Naval Vessels and Surface Combatants Market Size, Trends, Share Forecast

The global naval vessels and surface combatants market size was valued at USD 429.10 billion in 2022. The market is projected to grow from USD 460.38 billion in 2023 to USD 674.81 billion by 2030, exhibiting a CAGR of 5.6 % during the forecast period.

The naval ship market is witnessing growth due to increasing utilization of armament systems and advanced ICT for surveillance, communication, and information gathering purposes. Fortune Business Insights presents this information in their report titled "Global Naval Vessels and Surface Combatants Market Size, Share, Growth and Forecast 2023–2030."

Major Players Profiled in the Report:

• BAE Systems (U.K.)

• Mazagon Dock Shipbuilders Limited (India)

• Garden Reach Shipbuilders and Engineers (GRSE) (India)

• Hyundai Heavy Industries Co. Ltd. (HHI) (South Korea)

• FINCANTIERI S.p.A. - Via Genova (Italy)

• General Dynamics Corp NASSCO (U.S.)

• Larsen & Toubro Ltd. (India)

• Navantia (Spain)

• ThyssenKrupp Marine Systems (Germany)

• Damen Shipyards Group (Netherlands)

Information Source:

https://www.fortunebusinessinsights.com/naval-vessels-and-surface-combatants-market-102695

Segments:

Destroyers Segment to Witness Rapid Growth Owing to Versatile Applications

By ship type, the market is segmented into destroyers, corvettes, submarines, amphibious ships, frigates, auxiliary vessels, and others. The destroyers segment is projected to be the fastest-growing in the market during the projected period, driven by its diverse applications in anti-submarine warfare, long-range attacks, and escort missions.

Marine Engine System Dominates due to Growing Demand for Key Components

By system, the market is categorized into weapon launch system, sensor system, marine engine system, control system, auxiliary system, electrical system, and communication system. The marine engine system segment dominates the market, driven by increasing demand for various components such as stern gear sub-systems, steering gear, thrust blocks, propulsion shafting, and stabilizers in the maritime industry.

Emerging Countries' Focus on Domestic Shipbuilding Drives Line Fit Segments’ Expansion

By solution, the market is bifurcated into line fit and retro fit. The line fit segment is projected to be the fastest-growing segment during the forecast period, driven by the emphasis on domestic shipbuilding in emerging countries.

Naval Forces' Active Engagement in Global Exercises Fuels Combat Operations Growth

By application, the market is classified into combat operations, search and rescue, Mine Countermeasures (MCM) operations, coastal operations, and others. The combat operations segment dominates the market, driven by the increasing participation of naval forces in various naval exercises globally.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

The research report for naval vessels and surface combatants presents a comprehensive market examination, emphasizing crucial elements, including leading companies, different platforms, systems, and applications. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.

Drivers and Restraints

Advanced Technologies Revolutionize Naval Vessels Driving Growth in Maritime Operations

The adoption of advanced technologies in naval vessels, including integrated electric propulsion, renewable energy systems, and robotic production processes, drives the naval vessels and surface combatant market growth by enhancing the production capabilities of maritime operations.

However, the naval vessels and surface combatants market growth is hindered by the significant development costs associated with building these naval vessels.

Regional Insights

Asia Pacific Spearheads Growth with Strong Defense Expenditure

Asia Pacific is anticipated to capture the highest naval vessels and surface combatants market share, owing to the increased defense expenditure of countries such as China, India, South Korea, and others in the region.

North America experienced significant regional growth in the naval vessels and surface combatants market, driven by its substantial investments in naval vessel procurement and efforts to strengthen its naval capabilities.

Competitive Landscape

Industry Leaders’ Focus on Innovation and Collaboration to Drive the Future of Maritime Defense

The market for naval vessels and surface combatants is characterized by a fragmented landscape, with multiple players involved in their development. OEMs have introduced cutting-edge technologies such as 3D printing, integrated electric propulsion, and robotics to enhance the design and construction of naval vessels.

Key Industry Development

• April 2021 - Huntington Ingalls Shipbuilding signed a contract worth USD 107 million from the U.S. Navy for modification and long-lead-time material and advanced procurement activities for amphibious assault ship LHA 9.