What are the latest figures on the warship and naval vessels market’s size and projected CAGR?
The warship and naval vessels market size has grown rapidly in recent years. It will grow from $73 billion in 2024 to $81.16 billion in 2025 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased maritime disputes and conflicts between nations, increased military expenditure, low-interest rates and strong economic growth in emerging markets.
The warship and naval vessels market size is expected to see strong growth in the next few years. It will grow to $118.79 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increasing global defense expenditure, labor shortage and faster economic. Major trends in the forecast period include environment-friendly materials, artificial intelligence, unmanned warships and naval vessels, internet of things (IoT), strategic partnership and investments.
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What are the key drivers behind the rapid expansion of the warship and naval vessels market?
The growth in global defense spending is driving the warship and naval vessels market. Global defense spending has increased in recent years due to the rising regional conflicts in the world. Countries are spending exclusively on upgrading their defense and naval vessels to safeguard their maritime rights and interests. For instance, in April 2024, according to the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending reached approximately $2.29 trillion in 2022. This amount increased to $2.44 trillion in 2023, reflecting a 6.8% year-over-year growth.
What is the segmentation for the warship and naval vessels market?
The warship and naval vessels market covered in this report is segmented –
1) By Type: Warships, Submarines, Aircraft Carriers, Other Types
2) By Operation: Surface Fleet, Undersea Fleet
3) By Application: Rescue, Defense, Other Applications
4) By End Use: Destroyer, Frigate, Other End Users
Subsegments:
1) By Warships: Destroyers, Frigates, Corvettes, Amphibious Warfare Ships
2) By Submarines: Diesel-Electric Submarines, Nuclear Submarines
3) By Aircraft Carriers: Conventional Aircraft Carriers, Nuclear-Powered Aircraft Carriers
4) By Other Types: Patrol Vessels, Mine Countermeasure Vessels, Support And Auxiliary Vessels
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Who are the most influential companies in the warship and naval vessels market?
Major companies operating in the warship and naval vessels market include General Dynamics Corporation, Huntington Ingalls Industries Inc, BAE Systems plc, Lockheed Martin Corporation, Fincantieri S.p.A, ThyssenKrupp AG, Hyundai Heavy Industries Co., Ltd, Mitsubishi Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. Ltd, Austal, Garden Reach Shipbuilders & Engineers, Reliance Naval and Engineering Limited, Korea Shipbuilding and Engineering Corporation, China State Shipbuilding Corporation, China Shipbuilding & Offshore International Co. Ltd., Hudong–Zhonghua Shipbuilding, Babcock International Group, Navantia, Kawasaki Heavy Industries, Curtis-Wright, Finmeccanica, Kongsberg, Raytheon, Emgepron, Estaleiro Atlântico Sul, Indústria Naval do Ceará, Itaguaí Construções Navais, Abu Dhabi Ship Building Company, Southern African Shipyards (Pty) Ltd, EBH Elgin Brown and Hamer Durban, DCD Marine Shipyards South Africa
What are the most influential trends expected to drive the warship and naval vessels market forward?
Artificial intelligence is gaining traction in the warships and naval vessels market. Artificial intelligence is used in warships and naval vessels to lower the number of crew members needed by automating various functions and facilitating quicker decision-making. For instance, in June 2022, China launched the first crewless drone carrier which utilizes AI to find its way on its own on the open ocean. The autonomous ship can transport numerous underwater, airborne, and marine drones that are outfitted with various observational tools. Data from autonomous systems can improve China’s ASW (anti-submarine warfare) capabilities, help with surveillance and domain awareness, and enable PLA (People’s Liberation Army) submarines to navigate.
What are the major regional insights for the warship and naval vessels market, and which region holds the top position?
The countries covered in the warship and naval vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
What Does The Warship And Naval Vessels Market Report 2025 Offer?
The warship and naval vessels market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The warship and naval vessels are defense systems built to serve the war and belong to the naval forces of a country. Warships are faster, safer, and more valuable ships which are key components of the country’s naval forces and are used to carry weapons, ammunition, and essential supplies for the crew.
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