Press release
Naval Vessels And Surface Combatants Global Market Set to Skyrocket to $48.48 Billion By 2028 with an Impressive CAGR 4.9% | Naval Group, BAE Systems PLC, Navantia SA, Fincantieri SpA, Kockums AB
Naval Vessels And Surface Combatants Market
As per the report, the naval vessels and surface combatants market size has grown strongly in recent years. It will grow from $38.04 billion in 2023 to $39.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The naval vessels and surface combatants market size is expected to see steady growth in the next few years. It will grow to $48.48 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
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Rising Maritime Security Threats Propel Growth In Naval Vessels And Surface Combatants Market
Increasing maritime security threats are expected to propel the growth of the naval vessels and surface combatants market going forward. Maritime security threat refers to any breach of vessel security, both inside and externally. Naval vessels and surface combatants aid in the defence of the country's sovereignty against potential threats in the oceans and abysses by safeguarding accessible resources and coastal areas. For instance, in 2023, according to a report by the International Maritime Organization (IMO), a UK-based specialized agency of the UN in charge of controlling shipping, there was an increase in piracy and armed robbery against ships in the Straits of Malacca and Singapore, with the reported number increasing to 72 compared to the 70 incidents documented in 2021. Notably, approximately 81% of the incidents recorded in 2022 involved targeting a moving ship within these straits. Hence, increasing maritime security threats are driving the growth of the naval vessels and surface combatant market.
Indigenization Trend Shapes Global Naval Vessels And Surface Combatants Market
Increased focus on indigenization is a key trend gaining popularity in the naval vessels and surface combatant's market. Major players operating in the naval vessels and surface combatants market are increasing their focus on indigenization for providing naval vessels and surface combatants services. Indigenization is utilized to boost exports, lowering the cost of defense acquisitions. It can produce and manufacture defense equipment to attain self-sufficiency and reduce the financial burden. For instance, in June 2022, China achieved a significant milestone by launching its first indigenous aircraft carrier, the Type 003 carrier christened Fujian, and in September 2022, India commissioned its first indigenously built aircraft carrier INS Vikrant.
The naval vessels and surface combatants market covered in this report is segmented -
1) By Type: Aircraft Carrier, Battleship, Cruiser, Destroyer, Frigate, Destroyer Esc*ort, Other Types
2) By System: Marine engine system, Weapon launch system, Sensor system, Control system, Electrical system, Auxiliary system
3) By Application: Search and rescue, Combat operations, Mine countermeasures (MCM) operations, Coastal surveillance, Other Applications
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Major companies operating in the naval vessels and surface combatants market report are Huntington Ingalls Industries Inc., General Dynamics Corporation, Damen Shipyards Group, Naval Group, BAE Systems plc, Navantia SA, Fincantieri SpA, Daewoo Shipbuilding & Marine Engineering Co. Ltd., United Shipbuilding Corporation, China State Shipbuilding Corporation, Eastern Shipbuilding Group, Cochin Shipyard Ltd., Mitsubishi Heavy Industries Ltd., Marine Engineering Co. Ltd., Larsen & Toubro Ltd., Lockheed Martin Corporation, ThyssenKrupp Marine Systems, Lürssen Werft GmbH & Co. KG, Mitsui Engineering & Shipbuilding, Saab Group, Kockums AB, Hyundai Heavy Industries, Oshkosh Defense LLC, STX Offshore & Shipbuilding Co. Ltd., Singapore Technologies Engineering Ltd., Boustead Naval Shipyard, Ishikawajima Heavy Industries Corporation, Shipyard De Hoop, Austal Limited, Bharati Defence and Infrastructure Limited
Contents of the report:
1. Executive Summary
2. Naval Vessels And Surface Combatants Market Report Structure
3. Naval Vessels And Surface Combatants Market Trends And Strategies
4. Naval Vessels And Surface Combatants Market - Macro Economic Scenario
5. Naval Vessels And Surface Combatants Market Size And Growth
…..
27. Naval Vessels And Surface Combatants Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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