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Naval Vessels And Surface Combatants Market Size, Share And Forecast 2024-2033
Naval Vessels And Surface Combatants Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to naval power projection and deterrence, international cooperation and naval alliances, focus on multi-mission capabilities, modernization and fleet expansion programs, shifts in naval strategies and doctrine.
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%. The growth in the forecast period can be attributed to growth in naval shipbuilding industry, focus on integrated command and control systems, adaptation to asymmetric threats, rise in naval modernization programs, shift towards electrification and energy efficiency. Major trends in the forecast period include shift towards network-centric warfare, incorporation of green technologies, adoption of multi-domain operations (mdo), focus on anti-submarine warfare (asw) capabilities, integration of modular design and mission flexibility.
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Market Drivers and Trends:
The increasing maritime trade is expected to propel the growth of the naval vessels and surface combatants market going forward. Maritime trade refers to the exchange of goods, commodities, and services through shipping and navigation on oceans, seas, and other waterways. Naval vessels and surface combatants contribute to maritime trade by providing security, safeguarding shipping routes, and ensuring the protection of valuable cargo, thereby facilitating safe and uninterrupted international trade. For instance, in September 2023, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, maritime trade is expected to grow 2.4% in 2023 and more than 2% between 2024 and 2028. Therefore, the increasing maritime trade is driving the naval vessels and surface combatant's 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.
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Major Key Players of the Market:
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
Naval Vessels And Surface Combatants Market 2024 Key Insights:
• 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%.
• Rising Maritime Security Threats Propel Growth In Naval Vessels And Surface Combatants Market
• Indigenization Trend Shapes Global Naval Vessels And Surface Combatants Market
• North America was the largest region in the naval vessels and surface combatants market share in 2023
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