At what pace is the sea based defense equipment market growing, and what is its estimated value?
The sea based defense equipment market size has grown strongly in recent years. It will grow from $38.41 billion in 2024 to $41.89 billion in 2025 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to geopolitical tensions, modernization and upgrades, piracy and maritime security, technological advancements.
The sea based defense equipment market size is expected to see strong growth in the next few years. It will grow to $55.26 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to emerging threats, geopolitical shifts, asymmetric warfare, maritime trade growth, environmental concerns. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
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What are the top drivers to the rising demand in the sea based defense equipment market?
The increase in defense expenditure is expected to propel the growth of the sea-based defense equipment market going forward. Defense expenditure refers to the total amount of money a government spends on its military forces and activities. Defense expenditure provides financial resources to defense entities to develop, acquire, and maintain sea-based defense equipment, ensuring that nations can effectively address emerging threats and enhance their maritime security capabilities. For instance, in December 2022, according to the Ministry of Defence (MOD) departmental resources: 2022, published by the gov.UK, a UK-based public information website, defense spending for 2021–2022 was $76.25 (71.4 Euros) billion, which was a $46.88 (43.9 euros) billion increase from the previous year. Therefore, the increase in defense expenditure is driving the growth of the sea-based defense equipment market.
How is the sea based defense equipment market segmented?
The sea based defense equipment market covered in this report is segmented –
1) By Type: Battle Force Ships, Submarines (including Nuclear Submarines)
2) By Operation: Autonomous Sea based Defense Equipment, Manual
3) By Application: Search And Rescue, Combat Operations, Mcm Operations, Coastal Surveillance, Others
Subsegments:
1) By Battle Force Ships: Aircraft Carriers, Destroyers, Frigates, Amphibious Assault Ships, Corvettes
2) By Submarines (including Nuclear Submarines): Attack Submarines, Ballistic Missile Submarines, Nuclear-Powered Submarines, Diesel-Electric Submarines
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Who are the top competitors in the sea based defense equipment market?
Major companies operating in the sea based defense equipment market include General Dynamics Corporation, Huntington Ingalls Industries Inc., Naval Group, Bae Systems plc, Fincantieri SpA, Northrop Grumman Corp, Leonardo SpA, Raytheon Co, Lockheed Martin Corporation, Mitsubishi Heavy Industries ltd., Bakewell-White Yacht Design Ltd., BMT Group Ltd., BMTI Composite Materials and Parts for Submarines, Radio Communication Antenna Systems, Boeing Defense, Space & Security, Bohai Shipbuilding Heavy Industry Co Ltd., Bolidt synthetic systems, Booz Allen Hamilton Holding Corp, Baltic Yachts Oy Ab Ltd., Data Modul AG, Decksmaschinen und Automation Vertriebs GmbH., Deep Trekker Inc., Defence Research and Development Organisation, Dell Technologies Inc., DeRegt Marine cables, Diagnostic Retrieval Systems Inc., ECA Group Ltd., Elbit Systems Intelligence and Electro-optics – Elop Ltd., Fincantieri S.p.A., FLIR Systems Inc., Fluidmecanica SA Inc., Kongsberg Defence & Aerospace.
What are the top industry trends projected to impact the sea based defense equipment market?
Major companies operating in the global sea-based defense equipment market are developing innovative technology, such as autonomous navigation and operation, to navigate and carry out tasks without human intervention. Autonomous navigation and operation refer to the technology that enables vehicles to navigate and execute tasks without human intervention by utilizing sensors, AI algorithms, and control systems to analyze data from their environment and make real-time decisions. For instance, in January 2024, Austal USA’s shipyard, a US-based manufacturing company, launched the Vanguard unmanned surface vessel (OUSV3), designed specifically for autonomous operations from the ground up and representing a significant advancement in the Navy’s capabilities for unmanned maritime systems. It will be utilized for various missions, including surveillance and reconnaissance, and is intended to operate alongside other vessels in the Navy’s USV Division 1 (IFOAM) (OIE). The vessel is part of the Overlord program, which aims to enhance the Navy’s experimentation and operational knowledge regarding unmanned systems.
Which regional trends are influencing the sea based defense equipment market, and which area dominates the industry?
Asia-Pacific was the largest region in the sea-based defense equipment market in 2023. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the sea-based defense equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
What Does The Sea based Defense Equipment Market Report 2025 Offer?
The sea based defense equipment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The sea-based defense equipment refers to support and auxiliary equipment used in sea-based defense operations such as submarines. The sea-based defense equipment is the integrated naval component that provide critical regional and homeland defensive capability.
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