Naval Vessels and Surface Combatants Market Size to Reach USD 41.82 Billion by 2026
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What are the Report Highlights?
The report offers a comprehensive overview of the market and emphasizes factors propelling, repelling, obstructing, and creating opportunities for the market. It also throws light on the table of segmentation, the list of leading segments with figures, and their attributed factors. The report also discusses the competitive landscape of the market, the list of significant players, and the key strategies adopted by them to gain a competitive edge in the market. Besides this, the report highlights the major industry developments of the market, current naval vessels and surface combatants market trends, and other interesting insights into the market.
Advent of 3D Printing Technology will Boost Market
The incorporation of technologies such as Information, Communication, and Technology (ICT) in naval ships is a major factor promoting the naval vessels and surface combatants market growth. This, coupled with the rapid change in weapon launch system and sensor system technology, will also drive the market. Moreover, the advent of integrated electric propulsion technology, coupled with the rising demand for 3D printing technology to build complex geometric ships are likely to aid in the expansion of the market in the future.
Increasing Budget from Defense Sector of Emerging Economies will help Asia Pacific register Fastest Growth Rate
Based on geography, North America is holding the dominant naval vessels and surface combatants market share with a revenue of USD 13.41 billion. The growth of this region is attributed to the substantial expenditures on corvettes and carrier replacement program from the U.S. Navy. This, coupled with the presence of key players such as General Dynamics Corporation, Lockheed Martin Corporation, and Huntington Ingalls Industries, Inc. are also expected to boost the market in the region.
On the other hand, the market in Asia Pacific will witness the fastest growth on account of the rising defense budget from the Indian Navy and the People’s Liberation Army Navy, China. Additionally, the rising demand for advanced autonomous cruises and warships is likely to propel the market in Europe. Furthermore, the rise in expenditure on auxiliary vessels from Latin America will help boost the market in the rest of the World.
Browse Summary of This Research with Detailed Table of Content: https://www.fortunebusinessinsights.com/naval-vessels-and-surface-combatants-market-102695
Presence of Many Players will Intensify Market Competition
Companies operating in the naval vessels and surface combatants market are engaging in mergers and acquisitions, joint ventures, and collaborations either with other companies or for the government bodies to complete and deliver upgraded and shipbuilding projects. Such initiatives will not only attract high naval vessels and surface combatants market revenue but also help players earn the lion’s share in the market. The presence of many players in this market indicates a fragmented nature of the market, and this may serve as a major factor intensifying the overall market competition in the forthcoming years.
List of Top Naval Vessels And Surface Combatants Market Manufacturers Include:
Abu Dhabi Ship Building
ASC PTY LTD
Damen Shipyards Group
DSME Co., Ltd.
General Dynamics Corporation
Huntington Ingalls Industries, Inc.
Hyundai Heavy Industries Co., Ltd.
Lockheed Martin Corporation.
Mazagon Dock Shipbuilders Limited
PO Sevmash JSCo
ThyssenKrupp Marine Systems AG
Significant Industry Developments of the Beverage Packaging Market include:
June 2017 – The U.S. Navy and Huntington Ingalls Industries Inc., entered into a collaboration for the building of Destroyer Jack H. Lucas (DDG 125). Along with this, a modification contract was also awarded to the shipbuilding division of Huntington Ingalls for incorporating the “Flight III” upgrades to the Arleigh Burke-class DDG 51 guided-missile destroyer Jack H. Lucas (DDG 125).
November 2019 – A contract was signed between the Australian Department of Defense and Austal Limited for the delivery of the fifth guardian class patrol boat to the Australian Department of Defense schedules by the year 2020.
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