Summary Global Naval Vessels and Surface Combatants Market to 2031 report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years.
New York, March 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Naval Vessels and Surface Combatants Market to 2031" - https://www.reportlinker.com/p06034985/?utm_source=GNW
The report covers industry analysis including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants.
It also offers insights regarding key factors and government programs that are expected to influence the demand for naval vessels and surface combatants market over the forecast period.
Territorial disputes and emerging maritime threats such as smuggling, piracy, and terrorism are expected to drive the procurment of naval platforms.Countries such as Russia, China, India, the UK, France and Canada consist of fleets which are rapidly aging and require replacements.
Hence, to enhance the naval capapbilities to counter asymmetric threats, these countries have initiated naval modernization programs to replace the outdated vessels that are in active service.In addition, the need for new naval vessels is further substantiated due to the ongoing counter-piracy efforts in highly affected maritime shipping routes in regions such as the Malacca Straits and Gulf of Aden.
As such, the procurement of new naval vessels will continue to grow across the globe over the forecast period.
The frigate segment is expected to be the largest segment and accounts for 32.7% of the global naval vessels and surface combatants market over the forecast period. The increasing demand for multirole vessels that are capable of carrying out military operations other than war (MOOTW), which includes humanitarian relief in the aftermath of natural disasters, emergency medical care, combating smuggling, piracy, terrorism, and environmental protection, among others expected to drive the segment’s growth over the forecast period. According to Chandan N, Defense Analyst at GlobalData: "Various countries across the globe are focusing on the indigenous design and construction of naval vessels to reduce their dependency on imports. Indigenously built ships can also be customized, repaired and overhauled without depending on a foreign supplier for spare parts and other accessories. This is expected to propel the growth of naval vessels and surface combatants market over the next decade."
North America region is expected to dominate the global naval vessels and surface combatants market from 2021 to 2031.The US’s dominance in the naval vessels market is influenced by the country’s affinity for advanced military platforms in order to maintain an edge over its adversaries.
The country is presently undertaking multiple high-value programs to procure new-generation naval vessels.For instance, the multi-billion dollar Constellation-class frigate FFG(X) program to induct 20 guided-missile frigates will significantly increase the country’s share of the global naval vessels and surface combatants market over the next decade.
Similarly, Canada is also procuring various classes of naval vessels equipped with advanced sub-systems to improve its naval capabilities.
- The global naval vessels and surface combatants market is expected to grow at a CAGR of 3.49% over the forecast period.
- The global naval vessels and surface combatants market is classified into seven categories: Frigate, Destroyer, Amphibious Ship, Light Combat Vessel, Corvette, Aircraft Carrier and Auxiliary Vessel.
- North America is expected to dominate the global naval vessels and surface combatants market over the forecast period with a market share of 35.4%, followed by Asia Pacific and European regions.
- Frigate is expected to be the largest segment among other naval vessel categories over the forecast period.
Who Should Buy
- Defence Startup’s, Original Equipment Manufacturers (OEMs), Defence Planners, Naval Vessels Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives.
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements.
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups.
In particular, the report provides an in-depth analysis of the following -
- Market size and drivers: Detailed analysis during 2021-2031, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
- Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing naval vessels and surface combatants projects being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
- Major programs: details of the key programs in each segment, which are expected to be executed during 2021-2031.
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global naval vessels and surface combatants market. It provides an overview of key players, their strategic initiatives, and financial analysis.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the global naval vessels and surface combatants over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different naval vessels and surface combatants segments in the top spending countries across the world and identify the opportunities offered by each of them
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global naval vessels and surface combatants market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global naval vessels and surface combatants market
- Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top naval vessels and surface combatants solution providers around the world. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available
Read the full report: https://www.reportlinker.com/p06034985/?utm_source=GNW
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