Non-Missile Armed Fast Attack Craft (FAC) Market Analysis, Trends, Opportunity, Market Size and Segment Forecasts 2020-2027

A fast attack craft (FAC) is an agile, small, fast, & attack capable warships, 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.

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COVID-19 Scenario analysis:

Due to COVID-19 situation, the supply chain of spare parts of non-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 reduced the opportunities for non-missile armed fast attack craft industries and their business development potential has been negatively impacted.

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

Reduction in defense spending by governments has been also impacting non-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 non-missile armed global 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, rise in demand for fast attack craft, raw material affluence, and surge in industrialization are some of the major factors that drive the growth of the non-missile armed fast attack craft market. However, high maintenance cost of such vessels is hampering the growth of the non-missile armed fast attack craft market. On the contrary, increasing focus on seaborne dominance by countries such as China, may contribute further in the growth of the non-missile armed fast attack craft (FAC) market.

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Increase in use of fast attack craft for patrolling
Fast attack craft (FAC) are considered as small warships. Moreover, non-missile armed fast attack craft are low-cost platform that can serve several purposes of navy such as patrolling, participating in show the flag missions, and more. Therefore, defense forces are largely using such vessels due to their cost effectiveness and speed, which has created significant demand of non-missile armed fast attack craft. Hence, application of non-missile armed fast attack craft in operations such as patrolling is driving the global non-missile armed fast attack craft (FAC) market.

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