The Warship And Naval Vessels Global Market Report 2023 by The Business Research Company, provides warship and naval vessels market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Warship And Naval Vessels Global Market Report 2023, the market size grew from $61.71 billion in 2022 to $69.86 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of warship and naval vessels market is expected to grow to $110.39 billion in 2027 at a CAGR of 12.1%.
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.
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The warship and naval vessels market is segmented:
1) By Type: Warships, Submarines, Aircraft Carriers
2) By Operation: Surface Fleet, Undersea Fleet
3) By End Use: Destroyer, Frigate
4) By Application: Rescue, Defense, Other Applications
The warship and vessel manufacturers are adopting advanced environment-friendly materials to reduce the pollution and environmental damage in oceans. The rising war and conflict activities among countries cause a lot of pollution and environmental damage to the ocean. To control such activities, manufacturers are adopting the greener approach in the maritime industry by using sustainable materials, like fiber-reinforced plastic, which reduces the carbon footprints in ships. For instance, In March 2021, Hyundai Mipo Dockyard and Korea Shipbuilding & Offshore Engineering (KSOE) announced that they had inked a commercial agreement with the American Bureau of Shipping (ABS) and the Marshall Islands Flag State for the creation of a liquefied carbon dioxide carrier. Hyundai Mipo Dockyard and KSOE will collaborate on the development of a ship that can sustain and carry liquid carbon dioxide at low temperatures and high pressures.
The warship and naval vessels market report table of contents includes:
1. Executive Summary
2. Warship And Naval Vessels Market Characteristics
3. Warship And Naval Vessels Market Trends And Strategies
4. Warship And Naval Vessels Market – Macro Economic Scenario
5. Warship And Naval Vessels Market Size And Growth
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26. Africa Warship And Naval Vessels Market
27. Warship And Naval Vessels Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Warship And Naval Vessels Market
29. Warship And Naval Vessels Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Babcock International
- DSME
- Fincantieri
- Garden Reach Shipbuilders & Engineers
- General Dynamics
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