Naval Vessels Market at a CAGR of 16.7% during the forecast period

The Market Statsville Group (MSG) publishes the new report on the "Naval Vessels Market by Vessel Type (Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, and Other Vessel Types), by Application (Search and Rescue, Combat Operations, MCM Operations, Coastal Surveillance, and Others), by Region - Global Share and Forecast to 2030". The global naval vessels market size is expected to grow from USD 74.3 billion in 2021 to USD 255.5 billion by 2030, at a CAGR of 16.7% during the forecast period.

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The market is driven by factors, like the growth in defense expenditures, the focus on increasing the naval fleet due to growth in maritime disputes and criminal activities, aging naval fleets, and the growing emphasis on developing indigenous naval shipbuilding capabilities. However, the evolving global crisis and the impact of the COVID-19 pandemic are projected to affect the market prospects during the forecast period. In addition, due to a growth in maritime transport, activities such as piracy, trafficking prohibited substances, maritime terrorism, and illegal immigration through sea routes are increasing. Global naval forces are increasingly focusing on developing their capabilities to tackle such threats in response to such growing criminal activities and violence in the maritime sector.

Global Naval Vessels Market Segmentation
The naval vessels market has been segmented into vessel type, application, and region.

By Vessel Type (Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, and Other Vessel Types)
By Application (Search and Rescue, Combat Operations, MCM Operations, Coastal Surveillance, and Others)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

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Combat operations, by application, is estimated to hold the largest market share during the forecast period

Based on application, the global naval vessels market is segmented into search and rescue, combat operations, mcm operations, coastal surveillance, and others. The combat operations segment generated the highest revenue in the global naval vessels market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. The growing number of naval exercises around the world have increased combact operations. The Indian navy and the Qatar Emiri navy held a three-day naval exercise called Za'ir-Al-Bahr in November 2019. Maritime surveillance, air defence, interdiction operations, and anti-terrorism operations were all part of the naval exercise Za'ir-Al-Bahr. Mine countermeasures give naval forces the ability to defend themselves against any mine threat. Mapping, survey, and intelligence operations, surveillance operations, organic mine countermeasures operations, and dedicated mine countermeasure operations were all part of MCM operations. Coastal surveillance includes activities such as law enforcement, surveillance, and target tracking to support coastal monitoring efforts worldwide.

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The Asia Pacific accounts for the largest market share in naval vessels market 2021

The global naval vessels market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa based on the regions. In 2021, Asia Pacific accounted for the largest market share of 40.3% in the global market of naval vessels. China is one of the largest navies worldwide, with more than 300 ships and submarines. Over the past few decades, China's Navy has rapidly expanded. In 2019, China had a 335-ship fleet, about 55% larger than in 2005.

The Indian Navy has been focused on developing indigenous systems, sensors, platforms, and weapons, as part of the modernization and expansion of its maritime forces. As of December 2020, the Indian Navy had over 40 vessels of various types under construction, including an aircraft carrier, frigates, corvettes, destroyers, and conventional-powered and nuclear-powered submarines. The growing interest of the Chinese Navy in the Indian Ocean region has led the Indian Navy to invest more in anti-submarine ships such as the Kamorta-class corvette and ships such as the Saryu-class patrol vessel.

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This research report includes an examination of the leading companies' development and marketing strategies and an examination of their product portfolios and winning strategies. It also consists of the profiles of leading companies such as General Dynamics Corporation, The Naval Group, Abu Dhabi Ship Building PJSC, ThyssenKrupp AG, BAE Systems PLC, Hyundai Heavy Industries Group, United Shipbuilding Corporation, Kalashnikov Group, Huntington Ingalls Industries Inc., Damen Shipyards Group, Lurssen Werft GmbH & Co. KG, Lockheed Martin Corporation, and Austal Limited.

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