Warship And Naval Vessels Market Report 2024-2033 | Size, Trends, Analysis, Overview

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.

Market Overview -
The warship and naval vessels are defense systems built to serve the war and belong to the naval forces of a country. Warships are faster, safer, and more valuable ships which are key components of the country's naval forces and are used to carry weapons, ammunition, and essential supplies for the crew.

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Rising Global Defense Spending Fuels Growth In The Warship And Naval Vessels Market

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.

Competitive Landscape -

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

Adoption Of Environment-Friendly Materials In Warships And Naval Vessels To Mitigate Pollution And Environmental Damage

The warship and vessel manufacturers are adopting advanced environment-friendly materials to reduce pollution and environmental damage in oceans. The rising war and conflict activities among countries cause a lot of pollution and environmental damage to the ocean. To control such activities, manufacturers are adopting a greener approach in the maritime industry by using sustainable materials, like fiber-reinforced plastic, which reduces the carbon footprints in ships. For instance, In March 2021, Hyundai Mipo Dockyard and Korea Shipbuilding & Offshore Engineering (KSOE) announced that they had inked a commercial agreement with the American Bureau of Shipping (ABS) and the Marshall Islands Flag State for the creation of a liquefied carbon dioxide carrier. Hyundai Mipo Dockyard and KSOE will collaborate on the development of a ship that can sustain and carry liquid carbon dioxide at low temperatures and high pressures.

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Key Segments -

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

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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