The Business Research Company’s report on the Fast Attack Craft Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the fast attack craft market further?
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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What are the key factors influencing the forecasted market size of the fast attack craft industry?
The fast attack craft market size has grown strongly in recent years. It will grow from$5.49 billion in 2024 to $5.85 billion in 2025 at a compound annual growth rate (CAGR) of 6.7%. 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 “$7.46 billion in 2029 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.
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Who are the leading competitors in the fast attack craft market?
Major companies operating in the fast attack craft market include BAE Systems plc,Fr. Lurssen Werft GmbH,Navantia SA,CMN Group,China Shipbuilding And Offshore International Co. Ltd.,Garden Reach Shipbuilders and Engineers Ltd.,Damen Holding B.V.,Fincantieri S.p.A.,Goa Shipyard Limited,Hanjin Heavy Industries and Construction Holdings Co. Ltd.,Mitsubishi Heavy Industries Ltd.,Daewoo Shipbuilding and Marine Engineering Co. Ltd.,Fassmer GmbH and Co. KG,Kangnam Corporation,L&T Shipbuilding Limited,Northrop Grumman Corporation,Austal Limited,Huntington Ingalls Industries Inc.,Lockheed Martin Corporation,General Dynamics Corporation,Boustead Naval Shipyard Sdn. Bhd.,COTECMAR,EDGE PJSC Group,Israel Shipyards Ltd.,Hyundai Heavy Industries Co. Ltd.,Kawasaki Heavy Industries,Mazagon Dock Shipbuilders Limited,Swiftships LLC,ThyssenKrupp Marine Systems,United Shipbuilding Corporation,Karachi Shipyard & Engineering Works Limited,Thales Group
Which emerging trends are set to transform the fast attack craft market landscape?
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.
How do different geographies compare in terms of market share and growth potential in the fast attack craft market?
Asia-Pacific was the largest region in the fast-attack craft market in 2024. The regions covered in the fast attack craft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which major segments of the fast attack craft market are experiencing the fastest growth?
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), After market
4) By Application: National Defense, Technical Research, Fighting, Other Applications
Subsegments:
1) By Missile Armed Fast Attack Craft (FAC): Guided Missile Boats, Anti-Ship Missile Platforms, Surface-To-Surface Missile Armed FAC
2) By Non-Missile Armed Fast Attack Craft (FAC): Gunboats, Patrol Boats, Interceptor Boats
3) By Other Types: Hybrid Fast Attack Craft, Unmanned Fast Attack Craft, Support And Auxiliary Craft
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How is the fast attack craft market defined, and what are its core characteristics?
Fast-attack craft refers to a high-speed, multi-role warship equipped with anti-ship missiles, guns, and torpedoes, and can operate in both anti-air and surface combat situations and warfare activities. The fast attack craft’s design uses modern stealth technologies to diminish infrared, radar, magnetized, and noise signatures, lowering the risks of discovery and increasing the ship’s operating effectiveness.
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