Naval Vessels Market Forecasted to Reach $674.81 Billion by 2030 | Extensive 200-Page Research Report
Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global naval vessels and surface combatants market size was valued at USD 429.10 billion in 2022 and is projected to grow from USD 460.38 billion in 2023 to USD 674.81 billion by 2030, exhibiting a CAGR of 5.6 % during the forecast period.
The naval ship market is witnessing growth due to the increasing utilization of armament systems and advanced ICT for surveillance, communication, and information gathering purposes. *Fortune Business Insights presents this information in their report titled "Global Naval Vessels and Surface Combatants Market, 2023–2030."*
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*Major Players Profiled in the Report:*
· BAE Systems (U.K.)
· Mazagon Dock Shipbuilders Limited (India)
· Garden Reach Shipbuilders and Engineers (GRSE) (India)
· Hyundai Heavy Industries Co. Ltd. (HHI) (South Korea)
· FINCANTIERI S.p.A. - Via Genova (Italy)
· General Dynamics Corp NASSCO (U.S.)
· Larsen & Toubro Ltd. (India)
· Navantia (Spain)
· ThyssenKrupp Marine Systems (Germany)
· Damen Shipyards Group (Netherlands)
**Report Scope & Segmentation:**
*ATTRIBUTE * *DETAILS*
Forecast Period 2023-2030
Forecast CAGR 5.6 %
2030 Value Projection USD 674.81 Billion
Market Size in 2023 USD 460.38 Billion
Historical Data 2019-2021
No. of Pages 200
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Technique
· By Digital Image
· Application
Regions Covered · North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Naval Vessels and Surface Combatants Market Growth Drivers Various Technological Advancements in Naval Vessels and Surface Combatants to Aid Market Growth
Growing Adoption of LNG-Fueled Engines in Naval Ships to Boost Market Growth
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*COVID-19 Impact*
*Delayed Deliveries due to Supply Chain Disruptions During Pandemic Hindered Market*
The shipbuilding industry was profoundly affected by the COVID-19 pandemic, leading to a substantial decline in the delivery of surface combatants. The market experienced adverse effects as a result of reduced ship orders, disruptions in supply chains, and delays in the delivery of naval vessels.
*Russia-Ukraine War Impact*
*Maritime Capabilities Drive Increased Investments in Warships and Equipment*
The conflict between Russia and Ukraine has led to a heightened demand for naval vessels and surface combatants in the region as both sides seek to enhance their maritime capabilities. Russia's increased naval presence and substantial investments in its fleet further contribute to the rising demand for warships and related equipment.
*Segments:*
*Destroyers Segment to Witness Rapid Growth Owing to Versatile Applications*
By ship type, the market is segmented into destroyers, corvettes, submarines, amphibious ships, frigates, auxiliary vessels, and others. The destroyer’s segment is projected to be the fastest-growing in the market during the projected period, driven by its diverse applications in anti-submarine warfare, long-range attacks, and escort missions.
*Marine Engine System Dominates due to Growing Demand for Key Components*
By system, the market is categorized into weapon launch system, sensor system, marine engine system, control system, auxiliary system, electrical system, and communication system. The marine engine system segment dominates the market, driven by increasing demand for various components such as stern gear sub-systems, steering gear, thrust blocks, propulsion shafting, and stabilizers in the maritime industry.
*Emerging Countries' Focus on Domestic Shipbuilding Drives Line Fit Segments’ Expansion*
By solution, the market is bifurcated into line fit and retro fit. The line fit segment is projected to be the fastest-growing segment during the forecast period, driven by the emphasis on domestic shipbuilding in emerging countries.
*Naval Forces' Active Engagement in Global Exercises Fuels Combat Operations Growth*
By application, the market is classified into combat operations, search and rescue, Mine Countermeasures (MCM) operations, coastal operations, and others. The combat operations segment dominates the market, driven by the increasing participation of naval forces in various naval exercises globally.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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*Report Coverage*
The research report for naval vessels and surface combatants presents a comprehensive market examination, emphasizing crucial elements, including leading companies, different platforms, systems, and applications. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
*Drivers and Restraints*
*Advanced Technologies Revolutionize Naval Vessels Driving Growth in Maritime Operations*
The adoption of advanced technologies in naval vessels, including integrated electric propulsion, renewable energy systems, and robotic production processes, drives the naval vessels and surface combatant market growth by enhancing the production capabilities of maritime operations.
However, the naval vessels and surface combatants market growth is hindered by the significant development costs associated with building these naval vessels.
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*Detailed Table of Contents:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· Market Trends
· *Key Insights*
· Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
· Latest Technological Advancements
· Porters Five Forces Analysis
· Supply Chain Analysis
· Qualitative Insights
· Impact of COVID-19 Pandemic on Global Naval Vessels and Surface Combatants Market
· Impact of Russia-Ukraine War on Global Naval Vessels and Surface Combatants Market
· *Global Naval Vessels and Surface Combatants Market Analysis, Insights and Forecast, 2019-2030*
· Key Findings / Definition
· Market Analysis, Insights and Forecast - By Ship Type
· · Destroyers
· Corvettes
· Submarines
· Amphibious Ships
· Frigates
· Auxiliary Vessels
· Others
· Market Analysis, Insights and Forecast - By System
· · Marine Engine System
· Weapon Launch System
· Sensor System
· Control System
· Electrical System
· Auxiliary System
· Communication System
· Others
· Market Analysis, Insights and Forecast - By Solution
· · Line Fit
· Retro Fit
· Market Analysis, Insights and Forecast - By Application
· · Search & Rescue
· Combat Operations
· MCM Operations
· Coastal Operations
· Others
· Market Analysis, Insights and Forecast - By Region
· · North America
· Europe
· Asia Pacific
· Middle East & Africa
· Latin America
*TOC Continued…!*
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*Regional Insights*
*Asia Pacific Spearheads Growth with Strong Defense Expenditure*
Asia Pacific is anticipated to capture the highest naval vessels and surface combatants market share, owing to the increased defense expenditure of countries such as China, India, South Korea, and others in the region.
North America experienced significant regional growth in the naval vessels and surface combatants’ market, driven by its substantial investments in naval vessel procurement and efforts to strengthen its naval capabilities.
*Competitive Landscape*
*Industry Leaders’ Focus on Innovation and Collaboration to Drive the Future of Maritime Defense *
The market for naval vessels and surface combatants is characterized by a fragmented landscape, with multiple players involved in their development. OEMs have introduced cutting-edge technologies such as 3D printing, integrated electric propulsion, and robotics to enhance the design and construction of naval vessels.
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*Key Industry Development*
· *April 2021* - Huntington Ingalls Shipbuilding signed a contract worth USD 107 million from the U.S. Navy for modification and long-lead-time material and advanced procurement activities for amphibious assault ship LHA 9.
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· Naval Vessels and Surface Combatants Market