Summary
Major players in the naval vessels and surface combatants market are Huntington Ingalls Industries, General Dynamics Corporation, Damen Shipyards Group, Naval Group, BAE Systems Plc, Navantia SA, Fincantieri SpA, Daewoo Shipbuilding & Marine Engineering Co Ltd., United Shipbuilding Corporation, China State Shipbuilding Corporation, Eastern Shipbuilding Group, Cochin Shipyard Ltd., Mitsubishi Heavy Industries Ltd., Marine Engineering Co Ltd., and Larsen & Toubro Ltd.
The global naval vessels and surface combatants market is expected to grow from $36.14 billion in 2022 to $37.89 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. 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 naval vessels and surface combatants market is expected to grow to $43.72 billion in 2027 at a CAGR of 3.6%.
The naval vessels and surface combatants market consists of sales of large patrol vessels, missile boats, torpedo boats, mine countermeasures vessels, and other types.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Naval vessels and surface combatants are a kind of naval warships equipped with their own armaments for fighting on the water’s surface. These are employed to hinder the enemy from moving military forces and, if required, to confront them.
North America was the largest region in the naval vessels and surface combatants market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the naval vessels and surface combatants report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of naval vessels and surface combatants are aircraft carriers, battleships, cruisers, destroyers, frigates, destroyer escorts and others.The aircraft carrier refers to a naval vessel from which airplanes can take off and land.
The systems include marine engine systems, weapon launch systems, sensor systems, control systems, electrical systems, auxiliary system, that are applied in search and rescue, combat operations, mine countermeasures (MCM) operations, coastal surveillanc and others.
Increasing maritime security threats are expected to propel the growth of the naval vessels and surface combatants market going forward.Maritime security threat refers to any breach of vessel security, both inside and externally.
Naval vessels and surface combatants aid in the defence of the country’s sovereignty against potential threats in the oceans and abysses by safeguarding accessible resources and coastal areas.For instance, according to a report by International Maritime Organization (IMO), a UK-based specialized agency of the UN in charge of controlling shipping, 229 occurrences of armed robbery and piracy against ships have been reported to occurred or been attempted in 2020, up from 193 in 2019.
This represents an increase of nearly 19% globally from the previous year. Hence, increasing maritime security threats are driving the growth of the naval vessels and surface combatants market.
Increased focus on indigenization is a key trend gaining popularity in the naval vessels and surface combatants market.Major players operating in the naval vessels and surface combatants market are increasing their focus on indigenization for providing naval vessels and surface combatants services.
Indigenization is utilised to boost exports, lowering the cost of defence acquisitions.It has the ability to produce and manufacture defence equipment to attain self-sufficiency and reduce the financial burden.
For instance, in October 2020, China launched its first indigenously built aircraft carrier called Shandong and in September 2022, India commissioned its first indigenously built aircraft carrier called INS Vikrant.
In March 2021, Mitsubishi Heavy Industries, Ltd., a Japan-based engineering, electrical equipment, and electronics corporation, acquired the Naval and Governmental Ships business of Mitsui E&S Shipbuilding Co., Ltd for an undisclosed amount. This acquisition will include Mitsui E&S Shipbuilding’s whole Naval and Governmental Shipbuilding operations, including AUVs and ASVs. Further, this will contribute to increased maritime security and MHI’s corporate value. Mitsui E&S Shipbuilding Co., Ltd is a Japan-based naval and marine vessel shipbuilding company.
The countries covered in the naval vessels and surface combatants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The naval vessels and surface combatants market research report is one of a series of new reports that provides naval vessels and surface combatants market statistics, including naval vessels and surface combatants industry global market size, regional shares, competitors with a naval vessels and surface combatants market share, detailed naval vessels and surface combatants market segments, market trends and opportunities, and any further data you may need to thrive in the naval vessels and surface combatants industry. This naval vessel and surface combatants market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
