High Speed Vessels Market Estimated to Flourish by 2024
Increasing need for maritime surveillance is one of the major factors driving the growth of the high speed vessels market. Moreover, rising concerns of the government toward humanitarian relief, combating terrorism, piracy, and smuggling is expected to propel the growth of high speed vessels market during the forecast period. Additionally, continuous advancement in the technology by the manufacturers of vessels is expected to fuel the growth of high speed vessels market. These features include strategic sea lift coupled with capability of amphibious operations.
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High Speed Vessels Market: Restraints
One of the major factors, which is expected to hamper the growth of the global high speed vessels market is its high cost of maintenance. According to a government source, from the entire cost of a vessel, 80% cost goes for the maintenance of the vessel. Furthermore, reduction in the defense budget by many countries is expected to restrain the growth of the high speed vessels market.
High Speed Vessels Market: Segmentation
The global high speed vessels market can be segmented on the basis of product type, displacement, service type, and regions. On the basis of product type, the market can be further segmented into destroyers, corvettes, frigates, submarines, and others. On the basis of displacement, the global high speed vessels market can be further segmented into 500 – 2500 tonnes, 2500 – 5000 tonnes, and 5000 tonnes and above. On the basis of service type, the market can be segmented into new sales and modernization/upgrade. On the basis of regions, the global high speed vessels market can be segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa.
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High Speed Vessels Market: Region wise Outlook
On the basis of regions, North America is expected to dominate the high speed vessels market. However, this region is expected to exhibit sluggish growth during the forecast period due to cut down in the defense budget. Asia Pacific, led by China and India is expected to be one of the fastest growing markets for high speed vessels. Additionally, increasing shipyards in China and South Korea coupled with low cost and more advanced solutions are expected to upsurge the demand for high speed vessels in Asia Pacific region over the forecast period. Europe is expected to witness steady growth in the high speed vessels market due to the economic crisis in the region. On the other hand, Middle East & Africa is projected to witness significant growth in the high speed vessels market over the forecast period.
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