Categories: Aerospace & Defence

Fast Attack Craft Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fast Attack Craft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Fast Attack Craft Global Market Report 2024, The fast attack craft market size has grown strongly in recent years. It will grow from $5.22 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to maritime security concerns, geopolitical tensions, protection of exclusive economic zones (eez), combatting asymmetric threats, modernization of naval fleets.

The fast attack craft market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to emerging naval threats, continued regional tensions, focus on coastal defense, upgradation programs, naval force projection. Major trends in the forecast period include increasing use of composite materials, integration of next-generation sensors, focus on multi-mission capabilities, collaboration and joint development programs, sustainability and fuel efficiency initiatives.

A rise in maritime security is expected to propel the growth of the fast attack craft market going forward. Maritime security refers to protecting vessels and providing safety from crimes at sea. A fast attack vessel helps in maritime security in the areas from which ships and maritime operations need protection, including terrorism, robbery, piracy, and illegal trafficking of goods and people. For instance, in June 2023, according to the International Chamber of Commerce, a France-based organization, there was a rise in the number of piracy and armed robbery incidents against ships, with 65 recorded in the first half of 2023 compared to 58 incidents during the corresponding period in 2022. Therefore, a rise in maritime security is driving the growth of the fast attack craft market.

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The fast attack craft market covered in this report is segmented –

1) By Type: Missile Armed Fast Attack Craft (FAC), Non-Missile Armed Fast Attack Craft (FAC), Other Types

2) By Weapon: Missile, Torpedo, Gun, Other Weapons

3) By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket

4) By Application: National Defense, Technical Research, Fighting, Other Applications

Product innovation is the key trend gaining popularity in the fast-attack craft market. Major companies operating in the fast-attack craft market are developing innovative products and high-quality attack crafts to sustain their position in the market. For instance, North Sea Boats, an Indonesia-based boat-building company, launched KRI Golok, a stealth trimaran fast attack craft, for the Indonesian Navy. The fast attack craft (FAC) is a trimaran with a modern Wave Piercing design. The greater beam provides inherent stability and allows the vessel to cut through waves rather than climb up and over them. This combination of characteristics decreases pitching and rolling, resulting in a stable weapons platform and allowing the vessel to maintain greater average speeds in unfavorable weather comfortably and safely. It includes stealth design elements that reduce detection by decreasing Radar, Infrared, Acoustic, and Magnetic signatures.

The fast attack craft market report table of contents includes: