The Naval Vessels And Surface Combatants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Naval Vessels And Surface Combatants Global Market Report 2024, 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 in the historic period can be attributed to naval power projection and deterrence, international cooperation and naval alliances, focus on multi-mission capabilities, modernization and fleet expansion programs, shifts in naval strategies and doctrine.
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%. The growth in the forecast period can be attributed to growth in naval shipbuilding industry, focus on integrated command and control systems, adaptation to asymmetric threats, rise in naval modernization programs, shift towards electrification and energy efficiency.. Major trends in the forecast period include shift towards network-centric warfare, incorporation of green technologies, adoption of multi-domain operations (mdo), focus on anti-submarine warfare (asw) capabilities, integration of modular design and mission flexibility.
Increasing maritime security threats are expected to propel the growth of the naval vessels and surface combatants market going forward. Maritime security threat refers to any breach of vessel security, both inside and externally. Naval vessels and surface combatants aid in the defence of the country’s sovereignty against potential threats in the oceans and abysses by safeguarding accessible resources and coastal areas. For instance, in 2023, according to a report by the International Maritime Organization (IMO), a UK-based specialized agency of the UN in charge of controlling shipping, there was an increase in piracy and armed robbery against ships in the Straits of Malacca and Singapore, with the reported number increasing to 72 compared to the 70 incidents documented in 2021. Notably, approximately 81% of the incidents recorded in 2022 involved targeting a moving ship within these straits. Hence, increasing maritime security threats are driving the growth of the naval vessels and surface combatant market.
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The naval vessels and surface combatants market covered in this report is segmented –
1) By Type: Aircraft Carrier, Battleship, Cruiser, Destroyer, Frigate, Destroyer Escort, Other Types
2) By System: Marine engine system, Weapon launch system, Sensor system, Control system, Electrical system, Auxiliary system
3) By Application: Search and rescue, Combat operations, Mine countermeasures (MCM) operations, Coastal surveillance, Other Applications
Increased focus on indigenization is a key trend gaining popularity in the naval vessels and surface combatant’s market. Major players operating in the naval vessels and surface combatants market are increasing their focus on indigenization for providing naval vessels and surface combatants services. Indigenization is utilized to boost exports, lowering the cost of defense acquisitions. It can produce and manufacture defense equipment to attain self-sufficiency and reduce the financial burden. For instance, in June 2022, China achieved a significant milestone by launching its first indigenous aircraft carrier, the Type 003 carrier christened Fujian, and in September 2022, India commissioned its first indigenously built aircraft carrier INS Vikrant
The naval vessels and surface combatants market report table of contents includes:
1. Executive Summary
2. Naval Vessels And Surface Combatants Market Characteristics
3. Naval Vessels And Surface Combatants Market Trends And Strategies
4. Naval Vessels And Surface Combatants Market – Macro Economic Scenario
5. Global Naval Vessels And Surface Combatants Market Size and Growth
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26. South America Naval Vessels And Surface Combatants Market
27. Brazil Naval Vessels And Surface Combatants Market
28. Middle East Naval Vessels And Surface Combatants Market
29. Africa Naval Vessels And Surface Combatants Market
30. Naval Vessels And Surface Combatants Market Competitive Landscape And Company Profiles
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