The ‘Global Naval Vessels and Surface Combatants Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global naval vessels and surface combatants market, assessing the market based on its segments like platforms, systems, applications, and regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Naval Vessels and Surface Combatants Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 2.60%
Naval vessels and surface combatants are the most developed and modernised warships that are normally utilised during a battle. Surface combatants, also called surface ships or surface vessels, are a subcategory of naval war vessels that use their private weapons and armed forces for engaging in wars on the surface of the water. Their aim is to involve space, air, surface, and underwater targets with arms and ammunition used from the ship itself, instead of manually carried craft.
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The increasing risk of wars amid growing geopolitical tensions and developing naval dangers like smuggling, piracy, and terrorism are likely to propel the naval vessels and surface combatants market demand. Nations like Russia, China, India, the United Kingdom, France, and Canada comprise fleets that are quickly ageing and need substitutions. Therefore, the introduction of government initiatives to improve naval resources and facilities while modernising and replacing obsolete vessels is anticipated to bolster the sales of naval vessels and surface combatants.
With growing technological advancements, manufacturers are integrating innovative and developed digital technologies like high-speed processors, warfare management systems, data networks, as well as automation and sensor synthesis solutions to enhance the efficiency of naval vessels and surface combatants.
Naval Vessels and Surface Combatants Industry Definition and Major Segments
Naval vessels and surface combatants refer to technologically developed and modernised war vessels that are utilised for sea-based combat. Naval war vessels are well stocked with their private weapon launches structure like anti-submarine rocket catapults, torpedo-releasing systems, rocket catapults, and vertical missile catapults. Naval vessels and surface combatants can also help in supplying ammunition and fuel apart from attacking or guarding a territory. There are numerous types of naval vessels and surface combatants such as frigates, corvettes, destroyers, and amphibious ships, among others, that can function in the hardest landscapes.
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Based on platforms, the naval vessels and surface combatants market can be segmented into:
• Aircraft Carriers
• Amphibious Ships
• Auxiliary Vessels
On the basis of systems, the market is classified into:
• Marine Engine System
• Weapon Launch System
• Sensor System
• Control System
• Electrical System
• Auxiliary System
• Communication System
The market, based on applications, is divided into:
• Search and Rescue
• Combat Operations
• MCM Operations
• Costal Surveillance
Based on regions, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Naval Vessels and Surface Combatants Market Trends
Advancements in modernised naval vessel technologies like unmanned vessels and IoT enabled combat warships are likely to favour the naval vessels and surface combatants market development. The expansion of underwater vessels is another factor propelling the market growth of naval vessels and surface combatants.
One of the major trends of the naval vessels and surface combatants market is the deployment of the 3D printing technology to facilitate the swift development of warships and submarines featuring refined and modern geometries. Besides, the integration of artificial intelligence (AI) and machine learning (ML) is revolutionising the design prospects of nasal vessels and surface combatants and bolstering the market development.
The rising number of naval movements to strengthen collaboration between naval powers, increasing naval expenses, developing marine and naval conflicts, and growing number of sea and ocean exploration projects are some of the key factors guiding the naval vessels and surface combatants market.
The frigate segment has been accessed to account for a considerable share of the market in the upcoming years. This can be attributed to the rising demand for multirole vessels with multispectral abilities, such as air defence, anti-surface warfare, and anti-submarine warfare.
Region-wise, North America is anticipated to lead the global market for naval vessels and surface combatants in the coming years. This is primarily due to the supremacy of the United States in the naval vessels sector and the rising adoption of new and developed military weapons platforms by the country to sustain an advantage over its rivals.
Key Market Players
The major players in the global naval vessels and surface combatants market are:
• Austal Limited
• BAE Systems Plc
• General Dynamics Corporation
• Damen Shipyards Group
• Hyundai Heavy Industries Co., Ltd.
• Mazagon Dock Shipbuilders Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.