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Market Growth Driven by Procurement Of Multi-role Frigates and Submarines
This research service assesses industry participation in the global military naval vessels platforms market and identifies key trends and market characteristics for new platform procurements and platform modernisation. The analysis considers 13 main military naval vessel platforms—super carriers, light aircraft carriers, amphibious vessels, cruisers, destroyers, frigates, corvettes, nuclear-powered ballistic missile submarines (SSBNs), nuclear-powered attack submarines (SSNs), conventional submarines (SSKs), mine warfare, patrol and coastal vessels, and logistics and support vessels. The research covers 63 countries with annual defence expenditures over $1 billion across 7 regions: Africa, Asia-Pacific (APAC), Central Asia, Europe, Latin America, the Middle East, and North America.
-Frost & Sullivan forecasts show that the total cumulative military naval vessels platforms market will generate $billion in revenue in the period 2014 to 2023.
-The cumulative military naval vessels new platforms segment will reach $ billion by 2023 expanding at a compound annual growth rate (CAGR) of %. Meanwhile, military naval vessels modernisation revenue from 2014 to 2023 is estimated to be $ billion and will expand at a higher CAGR of %.
-North America will be the biggest naval market among the analysed regions. The North American military naval vessels new platform segment will bring a cumulative revenue of $ billion, whereas the modernisation segment will bring $ billion from 2014 to 2023.
-Due to current defence budget constraints, more naval platform modernisation/upgrades projects are expected during the forecast period.
-The conducted research shows high demand on modern surface (frigate and destroyer) and under surface (nuclear-powered and conventional submarine) naval platforms.
-Frigates are becoming primary military vessels in most naval fleets. This sub-segment will generate the highest cumulative revenue for new vessels of $ billion with CAGR of % during 2014 to 2023.
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