Missile Armed Fast Attack Craft (FAC) Market Report – Key Players, Industry Overview and Forecasts to 2027

A fast attack craft (FAC) is an agile, small, fast, & attack capable warship, which is equipped with anti-ship missiles, torpedoes, and guns. The fast attack crafts are used in various operations such as maritime patrol, anti-surface warfare, anti-air warfare, search & rescue operations, and in anti-piracy missions. FAC are generally preferred in coastal regions rather than in middle of ocean, as fast attack craft lacks in defensive capabilities. Fast attack crafts are mostly used for attacking roles. When loaded with guided missiles, the fast attack crafts can become big threat to even large capital ships. FAC becomes very effective when used parallel with new advanced warfare systems such as virtual fence, underwater acoustic weapons, multi-static antisubmarine warfare capability enhancement (MACE), and integrated security systems. Fast attack craft (FAC) can reach up to speed to 50 knots.

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COVID-19 Scenario analysis:

Due to COVID-19 situation, the supply chain of spare parts of missile armed fast attack craft (FAC) has been hampered due to the declared lockdowns across the globe.

Due to COVID-19, a suspension or decrease in military activities have reduce the opportunities for fast attack craft industries and their business development potential has been negatively impacted.

There will be considerable rise in demand in missile armed fast attack craft market in near future as world is moving toward.

Reduction in defense spending by governments has been also impacting missile armed fast attack craft market as several expected orders are on hold.

Due to COVID-19 situation, the economies of countries across the globe has been negatively impacted, which may result in cancellation or delaying of defense projects. Such consequences will directly affect the global missile armed fast attack craft (FAC) market.

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Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Increase in emphasis on maritime security, consistent technological developments, and rise in development of ship-based missile systems are some of the major factors that drive the growth of the missile armed fast attack craft market. However, high maintenance cost of such vessels is hampering the growth of the missile armed fast attack craft market. On the contrary, increasing focus on seaborne dominance by countries such as China will contribute further in the growth of the missile armed fast attack craft (FAC) market.

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Consistent technological developments
Due to consistent technological advancements in missile armed fast attack crafts, such vessels have emerged as more agile, reduced in cost, and increased in speed. Moreover, countries such as the U.S., China, Japan, and others are focusing on ensuring security of major trade sea routes. Thus, deploying several warships equipped with advanced armaments in the oceans. Such deployments of warships in a large number are very costly. Therefore, due to budgetary limitations, countries are focusing on low-cost platforms which can serve the purpose. Hence, due to the continuous advancements in missile armed fast attack craft, such vessels are serving the requirements of armed forces, which has created significant demand of such vessels; thereby, driving the global missile armed fast attack craft market.

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