Press release
Warship And Naval Vessels Global Market Report 2024 - By Size, Share, Demand, Drivers, Forecast To 2033
The Business Research Company presents an extensive market research report on the Warship And Naval Vessels Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The warship and naval vessels market size has grown rapidly in recent years. It will grow from $72.37 billion in 2023 to $83.34 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to increased maritime disputes and conflicts between nations, increased military expenditure, low-interest rates and strong economic growth in emerging markets.
The warship and naval vessels market size is expected to see rapid growth in the next few years. It will grow to $142.77 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to increasing global defense expenditure, labor shortage and faster economic . Major trends in the forecast period include environment-friendly materials, artificial intelligence, unmanned warships and naval vessels, internet of things (iot), strategic partnership and investments.
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Key Market Players:
Major companies operating in the warship and naval vessels market report are General Dynamics Corporation, Huntington Ingalls Industries Inc, BAE Systems plc, Lockheed Martin Corporation, Fincantieri S.p.A, ThyssenKrupp AG, Hyundai Heavy Industries Co., Ltd, Mitsubishi Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. Ltd, Austal, Garden Reach Shipbuilders & Engineers, Reliance Naval and Engineering Limited, Korea Shipbuilding and Engineering Corporation, China State Shipbuilding Corporation, China Shipbuilding & Offshore International Co. Ltd., Hudong-Zhonghua Shipbuilding, Babcock International Group, Spanish National Research Council, Navantia, Kawasaki Heavy Industries, Curtis-Wright, Finmeccanica, Kongsberg, Raytheon, Emgepron, Estaleiro Atlântico Sul, Indústria Naval do Ceará, Madeira Island Submarine Base, Itaguaí Construções Navais, Lamprell Energy Ltd, Sharjah, Gulf Automation Services and Oil Field Supplies Company, Abu Dhabi Ship Building Company, Southern African Shipyards (Pty) Ltd, EBH Elgin Brown and Hamer Durban, DCD Marine Shipyards South Africa, Fincantieri
Market Drivers:
The growth in global defense spending is driving the warship and naval vessels market. Global defense spending has increased in recent years due to the rising regional conflicts in the world. Countries are spending exclusively on upgrading their defense and naval vessels to safeguard their maritime rights and interests. For instance, in September 2021, the Government of the UK invested $131.67 million (£ 110 million) for frontline radio communications. Furthermore, In November 2021, the Defence Acquisition Council of India (DAC) approved the investment of $307.12 million (Rs. 2000 crores) to boost military communications. The increase in defense spending by countries across the globe is expected to boost the warship and naval vessels market.
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https://www.thebusinessresearchcompany.com/report/warship-and-naval-vessels-global-market-report
The warship and naval vessels market covered in this report is segmented -
1) By Type: Warships, Submarines, Aircraft Carriers, Other Types
2) By Operation: Surface Fleet, Undersea Fleet
3) By Application: Rescue, Defense, Other Applications
4) By End Use: Destroyer, Frigate, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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