Global Naval Vessels and Surface Combatants Market Report and Forecast 2024-2032

Global Naval Vessels and Surface Combatants Market Outlook

The global naval vessels and surface combatants market is expected to grow at a CAGR of 2.60% between 2024 and 2032, driven by the rapid advancements of modern naval vessels and rising naval expenditure of the emerging economies.

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Key Trends in the Market

Naval vessels and surface combatants are advanced and upgraded warships which are typically deployed at the time of war. Apart from attacking or defending a territory, naval vessels and surface combatants can also aid troops by providing ammunition and fuel. Ranging from frigates and corvettes to destroyers and amphibious ships, naval vessels and surface combatants can be of several types and can operate in toughest terrains.

• The global naval vessels and surface combatants market growth is being propelled by the rapid development of modern naval vessel technologies such as unmanned vessels and IoT enabled combat warships. The robust growth of underwater vessels is another crucial market driving factor.

• Emergence of 3D printing technology is a key market trend which is enabling the time-efficient development of warships and submarines with intricate geometries. Moreover, the penetration of artificial intelligence and machine learning are enabling better design possibilities.

• The increasing number of naval exercises to bolster cooperation between naval powers, rising naval expenditure, growing oceanic tensions, and rising number of ocean exploration activities are some of the major driving factors of the global naval vessels and surface combatants market.

Market Analysis

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Based on platform, the market can be segmented into aircraft carriers, destroyers, corvettes, amphibious ships, frigates, and auxiliary vessels. On the basis of system, the market can be classified into marine engine system, weapon launch system, sensor system, control system, electrical system, auxiliary system, and communication system, among others. Based on application, the market is categorised into search and rescue, combat operations, MCM operations, and costal surveillance, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global naval vessels and surface combatants market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• ADSB

• Austal Limited

• BAE Systems Plc

• General Dynamics Corporation

• Damen Shipyards Group

• Hyundai Heavy Industries Co., Ltd.

• Mazagon Dock Shipbuilders Limited

• Others

Market Share by Platform

The aircraft carrier platform, holds a significant share in the naval vessels and surface combatants market. Aircraft carriers are crucial in the navy to bolster maritime security. It provides cover for naval soldiers carrying out an operation, launch strikes on a threat, act as a responsive airbase, and can also act as a provider of humanitarian aid.

In addition, aircraft carriers are considered as a symbol of greatness by some sovereign military powers such as the United Kingdom. In emerging economies of the Asia Pacific, such as India, top-notch aircraft carriers such as Vikrant, are being commissioned which are adding to the growth of the global market for naval vessels and surface combatants.

Market Share by Application

The combat operations application accounts for a healthy share of the market for naval vessels and surface combatants. The increasing investments by the emerging military powers, aimed towards enhancing their sea attack capabilities amidst the escalating geopolitical tensions, is propelling the market growth.

Naval vessels and surface combatants such as cruise missile submarines are power houses which can augment the security of the country. Over the forecast period, the anticipated increase in demand for ballistic missiles submarines, littoral combat ships, assault ships, frigates, and destroyers, among others, are expected to aid the naval vessels and surface combatants market growth.

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Competitive Landscape

ADSB or Abu Dhabi Ship Building company deals with the development, repair, and maintenance of commercial and naval vessels. The company was established in the year 1996 and is currently headquartered in Abu Dhabi in the United Arab Emirates. ADSB has networks across 21 countries and develops a wide range of naval vessels including offshore patrol vessels, corvettes, and multi-role combatants, among others.

Austal Limited is a prominent shipbuilding company based in Henderson, Australia that was founded in 1988. It is a prime contractor for defence, and a maritime technology partner for the design, construction, and support of both military and commercial vessels. Some of the notable vessels of Austal Limited include high-speed passenger ferries and patrol boats.

BAE Systems Plc was founded in 1999 and is currently headquartered in the United Kingdom. It specialises in advanced technology for defence applications that are used to protect people, nations, information, and infrastructure. The company is responsible for the development of products related to international defence, aerospace, and national security. It innovates in electronics and information technology solutions.

Other market players include General Dynamics Corporation, Damen Shipyards Group, Hyundai Heavy Industries Co., Ltd., and Mazagon Dock Shipbuilders Limited, among others.

Key Highlights of the Report