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Global Sea based Defense Equipment Market Comprehensive Study: Forecasted Market Size And Growth Rate
Global Sea based Defense Equipment Market
The Business Research Company offers in-depth market insights through Sea based Defense Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The sea based defense equipment market size has grown strongly in recent years. It will grow from $59.79 billion in 2023 to $65.31 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to geopolitical tensions, modernization and upgrades, piracy and maritime security, technological advancements.
The sea based defense equipment market size is expected to see strong growth in the next few years. It will grow to $87.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to emerging threats, geopolitical shifts, asymmetric warfare, maritime trade growth, environmental concerns. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Segmentation:
The main types of sea-based defense equipment are battle force ships and submarines (including nuclear submarines). Battle force ships are authorized United States Ship (USS) warships capable of participating in combat operations, or a United States Naval Ship that directly supports Navy warfighting or assistance tasks and must be listed in the Naval Vessel Register. The different operations include autonomous sea-based defense equipment, manual and involve various applications such as search and rescue, combat operations, mcm operations, coastal surveillance, and others.
Major Driver - Impact Of Economic Growth On Sea-Based Defense Equipment Manufacturing
The overall economic growth of the emerging economies is expected to positively impact the sea-based defense equipment market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for defense equipment. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Stable economic growth is expected to increase investments in the nation's security, thereby driving the sea-based defense equipment market during the forecast period.
Competitive Landscape:
Major companies operating in the sea based defense equipment market include General Dynamics Corporation, Huntington Ingalls Industries Inc., Naval Group, Bae Systems plc, Fincantieri SpA, Northrop Grumman Corp, Leonardo SpA, Raytheon Co, Lockheed Martin Corporation, Mitsubishi Heavy Industries ltd., Bakewell-White Yacht Design Ltd., BMT Group Ltd., BMTI Composite Materials and Parts for Submarines, Radio Communication Antenna Systems, Boeing Defense, Space & Security, Bohai Shipbuilding Heavy Industry Co Ltd., Bolidt synthetic systems, Booz Allen Hamilton Holding Corp, Baltic Yachts Oy Ab Ltd., Data Modul AG, Decksmaschinen und Automation Vertriebs GmbH., Deep Trekker Inc., Defence Research and Development Organisation, Dell Technologies Inc., DeRegt Marine cables, Diagnostic Retrieval Systems Inc., ECA Group Ltd., Elbit Systems Intelligence and Electro-optics - Elop Ltd., Fincantieri S.p.A., FLIR Systems Inc., Fluidmecanica SA Inc., Kongsberg Defence & Aerospace.
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Top Trend - Artificial Intelligence And Robotics In Sea-Based Defense Equipment
Companies involved in sea-based defense equipment manufacturing are developing artificial intelligence and robotics-based equipment. Sea-based defense equipment such as submarines and warships implementing these technologies is well equipped to initiate an attack with less human intervention and to detect and determine threats. Following the trend, in July 2021, Rafael Advanced Defense Systems Ltd., an Israel-based defense technology company, unveiled its new Sea Breaker maritime and land-based long-range missile, a fifth-generation weapon system that combines artificial intelligence and decision-making algorithms. Up to 300 km away, Sea Breaker can deliver surgical, pinpoint precision strikes. It has an advanced imaging infrared seeker that is perfect for engaging stationary or moving land and maritime targets in advanced anti access/area denial (A2/AD) arenas.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Sea based Defense Equipment Market Characteristics
3. Sea based Defense Equipment Market Trends And Strategies
4. Sea based Defense Equipment Market - Macro Economic Scenario
5. Sea based Defense Equipment Market Size And Growth
…..
27. Sea based Defense Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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