The new report by Expert Market Research titled, ‘Global Naval Vessels Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global naval vessels market, assessing the market based on its segments like vessel type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 73.4 Billion
• Forecast CAGR (2022-2027): 13.74%
• Forecast Market Size (2027): USD 158.7 Billion
Frigates, in anti-submarine warfare (ASW), are very effective for the amphibious task forces and merchant convoys. Due to its quality of being easy to move, direct and ability to shield other large warships from all sources of threat, including air, surface and underwater, frigate hold a substantial share in the global naval vessels market. Additionally, with major countries investing in carrying, arming, deploying, and covering facilities for an aircraft, the demand for naval vessels is expected to rise. The demand for efficient and long-lasting warships from developing countries is leading to the growing export of naval vessels. The United States of America holds several naval vessels and has been expanding its budget to maintain as well as stretch its maritime capabilities by developing more aircraft carriers, frigates, corvettes, and submarines.
Market Segmentation
Naval vessels are highly efficient and resilient warfare or combatant ships developed for the naval force and government to meet international and national safety standards. Large ships including aircraft carrier groups, submarines, and destroyers that travel worldwide and smaller ships such as the Littoral Combat Ship used by the United States Navy are different in construction from the civilian ships as their primary purpose is to serve protect.
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Based on vessel type, the market is segmented into:
• Destroyers
• Frigates
• Submarines
• Corvettes
• Aircraft Carriers
• Others
The major regional markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The operations of the navy are essential to ensure maritime security which is expected to increase government investments in the naval vessels for maximised capabilities. Growing tensions among countries, globally, and existing terrorism is leading countries towards the expansion of their naval force by adding aircraft carriers, amphibious assault ships, ballistic nuclear missile submarines, large coast guard cutters, and polar icebreakers, among others. Potential risk of maritime dispute among countries or regions, in the wake of the ideology of expansionism, also favours the demand for naval vessels. Further, naval vessels are also utilised by governments to restrain and check the incidences of smuggling and human trafficking.
Key Market Players
The major players in the market are BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., and Hyundai Heavy Industries Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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