Dublin, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The "Naval Vessels and Surface Combatants Market Size and Trend Analysis including Segments (Frigate, Destroyer, Auxiliary Vessel, Light Combat Vessel, Amphibious Ship, Aircraft Carrier, and Corvette), Key Programs, Competitive Landscape and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The report provides the market size forecast and the estimated compound annual growth rate (CAGR) in the Naval Vessels and Surface Combatants Market for the next ten years. The report covers industry analysis, including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for naval vessels and surface combatants over the forecast period.
With the growth of maritime threats globally, many countries are investing in the procurement and modernization of naval vessels to protect their key maritime trade routes. Likewise, disputes over offshore territories and maritime boundaries, abetted by the need to exploit offshore resources, are expected to be a major driver regarding the strengthening of naval capabilities for many countries. On the other hand, several countries around the world have initiated naval modernization programs to replace their aging naval vessel fleets and are increasing their defense spending towards the same.
The Frigate segment is expected to be the largest segment and account for approximately 30.4% of the global naval vessels and surface combatants market from 2024 to 2034. The demand for frigates is anticipated to be mainly driven by the increased focus on developing new technologically advanced frigates with AESA radars and vertical launch systems to replace the aging fleet of legacy vessels.
The segment's growth will be mainly driven by several high-value procurement programs worldwide, including the Royal Canadian Navy's 'Canadian Surface Combatant' program, the US Navy's Constellation-class program, the Royal Australian Navy's Hunter-class (SEA 5000) program, and the German Navy's MKS 180 Multirole Combat Ship, among others. According to Chandan Nayak, Defense Analyst at the analyst, "Ongoing naval modernization initiatives focusing on the procurement of new naval platforms, mainly to replace aging vessels, especially from Asia-Pacific, North America, and Europe, are expected to propel segment growth over the forecast period."
The Asia-Pacific region is expected to dominate the global naval vessels and surface combatants market from 2024 to 2034. The region's market is primarily driven by the procurement strategies adopted by key economies such as China, India, and Australia. In addition to these countries, the steady expansion of maritime security assets by Japan, South Korea, Taiwan, Indonesia, the Philippines, and Singapore is also expected to drive the market growth. Furthermore, the ongoing territorial dispute in the South China Sea will act as major influencing factors for China's expenditure on naval expansion over the forecast period. For instance, the multi-billion-dollar Luyang III Class Destroyers (Type 052D) program to induct 31 destroyers will significantly increase the country's share of the global naval vessels and surface combatants' market over the next decade."
The Global Naval Vessels and Surface Combatants Market 2024-2034 provides a detailed forecast, including market size, CAGR, and regional breakdowns. It enables users to identify key segments and programs driving market growth, offering insights into future opportunities and investment areas. The dataset also assists OEMs and manufacturers in targeting high-potential markets, facilitating strategic planning and R&D investments to capitalize on emerging growth opportunities.
Key Highlights
- The global naval vessels and surface combatants market is expected to grow at a CAGR of 4.3% over the forecast period.
- The global naval vessels and surface combatants market is classified into seven categories: aircraft carrier, amphibious ship, frigate, destroyer, corvette, light combat vessel, and auxiliary vessel.
- Asia-Pacific is expected to dominate the global naval vessels and surface combatants market over the forecast period with a market share of 34.1%, followed by Europe and Asia-Pacific regions.
- Frigate is expected to be the largest segment among other naval vessels and surface combatants categories over the forecast period.
Report Scope
- The report offers detailed segment level market size forecasts from 2024 to 2034. It also provides in-depth analysis on the global spending patterns and the estimated growth rates for multiple segments including aircraft carrier, amphibious ship, frigate, destroyer, corvette, light combat vessel, and auxiliary vessel.
- The report contains breakdown of market figures for key geographic segments including North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. It also provides country-level market analysis, segment analysis, market size estimates, and projected growth rate for the countries.
- It also includes the estimated spending for the ongoing as well as planned naval vessels procurement programs, along with the names of the companies involved and the projected timeline. The report also has a list of key suppliers and their estimated revenue breakdown for each segment.
Reasons to Buy
- The report helps users to identify the key segments and the major programs that are anticipated to drive the global naval vessels and surface combatants market, thus providing a clear picture about future opportunities that can be tapped. It also provides country level market overview, including the market segments that are expected to be in high demand.
- Users can gain a quantitative understanding of underlying programs to help formulate strategies in growth areas, identify potential investment areas, geographies, and the larger market outlook in countries, regions, or a global outlook from 2024-2034.
- It facilitates the Original Equipment Manufacturers (OEMs) and component/sub-system manufacturers to identify the potential opportunities in various geographics and channelize their resources accordingly. The report also enables companies to identify high potential market segments for determining prospective R&D investment areas for entering and leveraging the forthcoming growth opportunities.
Company Coverage:
- Austal Ltd
- BAE Systems
- China State Shipbuilding Corp Ltd
- Cochin Shipyard Ltd
- Damen Shipyards Group
- Fincantieri
- General Dynamics Corp
- HD Hyundai Co Ltd
- Huntington Ingalls Industries
- Mitsubishi Heavy Industries Ltd
- Naval Group
- United Shipbuilding Corp
Key Topics Covered:
- Global Naval Vessels and Surface Combatants Market: Overview
- Market Dynamics
- Demand Drivers
- Trends
- Technological Developments
- Key Challenges
- Global Naval Vessels and Surface Combatants Market: Segment Analysis
- Segment Analysis: Frigate
- Segment Analysis: Destroyer
- Segment Analysis: Auxiliary Vessel
- Segment Analysis: Light Combat Vessel
- Segment Analysis: Amphibious Ship
- Segment Analysis: Aircraft Carrier
- Segment Analysis: Corvette
- Global Naval Vessels and Surface Combatants Market - Regional Analysis
- Regional Analysis: Asia-Pacific
- Regional Analysis: North America
- Regional Analysis: Europe
- Regional Analysis: Middle East
- Regional Analysis: Latin America
- Regional Analysis: Africa
- Competitive Landscape and Key Programs
- Leading Market Players
- Key Programs
For more information about this report visit https://www.researchandmarkets.com/r/y472s4
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