Naval Vessels and Surface Combatants Market
1. Introduction
The global naval vessels and surface combatants market is expected to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
This market research report on the global naval vessels and surface combatants market provides an analysis of the most important trends expected to impact the market outlook from 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
The naval vessels and surface combatants market is driven by the growing demand for naval vessels and surface combatants. In addition, the need for multi-mission platforms is anticipated to boost the growth of the naval vessels and surface combatants market.
However, the high cost of naval vessels and surface combatants may hamper the growth of the naval vessels and surface combatants market.
The key vendors profiled in the report are Austal, BAE Systems, Fincantieri, General Dynamics, Huntington Ingalls Industries, and Hyundai Heavy Industries.
In 2019, the US is the largest market for naval vessels and surface combatants, followed by China and Japan. The US is expected to remain the largest market for naval vessels and surface combatants during the forecast period. The US Navy is the largest operator of naval vessels and surface combatants in the world and is expected to procure new naval vessels and surface combatants to replace its aging fleet.
Some of the key topics covered in the report include:
Market Landscape
Market ecosystem
Market characteristics
Market segmentation analysis
Market Sizing
Market definition
Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
Regional comparison
Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Landscape disruption
Competitive landscape
Vendor Analysis
Vendors covered
Market positioning of vendors
Appendix
List of abbreviations
Definition of market positioning of vendors
The global naval vessels and surface combatants market is expected to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by
2. Market Overview
The global naval vessels and surface combatants market is expected to grow at a CAGR of around 3% during the period 2019-2024.
The naval vessels and surface combatants market is primarily driven by the increasing maritime security concerns worldwide. The maritime security concerns are escalating due to the rising number of piracy cases and illegal activities at sea. The navies of various countries are procuring new naval vessels and surface combatants to strengthen their maritime security. This is anticipated to fuel the demand for naval vessels and surface combatants during the forecast period.
The naval vessels and surface combatants market is segmented based on vessel type, platform, and geography. Based on vessel type, the market is categorized into frigates, corvettes, destroyers, cruisers, and others. Among these, the frigates segment is expected to grow at the fastest CAGR during the forecast period. Frigates are multipurpose surface combatants that are used for anti-submarine warfare, anti-air warfare, and anti-surface warfare.
The global naval vessels and surface combatants market is also segmented based on platform into surface combatants and submarine combatants. The surface combatants segment is anticipated to grow at the fastest CAGR during the forecast period. This is attributed to the increasing procurement of surface combatants by the navies of various countries.
The naval vessels and surface combatants market is further categorized into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is expected to be the largest market for naval vessels and surface combatants during the forecast period. This is attributed to the presence of a large number of naval vessel and surface combatants manufacturers in the region.
Some of the key players in the naval vessels and surface combatants market are BAE Systems, Fincantieri, General Dynamics, Huntington Ingalls Industries, Leonardo, Lockheed Martin, Northrop Grumman, and ThyssenKrupp.
3. Market Drivers
The global naval vessels and surface combatants market is expected to grow at a CAGR of around 3% during the forecast period of 2020-2025. Some of the major factors driving the growth of this market are the increasing maritime tensions, the growing popularity of multi-purpose vessels, and the need for enhanced surveillance capabilities.
With the increasing maritime tensions around the world, there is a growing demand for naval vessels and surface combatants. These vessels are used for a variety of purposes such as patrol, surveillance, and combat. The growing popularity of multi-purpose vessels is also driving the growth of the naval vessels and surface combatants market. Multi-purpose vessels are capable of performing a variety of tasks such as search and rescue, anti-submarine warfare, and mine warfare.
The need for enhanced surveillance capabilities is another major driver of the naval vessels and surface combatants market. With the increasing threat of terrorism and piracy, there is a need for naval vessels and surface combatants that are equipped with advanced surveillance systems.
4. Market Restraints
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The global naval vessels and surface combatants market is expected to grow at a CAGR of around 4% during the forecast period.
The market is driven by various factors such as the need for maritime security, territorial disputes, and growing merchant shipping traffic. However, the market is restrained by the high cost of construction and maintenance of these vessels, the need for skilled workforce, and the stringent environmental regulations.
The naval vessels and surface combatants market is segmented by type, into frigates, corvettes, destroyers, cruisers, and others. Among these, the frigates segment is expected to account for the largest share of the market, followed by the destroyers and cruisers segments.
The market is also segmented by application, into warfare, law enforcement, and others. Among these, the warfare segment is expected to account for the largest share of the market, followed by the law enforcement segment.
The naval vessels and surface combatants market is further segmented by region, into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these, Asia Pacific is expected to account for the largest share of the market, followed by North America and Europe.
Some of the key players operating in the naval vessels and surface combatants market are BAE Systems, Leonardo, Fincantieri, Navantia, and ThyssenKrupp Marine Systems.
5. Market Opportunities
The global market for naval vessels and surface combatants is expected to grow at a CAGR of more than 3% during the forecast period of 2020-2025. The market is mainly driven by the growing need for maritime security and the modernization of navies around the world.
The naval vessels and surface combatants market can be segmented based on type, application, and geography.
On the basis of type, the market can be divided into frigates, destroyers, cruisers, corvettes, and others. Frigates are the most popular type of vessel, accounting for a major share of the market. These vessels are used for a variety of missions, such as anti-submarine warfare, anti-surface warfare, maritime patrol, and others.
