Overview and Scope
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.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the fast-attack craft market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the fast attack craft market report are 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
The fast attack craft market report table of contents includes:
1. Executive Summary
2. Fast Attack Craft Market Characteristics
3. Fast Attack Craft Market Trends And Strategies
4. Fast Attack Craft Market – Macro Economic Scenario
5. Global Fast Attack Craft Market Size and Growth
….
31. Global Fast Attack Craft Market Competitive Benchmarking
32. Global Fast Attack Craft Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fast Attack Craft Market
34. Fast Attack Craft Market Future Outlook and Potential Analysis
35. Appendix
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