Naval Vessels and Surface Combatants Market Growth Status in 2021, Industry Size, Share and Trends | Regional Forecast by 2027
The global naval vessels and surface combatants
market size is projected to reach USD 41.82
billion by 2026 owing to the advancement in technology in naval
warships. Such warships are used for sea-based battlefield operations and are
inclusive of vertical missile launchers, rocket launchers, torpedo launching
systems, and anti-submarine rocket launchers. Fortune Business Insights™ offers
a 360-degree overview of the market and its prime growth parameters in their
recently published report titled, “Naval Vessels and Surface
Combatants Market Size, Share and Industry Analysis, By Platform (Aircraft
Carriers, Destroyers, Corvettes, Amphibious ships, Frigates,
and Auxiliary Vessels), By System (Marine Engine System, Weapon
Launch System, Sensor System, Control System, Electrical
system, Auxiliary system, and Communication System), By Application
(Search and Rescue, Combat operations, MCM Operations, Coastal
Surveillance, and Others), and Regional Forecast, 2019-2026 .” As
per this report, the value of the market was USD 34.24 billion in 2018 and is
anticipated to exhibit a CAGR of 2.52% during the forecast period set from 2019
to 2026.
Market Drivers
Advent of 3D Printing Technology will Boost Market
The incorporation of technologies such as Information,
Communication, and Technology (ICT) in naval ships is a major factor promoting
the naval vessels and surface combatants market growth. This, coupled with the
rapid change in weapon launch system and sensor system technology, will also
drive the market. Moreover, the advent of integrated electric propulsion
technology, coupled with the rising demand for 3D printing technology to build
complex geometric ships are likely to aid in the expansion of the market in the
future.
Regional Segmentation:
Increasing Budget from Defense Sector of Emerging Economies will help Asia
Pacific register Fastest Growth Rate
Based on geography, North America is holding the dominant naval
vessels and surface combatants market share with a revenue of USD 13.41
billion. The growth of this region is attributed to the substantial
expenditures on corvettes and carrier replacement program from the U.S. Navy.
This, coupled with the presence of key players such as General Dynamics
Corporation, Lockheed Martin Corporation, and Huntington Ingalls Industries,
Inc. are also expected to boost the market in the region.
On the other hand, the market in Asia Pacific will witness the
fastest growth on account of the rising defense budget from the Indian Navy and
the People’s Liberation Army Navy, China. Additionally, the rising demand for
advanced autonomous cruises and warships is likely to propel the market in
Europe. Furthermore, the rise in expenditure on auxiliary vessels from Latin
America will help boost the market in the rest of the World.
Browse Summary of This Research with Detailed Table of
Content: https://www.fortunebusinessinsights.com/naval-vessels-and-surface-combatants-market-102695
List of Top Naval Vessels And Surface Combatants Market
Manufacturers Include:
- Abu Dhabi Ship Building
- ASC PTY LTD
- Austal Limited
- BAE Systems.
- Damen Shipyards
Group
- DSME Co., Ltd.
- General Dynamics
Corporation
- Huntington
Ingalls Industries, Inc.
- Hyundai Heavy
Industries Co., Ltd.
- Lockheed Martin
Corporation.
- Mazagon Dock
Shipbuilders Limited
- Naval Group
- PO Sevmash JSCo
- Thales Group
- ThyssenKrupp
Marine Systems AG
- Others
Competitive Landscape:
Presence of Many Players will Intensify Market Competition
Companies operating in the naval vessels and surface combatants
market are engaging in mergers and acquisitions, joint ventures, and
collaborations either with other companies or for the government bodies to
complete and deliver upgraded and shipbuilding projects. Such initiatives will
not only attract high naval vessels and surface combatants market revenue but
also help players earn the lion’s share in the market. The presence of many
players in this market indicates a fragmented nature of the market, and this
may serve as a major factor intensifying the overall market competition in the
forthcoming years.
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