Naval Vessels and Surface Combatants Market
Growth Factors of Naval Vessels and Surface Combatants Market
The global naval vessels and surface combatants market size was valued at USD 429.10 billion in 2022 and is projected to grow from USD 460.38 billion in 2023 to USD 674.80 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2023-2030.
Some challenges, such as supply chain disruptions because of Covid 19 restrictions, limitations, and lack of workforce, impacted the Naval Vessels and Surface Combatants Market. In the interruption caused by COVID-19, numerous defense tasks were either slowed or stopped due to budget changes to address the pandemic, which contributed to the naval vessels and surface combatants growth.
The Naval Vessels and Surface Combatants Market is stimulated by increasing geopolitical conflicts, innovative protection expenditures, and upgrades of traditional fleets. Demand for superior naval abilities and technological innovations, including more desirable stealth and automation, similarly propel market increase.
There are more uses for unmanned and autonomous systems in the naval vessels and floor fighters markets. Regarding usage, the ROVs are used in inspection, maintenance, and mine countermeasures. Two large segments, which include the unmanned naval vessels and surface combatants, are being designed for surveillance and recces as well as counter-mine to be included in the naval vessels and surface combatants market share. Submersibles have become adequately autonomous such that ROVs and USVs can operate independently and perform their tasks safely.
Comprehensive Analysis of Naval Vessels and Surface Combatants Market
The Naval Vessels and Surface Combatants Market is segmented using delivery type, machine, solution, and alertness. By deliver kind, destroyers are anticipated to grow quickest due to their multifunctional roles, with amphibious ships additionally gaining popularity for his or her versatility. Marine engines are leading the marketplace with gadgets, using massive growth in auxiliary and weapon launch systems. By solution, the healthy line segment is predicted to develop rapidly because of indigenous delivery production, while retrofit efforts are also on the upward push. By application, coastal operations are the quickest-developing phase, driven by accelerated naval exercises, while seek and rescue operations maintain the most significant marketplace percentage.
The Asia Pacific region led the naval vessels and surface combatants market by benefitting a size of USD 191.49 billion in 2022 due to the rising defense spending in countries of this region.
The leading players in the naval vessels and surface combatants market play a crucial role in shaping its growth trajectory and establishing industry standards. Key companies, including BAE Systems (U.K.), Mazagon Dock Shipbuilders Limited (India), Garden Reach Shipbuilders and Engineers (GRSE) (India), Hyundai Heavy Industries Co. Ltd. (South Korea), FINCANTIERI S.p.A. (Italy), General Dynamics Corp NASSCO (U.S.), Larsen & Toubro Ltd. (India), Navantia (Spain), ThyssenKrupp Marine Systems (Germany), and Damen Shipyards Group (Netherlands), contribute to a competitive landscape, driving innovation and advancement in naval technologies.
In April 2023, BAE Systems secured a contract with the U.K. Ministry of Defence to provide an engineering guide for conversation, command, manage, pc, and intelligence (C4I) offerings for floor vessels. The settlement is valued at USD 57 million. As part of this agreement, BAE Systems will assist with C4I offerings and facts deliverables across all five phases of shipboard integration.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.6% from 2023-2030
Unit Value (USD Billion)
Segmentation By Ship Type
Destroyers
Corvettes
Submarines
Amphibious Ships
Frigates
Auxiliary Vessels
Others
By System
Marine Engine System
Weapon Launch System
Sensor System
Control System
Electrical System
Auxiliary System
Communication System
Others
By Solution
Line Fit
Retro Fit
By Application
Search and Rescue
Combat Operations
MCM Operations
Coastal Operations
Others
By Geography
North America (By Ship Type, System, Solution, Application, and Country)
- U.S. (By Ship Type)
- Canada (By Ship Type)
Europe (By Ship Type, System, Solution, Application, and Country)
- U.K. (By Ship Type)
- Germany (By Ship Type)
- France (By Ship Type)
- Italy (By Ship Type)
- Russia (By Ship Type)
- Rest of Europe (By Ship Type)
Asia Pacific (By Ship Type, System, Solution, Application, and Country)
- China (By Ship Type)
- India (By Ship Type)
- Japan (By Ship Type)
- South Korea (By Ship Type)
- Australia (By Ship Type)
- Rest of Asia Pacific (By Ship Type)
Middle East & Africa (By Ship Type, System, Solution, Application, and Country)
- Turkey (By Ship Type)
- Egypt (By Ship Type)
- Iran (By Ship Type)
- South Africa (By Ship Type)
- Rest of Middle East (By Application)
Latin America (By Ship Type, System, Solution, Application, and Country)
- Brazil (By Ship Type)
- Colombia (By Ship Type)
- Mexico (By Ship Type)
- Argentina (By Ship Type)
- Rest of Latin America (By Ship Type )
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