.1. Electric aircraft
3.7.2. Connectivity in aviation sector
3.7.3. Autonomy in aviation sector
3.7.4. Artificial intelligence in aviation sector
3.8. Regulatory landscape
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
CONTACT: Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: [email protected] Web: https://www.gminsights.com
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