The Naval Vessels Market size is estimated at USD 109.39 billion in 2024, and is expected to reach USD 149.57 billion by 2029, growing at a CAGR of 6.46% during the forecast period (2024-2029).
As geopolitical tensions and marine disputes between countries increase, they strive to enhance their naval capabilities. Several countries are upgrading their existing naval fleets or replacing their aging fleets with newer-generation vessels with advanced features. With several countries increasing their defense spending over the past decade, the industry witnessed large-scale procurement and development activities.
Technological advancements also support the development of newer-generation naval vessels, as each country wants to update its maritime combat capabilities. As several countries currently operate older naval fleets, they emphasize procuring ships with the latest technologies to gain a qualitative technological edge over their adversaries. Counties worldwide heavily invest in their existing naval fleets' development, expansion, modernization, and gradation. Developing and procuring new naval vessels, such as frigates, submarines, etc., are expected to generate demand for newer combat vessels. On the other hand, geopolitical uncertainties and economic factors are anticipated to hinder the market's growth.
The market for naval vessels is semi-consolidated, with many local players in Europe and Asia-Pacific catering to the requirements of maritime vessels to the navies. Some prominent players in the market are General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems PLC, Naval Group SA, and ThyssenKrupp AG.
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