The global Naval Vessels And Surface Combatants Market size is projected to reach USD 41.82 billion by 2026 owing to the advancement in technology in naval warships. Such warships are used for sea-based battlefield operations and are inclusive of vertical missile launchers, rocket launchers, torpedo launching systems, and anti-submarine rocket launchers. Fortune Business Insights™ offers a 360-degree overview of the market and its prime growth parameters in their recently published report titled, “Naval Vessels and Surface Combatants Market Size, Share and Global Trend By Platform (Aircraft Carriers, Destroyers, Corvettes, Amphibious ships, Frigates, and Auxiliary Vessels) By System (Marine Engine System, Weapon Launch System, Sensor System, Control System, Electrical system, Auxiliary system, and Communication System) By Application (Search and Rescue, Combat operations, MCM Operations, Coastal Surveillance, and Others), and Regional Forecast, 2023-2026.” As per this report, the value of the market was USD 34.24 billion in 2018 and is anticipated to exhibit a CAGR of 2.52% during the forecast period set from 2023 to 2026.
Information Source:
https://www.fortunebusinessinsights.com/naval-vessels-and-surface-combatants-market-102695
What are the Report Highlights?
The report offers a comprehensive overview of the market and emphasizes factors propelling, repelling, obstructing, and creating opportunities for the market. It also throws light on the table of segmentation, the list of leading segments with figures, and their attributed factors. The report also discusses the competitive landscape of the market, the list of significant players, and the key strategies adopted by them to gain a competitive edge in the market. Besides this, the report highlights the major industry developments of the market, current naval vessels and surface combatants market trends, and other interesting insights into the market.
Market Drivers
Advent of 3D Printing Technology will Boost Market
The incorporation of technologies such as Information, Communication, and Technology (ICT) in naval ships is a major factor promoting the naval vessels and surface combatants market growth. This, coupled with the rapid change in weapon launch system and sensor system technology, will also drive the market. Moreover, the advent of integrated electric propulsion technology, coupled with the rising demand for 3D printing technology to build complex geometric ships are likely to aid in the expansion of the market in the future.
Regional Segmentation:
Increasing Budget from Defense Sector of Emerging Economies will help Asia Pacific register Fastest Growth Rate
On the basis of geography, North America is holding the dominant naval vessels and surface combatants market share with a revenue of USD 13.41 billion. The growth of this region is attributed to the substantial expenditures on corvettes and carrier replacement program from the U.S. Navy. This, coupled with the presence of key players such as General Dynamics Corporation, Lockheed Martin Corporation, and Huntington Ingalls Industries, Inc. are also expected to boost the market in the region.
On the other hand, the market in Asia Pacific will witness the fastest growth on account of the rising defense budget from the Indian Navy and the People’s Liberation Army Navy, China. Additionally, the rising demand for advanced autonomous cruises and warships is likely to propel the market in Europe. Furthermore, the rise in expenditure on auxiliary vessels from Latin America will help boost the market in the rest of the World.
Competitive Landscape:
Presence of Many Players will Intensify Market Competition
Companies operating in the naval vessels and surface combatants market are engaging in mergers and acquisitions, joint ventures, and collaborations either with other companies or for the government bodies to complete and deliver upgraded and shipbuilding projects. Such initiatives will not only attract high naval vessels and surface combatants market revenue but also help players earn the lion’s share in the market. The presence of many players in this market indicates a fragmented nature of the market, and this may serve as a major factor intensifying the overall market competition in the forthcoming years.
Significant Industry Developments of the Beverage Packaging Market include:
June 2017 – The U.S. Navy and Huntington Ingalls Industries Inc., entered into a collaboration for the building of Destroyer Jack H. Lucas (DDG 125). Along with this, a modification contract was also awarded to the shipbuilding division of Huntington Ingalls for incorporating the “Flight III” upgrades to the Arleigh Burke-class DDG 51 guided-missile destroyer Jack H. Lucas (DDG 125).
November 2019 – A contract was signed between the Australian Department of Defense and Austal Limited for the delivery of the fifth guardian class patrol boat to the Australian Department of Defense schedules by the year 2020.