New York, United States, June 19, 2024 (GLOBE NEWSWIRE) -- The Global Naval Gun Market Size to Grow from USD 2.7 Billion in 2023 to USD 4.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.47% during the forecast period.
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The global naval gun market is expanding rapidly, owing to increased defence budgets and the modernization of naval fleets worldwide. Increased geopolitical tensions and the demand for better marine security are key elements driving this expansion. Modern naval guns, which are outfitted with cutting-edge technology like precision targeting and automated fire systems, are critical for coastal defence, anti-aircraft, and surface warfare missions. North America and Europe dominate the market due to their superior naval capabilities and ongoing investment in defence technology. Meanwhile, the Asia-Pacific area is experiencing significant growth, fueled by regional security problems and naval expansion programmes. As governments seek to strengthen their naval forces, the need for modern and dependable naval gun systems is expected to stay high.
Naval Gun Market Value Chain Analysis
The naval gun market value chain includes various crucial phases, ranging from raw material suppliers to end users. Initially, raw materials like steel, alloys, and electronics are obtained from suppliers. Manufacturers employ these materials to design and manufacture various naval gun components, such as barrels, mountings, and aiming systems. Advanced technical integrations, such as fire control systems and automated loading processes, are frequently outsourced to specialised technology suppliers. Once built, these systems are subjected to rigorous testing and quality assurance before being deployed to naval troops. Maintenance, repair, and overhaul services are critical to ensuring operational readiness throughout the gun's life cycle. Collaboration between defence contractors, technological enterprises, and naval authorities is critical for meeting changing security needs and retaining a competitive advantage.
Browse key industry insights spread across 244 pages with 110 Market data tables and figures & charts from the report on the "Global Naval Gun Market Size, Share, and COVID-19 Impact Analysis, By Technology (Fully Automatic and Semi-automatic), By Platform (Large Surface Combatants and Small Surface Combatants), By Component (Turret System, Radar System, Tracking System, Ammunition Drum, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Technology
The fully automatic segment accounted for the largest market share over the forecast period 2023 to 2033. The fully automatic segment of the naval gun market is expanding rapidly because to its increased firepower, precision, and operating efficiency. These guns have rapid-fire capabilities, which are critical in high-intensity combat circumstances, while also reducing operator intervention through enhanced automation. Improved firing control systems, automated loading mechanisms, and advanced targeting integration are among the most significant developments. Global fleets are progressively using fully automatic naval guns to enable rapid threat response and reduce crew effort, owing to the necessity for stronger defensive and offensive capabilities. Ongoing research and development are aimed at improving dependability and accuracy, hence fueling market growth. As defence resources prioritise modernization, fully automatic naval guns are expected to play an increasingly important role in future naval operations.
Insights by Platform
The large surface combatants segment is dominating the market with the largest market share over the forecast period 2023 to 2033. The naval gun industry is seeing strong expansion in big surface combatants, driven by increased demand for adaptable and powerful warships capable of carrying out a wide range of maritime duties. Large surface combatants, such as destroyers and cruisers, require modern naval weapons to improve their firepower, accuracy, and operating capabilities. These ships are essential to modern naval fleets, providing important support in coastal defence, anti-aircraft, and surface warfare missions. The continuous modernization and expansion programmes in major navies, particularly in the United States, China, and Russia, are driving this rise.
Insights by Component
The radar systems segment is dominating the market with the largest market share over the forecast period 2023 to 2033. Radar systems are crucial in modern naval warfare because they provide real-time information regarding surface, air, and subsurface threats, allowing naval guns to engage hostile targets more effectively. Radar technological advancements, such as phased array radars and active electronically scanned array (AESA) radars, provide greater detection capabilities, sharper resolution, and the ability to track numerous objects at once. Furthermore, connectivity with various sensor systems and armament platforms allows for smooth coordination and engagement in complex naval settings. As navies around the world prioritise modernization and marine capabilities, the need for improved radar systems in the naval gun market is expected to rise steadily.
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Insights by Region
North America is anticipated to dominate the Naval Gun Market from 2023 to 2033. North America's naval gun market is expanding rapidly, owing to large defence budgets and strong technological capabilities. The United States, in particular, is a vital actor, having invested considerably in modernising its naval fleet and developing cutting-edge weaponry. The U.S. Navy's emphasis on improving maritime combat readiness and preserving naval superiority is driving demand for sophisticated naval guns, such as the latest electromagnetic railguns and precision-guided missiles. Collaboration with top defence contractors enables ongoing innovation and integration of advanced technology. Furthermore, Canada's initiatives to improve its naval capabilities help to drive regional market growth. The emphasis on R&D, combined with strategic defence objectives, establishes North America as a vital base for naval gun advances and market expansion.
Asia Pacific Market Statistics
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. China, India, Japan, and South Korea are significantly increasing their naval capability to protect maritime interests and assert regional supremacy. China's aggressive naval expansion and development of modern naval weapons, such as electromagnetic railguns, are especially significant. Similarly, India's emphasis on modernising its fleet with cutting-edge weaponry and Japan's strategic defence measures are helping to drive market growth. The growing number of maritime disputes and the need for coastal defence are driving up demand for modern naval gun systems. Collaboration with global defence contractors and indigenous defence production initiatives are also bolstering the industry, establishing the Asia-Pacific region as a vibrant and quickly expanding part of the global naval gun market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the Global Naval Gun Market includes Bohemia Simulations, General Dynamics, Northrop Gruman, Kratos Defence, Miggitt Training Systems, The Boeing Company, Combat Training Solutions, Israel Aerospace Industries, Bae Systems, and others.
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Recent Market Developments
- In November 2023, The Ministry of Defence has awarded a contract to M/s Bharat Heavy Electricals Limited (BHEL) under the Purchase (India) category to supply the Indian Navy with 16 Upgraded Super Rapid Fire Gun Mounts (SRGM) and related equipment/accessories.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Naval Gun Market, Technology Analysis
- Fully Automatic
- Semi-automatic
Naval Gun Market, Platform Analysis
- Large Surface Combatants
- Small Surface Combatants
Naval Gun Market, Component Analysis
- Turret System
- Radar System
- Tracking System
- Ammunition Drum
- Others
Naval Gun Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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