The North America surface warships market is estimated to project a CAGR of 3.37% during the forecast period, 2022-2030. The Department of Defense and market players are investing substantially in R&D activities to modernize its naval fleet. However, the market growth is hindered by construction costs. As per the US Naval fleet estimates, the average annual cost of new ship construction is around $22.4 billion.
Canada and the United States are assessed for the North America surface warships market growth evaluation.The increasing number of contracts and projects related to defense and naval weapon upgradation drives the market growth in Canada.
As per the Canadian Naval Frigate Program, the cost of building 15 ships with UK designs is set to reach C$80 billion. Despite this, the Department of National Defence (DND) of Canada plans to commission the construction of 15 new frigates for the Royal Canadian Navy (RCN).
Further, the defense policy of Canada encompasses supplementing the RCN with the ability to defend all three coasts of the country and the North American continent.Also, it entails contributing to international missions with single warships or deploying a task group of up to four surface combatants.
Such factors contribute to the Canada surface warships market growth.
Some of the eminent companies in the market include General Dynamics, Hyundai Heavy Industries, BAE Systems, Huntington Ingalls Industries, etc.
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1. BAE SYSTEMS
2. FINCANTIERI SPA
3. GENERAL DYNAMICS
4. HUNTINGTON INGALLS INDUSTRIES
5. HYUNDAI HEAVY INDUSTRIES
6. LOCKHEED MARTIN
7. NAVAL GROUP
8. NAVANTIA SA
9. THALES GROUP
10. THE DAMEN GROUP