Fast Attack Craft Market 2024 Opportunity Assessment, Production Analysis, Growth Rate And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Fast Attack Craft Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The fast attack craft market size has grown strongly in recent years. It will grow from $5.22 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to maritime security concerns, geopolitical tensions, protection of exclusive economic zones (eez), combatting asymmetric threats, modernization of naval fleets.

The fast attack craft market size is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to emerging naval threats, continued regional tensions, focus on coastal defense, upgradation programs, naval force projection. Major trends in the forecast period include increasing use of composite materials, integration of next-generation sensors, focus on multi-mission capabilities, collaboration and joint development programs, sustainability and fuel efficiency initiatives.

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Market Drivers and Trends:

A rise in maritime security is expected to propel the growth of the fast attack craft market going forward. Maritime security refers to protecting vessels and providing safety from crimes at sea. A fast attack vessel helps in maritime security in the areas from which ships and maritime operations need protection, including terrorism, robbery, piracy, and illegal trafficking of goods and people. For instance, in June 2023, according to the International Chamber of Commerce, a France-based organization, there was a rise in the number of piracy and armed robbery incidents against ships, with 65 recorded in the first half of 2023 compared to 58 incidents during the corresponding period in 2022. Therefore, a rise in maritime security is driving the growth of the fast attack craft market.

Product innovation is the key trend gaining popularity in the fast-attack craft market. Major companies operating in the fast-attack craft market are developing innovative products and high-quality attack crafts to sustain their position in the market. For instance, North Sea Boats, an Indonesia-based boat-building company, launched KRI Golok, a stealth trimaran fast attack craft, for the Indonesian Navy. The fast attack craft (FAC) is a trimaran with a modern Wave Piercing design. The greater beam provides inherent stability and allows the vessel to cut through waves rather than climb up and over them. This combination of characteristics decreases pitching and rolling, resulting in a stable weapons platform and allowing the vessel to maintain greater average speeds in unfavorable weather comfortably and safely. It includes stealth design elements that reduce detection by decreasing Radar, Infrared, Acoustic, and Magnetic signatures.

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Major Key Players of the Market:

BAE Systems plc;Fr. Lurssen Werft GmbH;Navantia SA;CMN Group;China Shipbuilding And Offshore International Co. Ltd.;Garden Reach Shipbuilders and Engineers Ltd.;Damen Holding B.V.;Fincantieri S.p.A.;Goa Shipyard Limited;Hanjin Heavy Industries and Construction Holdings Co. Ltd.;Mitsubishi Heavy Industries Ltd.;Daewoo Shipbuilding and Marine Engineering Co. Ltd.;Fassmer GmbH and Co. KG;Kangnam Corporation;L&T Shipbuilding Limited;Northrop Grumman Corporation;Austal Limited;Huntington Ingalls Industries Inc.;Lockheed Martin Corporation;General Dynamics Corporation;Boustead Naval Shipyard Sdn. Bhd.;COTECMAR;EDGE PJSC Group;Israel Shipyards Ltd.;Hyundai Heavy Industries Co. Ltd.;Kawasaki Heavy Industries;Mazagon Dock Shipbuilders Limited;Swiftships LLC;ThyssenKrupp Marine Systems;United Shipbuilding Corporation;Karachi Shipyard & Engineering Works Limited;Thales Group

Fast Attack Craft Market 2024 Key Insights:

• The fast attack craft market will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Maritime Security Surge Propels Fast Attack Craft Market Growth
• Innovative Advancements In The Fast Attack Craft Market
• Asia-Pacific was the largest region in the fast-attack craft market in 2023

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