On the basis of application, the market can be classified into commercial and military. The military application segment is anticipated to grow at a faster pace during the forecast period, due to the increasing number of naval modernization programs around the world.
Geographically, the market can be segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America and Europe are the leading regional markets for naval vessels and surface combatants. These regions are expected to maintain their positions during the forecast period, due to the large number of naval modernization programs underway in these regions.
Some of the key players operating in the naval vessels and surface combatants market include BAE Systems, General Dynamics, Huntington Ingalls Industries, Leonardo, Lockheed Martin, Northrop Grumman, and ThyssenKrupp.
6. Competitive Landscape
The global naval vessels and surface combatants market is highly competitive and fragmented in nature. Some of the key players operating in the market include BAE Systems, Fincantieri, General Dynamics, Huntington Ingalls Industries, Leonardo, Lürssen, Navantia, Northrop Grumman, and ThyssenKrupp. These companies are engaged in intense competition with each other in order to gain a larger share of the overall market.
BAE Systems is one of the leading players in the naval vessels and surface combatants market. The company has a strong presence in the UK, US, and Sweden. It offers a wide range of products, including frigates, destroyers, corvettes, amphibious assault ships, and aircraft carriers. The company has a strong order book, with over 100 ships currently under construction.
Fincantieri is another leading player in the naval vessels and surface combatants market. The company is based in Italy and offers a wide range of products, including frigates, destroyers, corvettes, amphibious assault ships, and aircraft carriers. The company has a strong order book, with over 50 ships currently under construction.
General Dynamics is a leading player in the naval vessels and surface combatants market. The company has a strong presence in the US, UK, Canada, and Australia. It offers a wide range of products, including frigates, destroyers, corvettes, amphibious assault ships, and aircraft carriers. The company has a strong order book, with over 30 ships currently under construction.
Huntington Ingalls Industries is a leading player in the naval vessels and surface combatants market. The company has a strong presence in the US and offers a wide range of products, including frigates, destroyers, corvettes, amphibious assault ships, and aircraft carriers. The company has a strong order book, with over 20 ships currently under construction.
Leonardo is a leading player in the naval vessels and surface combatants market. The company is based in Italy and offers a wide range of products, including frigates, destroyers, corvettes, amphibious assault ships, and aircraft carriers. The company has a strong order book,
7. Company Profiles
1. Lockheed Martin Corporation
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide. The company’s diverse business portfolio includes some of the world’s most advanced aircraft, rotorcraft, satellites, missiles, and firepower systems.
In the area of naval vessels and surface combatants, Lockheed Martin offers a wide range of products and services. These include the Littoral Combat Ship (LCS), the Freedom-class variant of which is currently in service with the U.S. Navy. The company is also contracted to build the next-generation frigate for the Navy, which will be based on the Freedom-class design.
Other notable products in Lockheed Martin’s naval portfolio include the Aegis Combat System, which is used by the U.S. Navy and a number of allied navies around the world, and the MK 41 Vertical Launching System (VLS), which is used on a variety of surface combatants and submarines.
2. Northrop Grumman Corporation
Northrop Grumman is another major U.S. defense contractor with a significant presence in the naval vessels and surface combatants market. Headquartered in Falls Church, Virginia, Northrop Grumman employs over 70,000 people across the globe.
The company’s naval offerings include the San Antonio-class amphibious transport dock ship, of which it is the prime contractor. Northrop Grumman is also contracted to build the next-generation destroyer for the U.S. Navy, known as the DDG 1000 Zumwalt-class.
In addition, Northrop Grumman provides a number of systems and subsystems for naval vessels, including the Aegis Combat System, the MK 41 Vertical Launching System (VLS), and the AN/SPY-1 radar.
3. BAE Systems
BAE Systems is a global defense, security, and aerospace company with headquarters in London, United Kingdom. The company has a workforce of over 83,000 people and operations in more than 40 countries.
BAE Systems’ naval offerings include the Type 45 destroyer, which is in service with the United Kingdom
8. Conclusion
The global naval vessels and surface combatants market is expected to grow at a CAGR of over 5% during the period 2019-2024.
The increase in maritime trade, the need for territorial waters protection, and the growth of the naval tourism industry are the major factors driving the growth of the market.
The Asia-Pacific region is expected to be the largest market for naval vessels and surface combatants due to the increasing maritime trade and territorial disputes in the region.
The naval vessels and surface combatants market is highly competitive with the presence of several large and small companies. The key players in the market include BAE Systems, General Dynamics, Huntington Ingalls Industries, Lockheed Martin, and Northrop Grumman.
LIST OF KEY COMPANIES PROFILED:
- Abu Dhabi Ship Building
- ASC PTY LTD
- Austal Limited
- BAE Systems.
- Damen Shipyards Group
- DSME Co., Ltd.
- General Dynamics Corporation
- Hyundai Heavy Industries Co., Ltd.
- Huntington Ingalls Industries, Inc.
- Mazagon Dock Shipbuilders Limited
- Naval Group
- PO Sevmash JSCo
- Lockheed Martin Corporation.
- Thales Group
- ThyssenKrupp Marine Systems AG
Report Scope and Segmentation
| ATTRIBUTE
| DETAILS
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| Study Period
| 2015-2026
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| Base Year
| 2018
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| Forecast Period
| 2019-2026
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| Historical Period
| 2015-2017
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| Unit
| Value (USD Billion)
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| By Platform
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| By System
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| By Application
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| By Region
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