PUBLISHER: The Business Research Company | PRODUCT CODE: 1425665
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425665
Naval Vessels And Surface Combatants Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on naval vessels and surface combatants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for naval vessels and surface combatants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The naval vessels and surface combatants market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Naval vessels and surface combatants constitute a category of warships specifically designed and armed for combat on the water's surface. These vessels serve the purpose of impeding enemy movements and, when necessary, engaging them in battle.
The primary classifications of naval vessels and surface combatants encompass a range of types such as aircraft carriers, battleships, cruisers, destroyers, frigates, destroyer escorts, among others. An aircraft carrier is a significant vessel equipped to launch and recover airplanes. These vessels integrate various systems like marine engines, weapon launch systems, sensors, controls, electrical systems, and auxiliary components, facilitating functions like search and rescue, combat operations, mine countermeasures (MCM), coastal surveillance, and other naval operations.
The naval vessels and surface combatants market research report is one of a series of new reports from The Business Research Company that provides naval vessels and surface combatants market statistics, including naval vessels and surface combatants industry global market size, regional shares, competitors with a naval vessels and surface combatants market share, detailed naval vessels and surface combatants market segments, market trends and opportunities, and any further data you may need to thrive in the naval vessels and surface combatants industry. This naval vessel and surface combatants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historical period can be attributed to several key factors including the emphasis on naval power projection and deterrence, collaborations through international naval alliances, a concerted focus on multi-mission capabilities, initiatives towards modernization and fleet expansion programs, and strategic adjustments in naval doctrines and strategies.
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%. Anticipated growth in the forecast period is anticipated to stem from several factors, notably the expansion of the naval shipbuilding industry, a heightened emphasis on integrated command and control systems, adaptability to asymmetric threats, increased investment in naval modernization initiatives, and a notable shift towards electrification and energy-efficient technologies.
The anticipated rise in maritime security threats is set to drive growth within the naval vessels and surface combatants market. These threats encompass breaches in vessel security, both internal and external, compelling the need for defense against potential oceanic dangers. Naval vessels and surface combatants serve as critical defenders of a nation's sovereignty, protecting coastal regions and valuable resources. For example, in 2023, the International Maritime Organization reported an increase in piracy and armed robberies in the Straits of Malacca and Singapore, escalating the significance of maritime security and consequently fueling the demand for naval vessels and combatants.
The surge in maritime trade is anticipated to drive the growth trajectory of the naval vessels and surface combatants market. Maritime trade encompasses the exchange of commodities, goods, and services via shipping across various water bodies. Naval vessels and surface combatants play a crucial role in this arena by ensuring security along shipping routes and safeguarding valuable cargo. This guarantees the seamless flow of international trade. Projections from the United Nations Conference on Trade and Development estimate a 2.4% growth in maritime trade in 2023 and a consistent increase of over 2% from 2024 to 2028, affirming the pivotal role of escalating maritime trade in propelling the demand for naval vessels and surface combatants.
An escalating emphasis on indigenization emerges as a prominent trend within the naval vessels and surface combatants market. Leading entities in this sector are intensifying their focus on indigenous production to cater to the provision of naval vessels and surface combatant services. Indigenization serves as a strategic tool to augment exports, curtail defense acquisition expenses, and establish self-reliance in the production of defense equipment. Notable milestones include China's landmark achievement in June 2022 with the launch of its first indigenous aircraft carrier, the Type 003 carrier named Fujian, and India's commissioning of its first domestically built aircraft carrier, INS Vikrant, in September 2022. These advancements mark significant strides toward achieving self-sufficiency in naval capabilities while alleviating financial burdens.
Prominent companies operating in the naval vessels and surface combatants market are actively developing cutting-edge products tailored to meet naval requirements. Notably, the Gowind Corvette stands as a prime example, a multi-mission surface combatant specifically designed for naval defense operations and maritime security roles. For instance, Naval Group launched the first Gowind corvette, Bani Yas, for the United Arab Emirates Navy in December 2021, showcasing advanced technologies and high-performance warfare capabilities. Such innovations cater to the evolving needs of naval defense and maritime security.
In March 2021, Mitsubishi Heavy Industries, Ltd., a prominent Japanese corporation, acquired Mitsui E&S Shipbuilding Co., Ltd.'s Naval and Governmental Ships business, including Autonomous Underwater Vehicles (AUVs) and Autonomous Surface Vehicles (ASVs). This strategic acquisition is expected to enhance maritime security and contribute significantly to MHI's corporate value. Mitsui E&S Shipbuilding Co., Ltd., renowned for its expertise in naval and marine vessel shipbuilding, aligns with Mitsubishi Heavy Industries' objectives to strengthen its position in the maritime defense sector.
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, Lurssen 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
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.
The countries covered in the naval vessels and surface combatants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The naval vessels and surface combatants market consists of sales of large patrol vessels, missile boats, torpedo boats, mine countermeasures vessels, and other types. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.