Global Naval Vessels Market Report and Forecast 2024-2032

Global Naval Vessels Market Outlook

The global naval vessels market stood at a value of around USD 94.96 billion in 2023. The market is further expected to grow at a CAGR of 13.74% in the forecast period of 2024-2032 to reach USD 302.09 billion by 2032.

Increasing Demand for Frigates to Aid the Global Naval Vessels Industry

The frigate segment based on vessel type accounts for a significant share in the market owing to its quick manoeuvrability and the ability to protect other large warships from air, surface, and underwater threats. In addition to this, frigates are highly effective in anti-submarine warfare (ASW) for amphibious expeditionary forces and merchant convoys. On the other hand, the aircraft carrier segment is estimated to witness a steady growth in the forecast period because of the rising investments by the major economies to bolster the carrying, arming, deploying, and covering facilities for an aircraft.

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North America Accounts for the Largest Share in the Market

The United States of America possesses a large number of naval vessels and has been increasing the budget for maintaining and advancing its military capabilities. The country is likely to increase its maritime capabilities by developing more aircraft carriers, frigates, corvettes, and submarines. Moreover, the growing export of naval vessels owing to the rising demand for efficient and durable warships from developing economies is anticipated to boost the market growth in North America in the forecast period.

Naval Vessels: Market Segmentation

A naval vessel is defined as a type of ship used by the naval force of a country. It is also known as a warship or troop ship and can be floated, steered, or moved in the ocean or sea.

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Based on vessel type, the market can be segmented into:

• Destroyers
• Frigates
• Submarines
• Corvettes
• Aircraft Carriers
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Increasing Military and Naval Expenditure in Major Economies of the World to Boost the Growth of the Naval Vessels Industry

The global naval vessels industry is driven by the increasing government expenditure to expand maritime capabilities in major economies of the world. This can be attributed to the rising geopolitical tensions, increasing terrorism, and growing awareness pertaining to the protection of citizens from naval threats in the sovereign nations. Furthermore, the growing risk of potential maritime disputes owing to the ideology of expansionism is likely to boost the demand for naval vessels. The market will further be aided by the rising investments by governments to curb the cases of smuggling and human trafficking. Hence, the market is likely to witness a healthy growth in the forecast period.

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Key Industry Players in the Global Naval Vessels Market

The report gives a detailed analysis of the following key players in the global naval vessels market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BAE Systems Plc
• General Dynamics Corporation
• ThyssenKrupp AG
• Abu Dhabi Ship Building Co.
• Hyundai Heavy Industries Co. Ltd.
• Others

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.

Key Highlights of the Report: