Global Fast Attack Craft Market is gaining strong foothold from the rising demand for maritime security. Several countries are seeing this as an option to increase their security and bolster their presence. Market Research Future (MRFR) asserts that the market will maintain a strong CAGR during the forecast period of 2020 to 2025. Its growth in Asia Pacific and Europe is substantial. However, the market is also suffering from backlogs as payment issues are playing a huge role in deterring the market growth. Also, high cost associated with the modernization of these crafts can hold back the market growth.
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Global Fast Attack Craft Market is slated to witness growth from companies like China Shipbuilding & Offshore International Co Ltd (China), BAE Systems PLC (UK), Hanjin Heavy Industries & Construction (South Korea),Garden Reach Shipbuilders and Engineers (India), CMN Group (France), Navantia (Spain), Fincantieri – Cantieri Navali Italiani SpA (Italy), Damen Shipyards Group (Netherlands), and Goa Shipyard Limited (GSL). Strategic understanding of these companies are expected to influence the global market and these moves would include merger, acquisition, investment for research-related projects, innovation, branding, and others.
In May 2020, Iran announced that as a part of their recent tactical development they have tested missiles of both short and long ranges. The test was successful. These missiles are for fast attack crafts that the country has been developing to curb any international threats. The long-range missiles can hit a target that is around 174 miles away from the missile launcher.
In May 2020, the naval forces of the Islamic Revolution Guards Corps (IRGC) in southern Iran announced that they have received 112 fast track attack boats that can fire missiles as well. This is to protect the Persian Gulf. These boats are of different types like Ashura, Tareq, Zolfaqar speedboats, and Heidar-class and Miyad-class boats.
Global Fast Attack Craft Market is segmented on the basis of application and end user. These segments and data gleaned from them are expected to boost the study of the market and decision-making procedures.
By application, the global market study includes missile armed FAC and non-missile armed FAC. The missile armed FAC segment had a market share of around 61.44% in 2020.
By end user, it has been segmented into fighting, national defense, and others. The national defense segment had market coverage of around 77.51% in 2020. It would also register the fastest CAGR during the forecast period. In Asia Pacific and Europe, the rising naval exercises would trigger market growth.
In Asia Pacific and Europe, the market will record substantial growth. This will be bolstered by countries like China, Pakistan, Iran, India, and others who are trying to maintain their maritime supremacy. In Europe, the market will gain from technological changes and clearing of various backlogs.
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