With 5.96% CAGR, Warship and Naval Vessels Market to Hit US$ 85.1 Billion by 2027 | Global Industry Report

According to the latest report by IMARC Group, titled "Warship and Naval Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global warship and naval vessels market reached a value of US$ 60.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 85.1 Billion by 2027, exhibiting at a CAGR of 5.96% during 2022-2027.

Warship and naval vessels are designed to carry crew, ammunition, and essential supply for maritime warfare. They are manufactured using metals, such as aluminum, titanium, steel and magnesium alloys. Warships, submarines and aircraft carriers are some of the naval vessel types. Warship and naval vessels are widely used to protect the overwater movement of military forces to coastal areas and against enemy attacks. As compared to merchant ships, they are faster, safer, and more maneuverable and are intently built to serve in the war. Warships and naval vessels belong to the navy; however, they can also be operated by individuals, cooperatives, and corporations.

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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Warship and Naval Vessels Market Trends:

Significant growth in the defense industry and the rising security concerns on account of the growing geopolitical tensions among neighboring countries are creating a positive outlook for the market. In line with this, warships and naval vessels are widely used to protect from enemy attacks and prevent the import of commodities necessary for the prosecution of the war, which is favoring the market growth. Apart from this, various advancements in technology, such as the integration of the Internet of Things (IoT) and artificial intelligence, that provide enhanced situational awareness, increase engine efficiency, lower maintenance costs, and reduce the frequency and severity of breakdowns, are providing an impetus to the market growth. Moreover, the introduction of warships and naval vessels manufactured using sustainable materials, like fiber-reinforced plastic, to reduce water pollution and environmental damage is further augmenting the market growth. Other factors, including rising defense expenditures, extensive research and development (R&D) activities, and the implementation of various government initiatives focusing on upgrading and expanding existing naval vessel infrastructures, are anticipated to drive the market toward growth. 

Warship and Naval Vessels Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the global warship and naval vessels market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Babcock International Group
General Dynamics
Kawasaki Heavy Industries
Lockheed Martin
Mitsubishi Heavy Industries
CSIC
DSME
Fincantieri
Garden Reach Shipbuilders & Engineers
Hyundai Heavy Industries
Navantia
Reliance Naval and Engineering Limited

Key Market Segmentation:

The report has segmented the global warship and naval vessels market on the basis of type, application and region.

Breakup by Type:

Warships
Submarines
Aircraft Carriers

Breakup by Application:

Rescue
Defense
Others

Breakup by Region:

North America
Asia Pacific
Europe
Middle East and Africa
Latin America

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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Industry Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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