Overview and Scope
Naval vessels and surface combatants are a kind of naval warships equipped with armaments for fighting on the water’s surface. These are employed to hinder the enemy from moving military forces and, if required, to confront them.
Sizing and Forecast
The naval vessels and surface combatants market size has grown strongly in recent years. It will grow from $38.04 billion in 2023 to $39.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to naval power projection and deterrence, international cooperation and naval alliances, focus on multi-mission capabilities, modernization and fleet expansion programs, shifts in naval strategies and doctrine..
The naval vessels and surface combatants market size is expected to see steady growth in the next few years. It will grow to $48.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growth in naval shipbuilding industry, focus on integrated command and control systems, adaptation to asymmetric threats, rise in naval modernization programs, shift towards electrification and energy efficiency.. Major trends in the forecast period include shift towards network-centric warfare, incorporation of green technologies, adoption of multi-domain operations (mdo), focus on anti-submarine warfare (asw) capabilities, integration of modular design and mission flexibility..
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Segmentation & Regional Insights
The naval vessels and surface combatants market covered in this report is segmented –
1) By Type: Aircraft Carrier, Battleship, Cruiser, Destroyer, Frigate, Destroyer Escort, Other Types
2) By System: Marine engine system, Weapon launch system, Sensor system, Control system, Electrical system, Auxiliary system
3) By Application: Search and rescue, Combat operations, Mine countermeasures (MCM) operations, Coastal surveillance, Other Applications
North America was the largest region in the naval vessels and surface combatants market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval vessels and surface combatants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing maritime security threats are expected to propel the growth of the naval vessels and surface combatants market going forward. Maritime security threat refers to any breach of vessel security, both inside and externally. Naval vessels and surface combatants aid in the defence of the country’s sovereignty against potential threats in the oceans and abysses by safeguarding accessible resources and coastal areas. For instance, in 2023, according to a report by the International Maritime Organization (IMO), a UK-based specialized agency of the UN in charge of controlling shipping, there was an increase in piracy and armed robbery against ships in the Straits of Malacca and Singapore, with the reported number increasing to 72 compared to the 70 incidents documented in 2021. Notably, approximately 81% of the incidents recorded in 2022 involved targeting a moving ship within these straits. Hence, increasing maritime security threats are driving the growth of the naval vessels and surface combatant market.
Key Industry Players
Major companies operating in the naval vessels and surface combatants market report are Huntington Ingalls Industries Inc., General Dynamics Corporation, Damen Shipyards Group, Naval Group, BAE Systems plc, Navantia SA, Fincantieri SpA, Daewoo Shipbuilding & Marine Engineering Co. Ltd., United Shipbuilding Corporation, China State Shipbuilding Corporation, Eastern Shipbuilding Group, Cochin Shipyard Ltd., Mitsubishi Heavy Industries Ltd., Marine Engineering Co. Ltd., Larsen & Toubro Ltd., Lockheed Martin Corporation, ThyssenKrupp Marine Systems, Lürssen Werft GmbH & Co. KG, Mitsui Engineering & Shipbuilding, Saab Group, Kockums AB, Hyundai Heavy Industries, Oshkosh Defense LLC, STX Offshore & Shipbuilding Co. Ltd., Singapore Technologies Engineering Ltd., Boustead Naval Shipyard, Ishikawajima Heavy Industries Corporation, Shipyard De Hoop, Austal Limited, Bharati Defence and Infrastructure Limited
The naval vessels and surface combatants market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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