Fast Attack Craft Market on Track for Strong Growth, Estimated to Grow at 6.3% CAGR Through 2029

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What Is the Expected CAGR for the Fast Attack Craft Market Through 2025?_x000D_
In recent times, there has been substantial growth in the market size of fast attack craft. The market, valued at $5.49 billion in 2024, is projected to increase to $5.85 billion in 2025, marking a compound annual growth rate (CAGR) of 6.7%. Factors contributing to this growth during the historic period include maritime security concerns, geopolitical tensions, protection of exclusive economic zones (EEZ), combating asymmetric threats, and modernization of naval fleets._x000D_
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What's the Projected Size of the Global Fast Attack Craft Market by 2029?_x000D_
In the coming years, the fast attack craft market is forecasted to experience substantial growth, anticipated to reach $7.46 billion in 2029 with a compound annual growth rate (CAGR) of 6.3%. The growth during the projected period can be credited to the rise in naval threats, continuous regional conflicts, an emphasis on coastal defense, upgrade programs, and naval force projection. Several trends expected to shape the future of the market include the increasing application of composite materials, integration of advanced sensors, development of multimission capabilities, joint development initiatives, and measures concerning sustainability and fuel efficiency._x000D_
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Top Growth Drivers in the Fast Attack Craft Industry: What's Accelerating the Market?_x000D_
The augmentation in maritime security is predicted to bolster the expansion of the fast attack craft market in the future. The term maritime security involves safeguarding vessels and ensuring safety against sea crimes. A fast attack vessel plays a pivotal role in maritime security, shielding ships and maritime ventures from various threats such as terrorism, theft, piracy, and illicit trafficking of commodities and individuals. For example, in June 2023, the France-based International Chamber of Commerce revealed an escalation in the number of piracy and armed robbery occurrences against ships, recording 65 in the first half of 2023 as opposed to 58 incidents during the same timeframe in 2022. Thus, the upswing in maritime security is contributing to the development of the fast attack craft market._x000D_
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What Trends Will Shape the Fast Attack Craft Market Through 2029 and Beyond?_x000D_
Product innovation is becoming increasingly prevalent in the fast-attack craft market. Firms are introducing advanced designs to maintain competitiveness. North Sea Boats of Indonesia launched KRI Golok, a stealth trimaran for the Indonesian Navy, with features like reduced radar and acoustic signatures and a wave-piercing hull that enhances speed and stability in adverse weather conditions._x000D_
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What Are the Main Segments in the Fast Attack Craft Market?_x000D_
The fast attack craft market covered in this report is segmented -_x000D_
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1) By Type: Missile Armed Fast Attack Craft (FAC), Non-Missile Armed Fast Attack Craft (FAC), Other Types_x000D_
2) By Weapon: Missile, Torpedo, Gun, Other Weapons_x000D_
3) By Distribution Channel: OEM (Original Equipment Manufacturer), After market_x000D_
4) By Application: National Defense, Technical Research, Fighting, Other Applications_x000D_
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Subsegments:_x000D_
1) By Missile Armed Fast Attack Craft (FAC): Guided Missile Boats, Anti-Ship Missile Platforms, Surface-To-Surface Missile Armed FAC_x000D_
2) By Non-Missile Armed Fast Attack Craft (FAC): Gunboats, Patrol Boats, Interceptor Boats_x000D_
3) By Other Types: Hybrid Fast Attack Craft, Unmanned Fast Attack Craft, Support And Auxiliary Craft_x000D_
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Which Top Companies are Driving Growth in the Fast Attack Craft Market?_x000D_
Major companies operating in the fast attack craft market include 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_x000D_
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Which Regions Will Dominate the Fast Attack Craft Market Through 2029?_x000D_
Asia-Pacific was the largest region in the fast-attack craft market in 2024. The regions covered in the fast attack craft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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