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Sea based Defense Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030Including: 1) By Type: Battle Force Ships; Submarines (

Sea based Defense Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030Including: 1) By Type: Battle Force Ships; Submarines (

  • February 2021
  • 300 pages
  • ID: 6027719
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the sea based defense equipment market include China Shipbuilding Industry Company; CSRA; Austal; BWX Technologies Inc and CSRA.

The global sea based defense equipment market is expected to grow from $34.99 billion in 2020 to $35.59 billion in 2021 at a compound annual growth rate (CAGR) of 1.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $43.37 billion in 2025 at a CAGR of 5%.

The sea based defense equipment market consists of sales of sea based defense equipment by entities (organizations, sole traders and partnerships) that manufacture sea based defense equipment including support and auxiliary equipment for sea based defense such as radar, satellites, sonars and other auxiliary equipment. The sea based defense equipment market is segmented into battle force ships and submarines.

Asia Pacific was the largest region in the global sea based defense equipment market, accounting for 35% of the market in 2020.North America was the second largest region accounting for 17% of the global sea based defense equipment market.

Middle East was the smallest region in the global sea based defense equipment market.

Companies involved in sea-based defense equipment manufacturing are developing artificial intelligence and robotics based equipment.Sea based defense equipment such as submarines and warships implementing these technologies are well equipped to initiate an attack with less human intervention, to detect and determine threats.

Following the trend, in 2019, Aquabotix Technology Corp., an underwater robotics company with operations in U.S.A and Australia, entered into a special purpose cooperative research and development agreement (CRADA) with the US Navy to initiate the testing phase of its SwarmDiver unmanned surface vehicle (USV). The SwarmDiver USV uses AI to collect data and communicate with each other. They make quick and accurate decision to arrange themselves in groups of various swarm formations and dive simultaneously to collect brief data sets.

Geopolitical tensions are expected to have a negative impact on the sea based defense equipment market during the forecast period.Repercussions of geopolitical tensions include sanctions on Russia, trade protectionism and heightened military tensions in the Middle East.

Sanction on Russia was related to the violation of Chemical and Biological Weapons Control and Warfare Elimination Act of 1991.In 2018, the US imposed a number of sanctions on Russia, including sales of defense articles and services and government credit or other financial assistance.

Many countries placed trade restrictions, especially on imports, to boost local production.For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe.

The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed 25% tariff on steel and 10% tariff on aluminum, in 2018. Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.

The overall economic growth of the emerging economies is expected to positively impact the sea based defense equipment manufacturing market.Rising disposable income, a result of the economic growth, in emerging markets had a positive impact on the demand for defense equipments.

The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period .Stable economic growth is expected to increase investments for nation’s security, thereby driving the sea based defense equipment manufacturing market during forecast period.

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