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Naval Vessels And Surface Combatants Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Naval Vessels And Surface Combatants Market Research
The upsurge in maritime security dangers is anticipated to fuel the expansion of the naval vessels and surface combatants market. Such risks are associated with any violation of vessel defenses, both internally and externally. Naval ships and surface combatants provide a shield for a nation's sovereignty against potential oceanic and deep-sea threats by protecting accessible resources and coastal regions. For example, the International Maritime Organization (IMO), a UK-based specialized UN agency that oversees shipping, shared a report in 2023 outlining an escalation in piracy and armed attacks against vessels in the Straits of Malacca and Singapore. The report indicated a rise to 72 incidents from 70 recorded in 2021. It's of note that nearly 81% of the incidents reported in 2022 were concerned with attacks on a moving ship within these straits. Therefore, growing maritime security threats are enhancing the growth of the naval vessels and surface combatant market.
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What is the projected compound annual growth rate (CAGR) of the naval vessels and surface combatants market from 2025 to 2034, and what factors influence it?
The market size for naval vessels and surface combatants has been experiencing consistent growth in past years. There's a projected increase from $39.13 billion in 2024 to $41.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.8%. Factors contributing to this growth during the historical period include naval power projection and deterrence, global collaborations and naval alliances, emphasis on multi-mission capabilities, modernization and fleet expansion initiatives, and changes in naval strategies and doctrine.
In the coming years, the market for naval vessels and surface combatants is projected to experience consistent growth, reaching a market size of $49.38 billion in 2029 with a 4.7% compound annual growth rate (CAGR). The upswing in the predicted timeframe is principally due to advancements in the naval shipbuilding industry, the emphasis on integrated command and control systems, adaptive responses to asymmetric threats, an increase in naval modernization projects, and a shift towards electrification and energy efficiency. The forecast period also sees predominant trends such as the move towards network-centric warfare, the integration of green technologies, the embrace of multi-domain operations (MD), a concentration on anti-submarine warfare (ASW) capabilities, and the integration of modular design and increased mission flexibility.
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How are the latest trends influencing the growth of the naval vessels and surface combatants market?
A rising trend in the naval vessels and surface combatant's market is the escalating emphasis on indigenization. A significant number of key participants in this market are enhancing their focus on indigenous production to deliver services in this sector. Additionally, indigenization is tapped to augment exports and reduce defense acquisition costs. It facilitates the production and manufacturing of defense equipment, thus achieving self-reliance and diminishing the financial strain. For instance, in June 2022, China marked a critical landmark by launching its first domestically produced aircraft carrier, the Type 003 carrier named Fujian. Following this, in September 2022, India commissioned its first locally manufactured aircraft carrier INS Vikrant.
What are the major segments of the naval vessels and surface combatants market and their role in driving growth?
The naval vessels and surface combatants market covered in this report is segmented -
1) By Type: Aircraft Carrier, Battleship, Cruiser, Destroyer, Frigate, Destroyer escort*, 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
Subsegments:
1) By Aircraft Carrier: Nuclear-Powered Aircraft Carriers, Conventionally-Powered Aircraft Carriers
2) By Battleship: Main Battleships, Light Battleships
3) By Cruiser: Guided Missile Cruisers, Anti-Aircraft Cruisers
4) By Destroyer: Guided Missile Destroyers, Multi-Role Destroyers
5) By Frigate: Anti-Submarine Warfare Frigates, General Purpose Frigates
6) By Destroyer escort*: Fast Attack Craft, Coastal Defense Vessels
7) By Other Types: Corvettes, Patrol Boats, Amphibious Assault Ships
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Which regions are key players in the growth of the naval vessels and surface combatants market?
North America was the largest region in the naval vessels and surface combatants market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the naval vessels and surface combatants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the naval vessels and surface combatants market?
Major companies operating in the naval vessels and surface combatants market 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
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What Is Covered In The Naval Vessels And Surface Combatants Global Market Report?
• Market Size Forecast: Examine the naval vessels and surface combatants market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the naval vessels and surface combatants market for a structured understanding.
• Key Players Overview: Analyze major players in the naval vessels and surface combatants market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the naval vessels and surface combatants market.
• Segment Contributions: Evaluate how different segments drive overall growth in the naval vessels and surface combatants market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the naval vessels and surface combatants market.
• Industry Challenges: Identify potential risks and obstacles affecting the naval vessels and surface combatants market.
• Competitive Landscape: Review strategic developments in the naval vessels and surface combatants market, including expansions, agreements, and new product launches.
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