GlobalData Plc: Modernization Initiatives to Fuel Naval Vessels and Surface Combatants Market Growth

GlobalData UK Ltd

The global naval vessels and surface combatants market size is valued at $38.7 billion in 2022.

LONDON, June 07, 2022 (GLOBE NEWSWIRE) -- The naval vessels and surface combatants market is expected to grow at a CAGR of more than 3% during the forecast period, 2022-32. The North American region, supported by the US Navy’s multi-year procurement programs, is expected to maintain its leading position globally, exhibiting a steady pace of growth over the forecast period. Modernization drives initiated by leading countries across the globe to project naval power and increase regional influence will drive naval vessels and surface combatants market growth over the next decade.

The Naval Vessels and Surface Combatants Market Research Report 2022-2032 offered by GlobalData Plc 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.

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Major Naval Vessels and Surface Combatants Market Drivers and Trends

Many countries across the world have initiated naval modernization programs to replace the aging vessels that are in active service. The navies of countries such as Russia, China, India, the UK, Italy, France, and Canada consist of fleets which are rapidly aging and require replacements, as many of the vessels are expected to be decommissioned in the coming years. For instance, Russia neglected its naval requirements for more than a decade after the dissolution of the Soviet Union. However, it has initiated extensive naval modernization and procurements in 2011.

Various countries across the globe are focusing on the indigenous development and maintenance of their naval vessels to reduce their dependency on imports. Indigenously built ships can be customized, maintained, repaired, and overhauled in a domestic facility without depending on a foreign supplier for spare parts and other accessories. Furthermore, the government will be able to retain and generate a huge number of jobs in the shipbuilding sector, which in turn will contribute to the growth of the country’s overall economy. The indigenous shipbuilding initiatives also facilitate the advent of a strong industrial ecosystem. This also enables the local enterprises to integrate new functionality and weapons systems throughout the entire life span of the vessel.

Naval Vessels and Surface Combatants Market Segmentation by Region

• North America

• The Middle East

• Europe

• Latin America

• Africa

• Asia-Pacific

North America is set to be the largest market for naval vessels and surface combatants over 2022-32. The US accounts for the largest market for naval vessels and surface combatants in the North American region. The remaining share is anticipated to be held by Canada over the forecast period. 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.

Naval Vessels and Surface Combatants Market Analysis, by Regions

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Naval Vessels and Surface Combatants Market Segments

• Frigate

• Destroyer

• Light Combat Vessel

• Auxiliary Vessel

• Amphibious Ship

• Corvette

• Aircraft Career
  
  

The frigate is anticipated to be the largest segment in the naval vessels and surface combatants market during the forecast period followed by the destroyer and the light combat vessel segments. Between 2022 and 2032, Asia-Pacific is set to account for the largest share of the frigate segment, followed by Europe, and the North America. The frigate segment’s growth in the Asia-Pacific region is majorly attributed to Australia’s Hunter-class (SEA 5000), Japan’s 30DX Multi-Mission, and China’s Type 054A frigates procurement program.

Naval Vessels and Surface Combatants Market Analysis, by Segment

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Leading Naval Vessel and Surface Combatant Companies

• Huntington Ingalls Industries Inc

• General Dynamics Corp

• Damen Shipyards Group,

• Naval Group

• Fincantieri SpA

• BAE Systems Plc

• United Shipbuilding Corp

• China State Shipbuilding Corp

• Navantia SA

• Cochin Shipyard Ltd.

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Naval Vessels and Surface Combatants Market Overview

Market Size 2022	$38.7 billion
CAGR	>3%
Forecast Period	2022-2032
Key Regions	North America, the Middle East, Europe, Latin America, Africa, and Asia-Pacific
Key Segments	Frigate, Destroyer, Light Combat Vessel, Auxiliary Vessel, Amphibious Ship, Corvette, and Aircraft Career
Leading Companies	Huntington Ingalls Industries Inc, General Dynamics Corp, Damen Shipyards Group, Naval Group, Fincantieri SpA, BAE Systems Plc, United Shipbuilding Corp, China State Shipbuilding Corp, Navantia SA, Eastern Shipbuilding Group, Mitsubishi Heavy Industries Ltd, Daewoo Shipbuilding and Marine Engineering Co. Ltd, and Cochin Shipyard Ltd.

Naval Vessels and Surface Combatants Market Scope

• Market size and drivers: Detailed analysis during 2022-2032, 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: A 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 2022-2032.

• 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 year

• Gain an in-depth understanding of 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 of 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 an 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 include information about the key products, alliances, recent contracts awarded, and financial analysis, wherever available

FAQs

What is the naval vessels and surface combatants market size in 2022?
The naval vessels and surface combatants market size is valued at $38.7 billion in 2022.

What is the naval vessels and surface combatants market growth rate?
The naval vessels and surface combatants market is projected to grow at a CAGR of more than 3% during the forecast period.

Which are the key regions in the naval vessels and surface combatants market?
The key regions in the naval vessels and surface combatants market are North America, the Middle East, Europe, Latin America, Africa, and Asia-Pacific.

What are the key segments in the naval vessels and surface combatants market?
The key segments in the naval vessels and surface combatants market are frigate, destroyer, light combat vessel, auxiliary vessel, amphibious ship, corvette, and aircraft career.

Which are the leading companies in the naval vessels and surface combatants market?
The leading companies in the naval vessels and surface combatants market are Huntington Ingalls Industries Inc, General Dynamics Corp, Damen Shipyards Group, Naval Group, Fincantieri SpA, BAE Systems Plc, United Shipbuilding Corp, China State Shipbuilding Corp, Navantia SA, Eastern Shipbuilding Group, Mitsubishi Heavy Industries Ltd, Daewoo Shipbuilding and Marine Engineering Co. Ltd, and Cochin Shipyard Ltd.

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