Warship And Naval Vessels Industry Growth Outlook: 9.6% CAGR and $116.61 Billion by 2029

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What Is the Long-Term Growth Forecast for the Warship And Naval Vessels Market Size 2025?
In recent times, the market size for warships and naval vessels has expanded swiftly. The forecast is that it will upsurge from $73 billion in 2024 to $80.68 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.5%. The noteworthy growth during the historical period is attributed to the rise in maritime conflicts and disputes among countries, heightened military spending, favorable interest rates, and robust economic development in emerging markets.

What CAGR is Forecasted for the Warship And Naval Vessels Market Through 2029?
The market for warships and naval vessels is anticipated to undergo robust expansion in the upcoming years, with the value predicted to reach $116.61 billion by 2029, marking a compound annual growth rate (CAGR) of 9.6%. The expected upward trend during this forecasted period can be linked to factors such as the rise in global defense spending, workforce deficit, and accelerated economic growth. Key developments during this period are predicted to revolve around eco-friendly materials, artificial intelligence application, the deployment of unmanned warships and naval vessels, the integration of Internet of Things (IoT), and strategic collaborations and investments.

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What Are the Critical Factors Driving Warship And Naval Vessels Market Development?
The warship and naval vessels market is being propelled by the increase in worldwide defense expenditure. Escalating local disputes across the globe have led to a boost in global defense outlays in recent years. This has resulted in countries allotting a significant portion of their budget toward the enhancement of their defense and naval vessels, in order to protect their maritime privileges and concerns. For instance, the Stockholm International Peace Research Institute, based in Sweden, reported in April 2024 that global military expenditure reached nearly $2.29 trillion in 2022. This rose to $2.44 trillion in 2023, demonstrating a 6.8% growth from the preceding year.

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How Does the Warship And Naval Vessels Market Break Down Across Major Segments?
The warship and naval vessels market covered in this report is segmented -

1) By Type: Warships, Submarines, Aircraft Carriers, Other Types
2) By Operation: Surface Fleet, Undersea Fleet
3) By Application: Rescue, Defense, Other Applications
4) By End Use: Destroyer, Frigate, Other End Users

Subsegments:
1) By Warships: Destroyers, Frigates, Corvettes, Amphibious Warfare Ships
2) By Submarines: Diesel-Electric Submarines, Nuclear Submarines
3) By Aircraft Carriers: Conventional Aircraft Carriers, Nuclear-Powered Aircraft Carriers
4) By Other Types: Patrol Vessels, Mine Countermeasure Vessels, Support And Auxiliary Vessels

What Are the Major Trends Transforming the Warship And Naval Vessels Industry?
The utilization of artificial intelligence is on the rise in the market for warships and naval vessels. This technology is employed in these marine vessels to lessen the requirement for crew members, as it automates multiple functions and accelerates decision-making processes. For instance, in June 2022, an unmanned drone carrier was unveiled in China that employs AI to navigate independently on the high seas. This autonomous ship can ferry several subaquatic, aerial, and aquatic drones equipped with a wide range of observation instruments. The data gleaned from these autonomous systems could enhance China's ASW (anti-submarine warfare) capabilities, assist in surveillance and domain awareness, and guide PLA (People's Liberation Army) submarines in their navigation.

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Which Players Are Driving Innovation in the Warship And Naval Vessels Market?
Major companies operating in the warship and naval vessels market include General Dynamics Corporation, Huntington Ingalls Industries Inc, BAE Systems plc, Lockheed Martin Corporation, Fincantieri S.p.A, ThyssenKrupp AG, Hyundai Heavy Industries Co., Ltd, Mitsubishi Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. Ltd, Austal, Garden Reach Shipbuilders & Engineers, Reliance Naval and Engineering Limited, Korea Shipbuilding and Engineering Corporation, China State Shipbuilding Corporation, China Shipbuilding & Offshore International Co. Ltd., Hudong-Zhonghua Shipbuilding, Babcock International Group, Navantia, Kawasaki Heavy Industries, Curtis-Wright, Finmeccanica, Kongsberg, Raytheon, Emgepron, Estaleiro Atlântico Sul, Indústria Naval do Ceará, Itaguaí Construções Navais, Abu Dhabi Ship Building Company, Southern African Shipyards (Pty) Ltd, EBH Elgin Brown and Hamer Durban, DCD Marine Shipyards South Africa

Which Regions Are Driving Global Warship And Naval Vessels Market Expansion?
North America was the largest region in the warship and naval vessels market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the warship and naval vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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