The global naval combat vessels market can expect to achieve a CAGR of 4% during the forecast period (2018-2023), says Market Research Future (MRFR).
Growth Boosters and Key Restraints:
In recent years, the naval systems have become progressively popular and relevant, with countries striving to enhance their naval capabilities. With the emergence of latest technologies like advanced airborne radars that automatically detect vessels over a long distance, the global naval combat vessels could project substantial growth in the near future.
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Another factor that could induce market growth includes the ongoing submarine upgrade programs across various regions around the world. As submarines are an essential aspect of a nation’s naval fleet, countries work towards upgrading and maintaining them. Hence, numerous upgrading programs are happening across the globe to boost the capabilities of submarines. This factor could have a lucrative effect on the worldwide market during the evaluation period.
The surging popularity of advanced integrated combat systems could offer a host of opportunities for the market to grow in the years ahead. The market players are sensing opportunities in the form of rising need for modernization of naval combat systems. Plus, massive investments in submarines and surging number of unmanned underwater vehicle benefits the market to a great extent.
The global naval combat vessels market has been categorized with context to the vessel type and mode of propulsion.
The types of vessels are submarine, frigates, corvettes, destroyers, and others. Out of these, corvettes note the strongest demand; as a result, they form the largest share in the market. Surge in deliveries of corvettes has led to the segment’s top position in the market. Citing a reference, the Saab AB had entered a contract with Swedish Defense Material Administration to modify and upgrade the Swedish Marine’s Gavle-class corvettes.
Depending on the mode of propulsion, the market is considered for nuclear powered and conventional powered. The nuclear-powered segment could note the most demand during the review period, on account of the rising need for flexible power output as well as space constraints.
The primary markets for naval combat vessels are Middle East and Africa, Asia Pacific, Europe, North America, and Latin America.
North America is touted to be the leading market in the ensuing years owing to the rising integration of advanced combat systems into naval vessels. Also, the demand for naval vessels as well as surface combatants is expected to be supported by high levels of expenditure in the region.
Asia Pacific is expected to be the second-largest market for naval combat vessel. The surging growing need for warfare ships and frigates, especially in the United States (U.S.) could trigger market demand in the region. Case in point, Lockheed Martin had entered a contract with the U.S Naval Sea Systems for developing and integrating the Aegis Baseline 9 systems in Japan Maritime Self Defense Force destroyers.
In Europe, rising need for emergency medical care, combating smuggling, piracy, terrorism and humanitarian relief has led to a substantial rise in demand for naval combat vessels. This trend has prompted manufacturers in the region to create more vessels that have strategic sea-lift as well as amphibious operations capabilities, which enables several vessels to serve more than one role. These factors are bound to lead the regional market to greater heights in the upcoming years.
The key vendors shaping the worldwide naval combat vessels include Lockheed Martin Corporation (U.S.), Raytheon (U.S.), Kockums AB (Sweden), General Dynamics Corporation (U.S.), Israel Military Industries (Israel), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Shipbuilding Corporation (Japan), SaaB AB (Sweden), BAE Systems (U.K), Huntington Ingalls Industries, Inc. (U.S.), to name a few.
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