Global Naval Vessels and Surface Combatants Market Revenue is Estimated to Reach USD 240,717.98 million by 2031, Growing at a CAGR of 12.60%: Straits Research
New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) — Naval ships and surface combatants are examples of modern warships used for operations on the seaside. Maritime warships are equipped with weapon launching systems, such as anti-submarine rocket launchers, torpedo launching systems, and vertical missile launchers. The surface combatants include ships, platforms, aircraft carriers, destroyers, corvettes, amphibious ships, frigates, and auxiliary vessels. One of the factors predicted to boost the market is incorporating information, communication, and technology (ICT) into military ships.
Download Free Sample Report PDF @ https://straitsresearch.com/report/naval-vessels-and-surface-combatants-market/request-sample
Robotics and Technological Advancements Adopted by Shipbuilding Facilities Drive the Global Market
According to Straits Research, “The global naval vessels and surface combatants market size was valued at USD 82,730 million in 2022. It is projected to reach USD 240,717.98 million by 2031, growing at a CAGR of 12.60% during the forecast period (2023-2031).” New technologies in naval ships and surface combatants make sea operations at sea safe and effective. The shipyard uses robotics for shipbuilding to carry out tasks, including welding, blasting, heavy lifting, and painting. At some of the largest shipyards, such as the South Korean Geoje Shipyard, about 30 ships are launched yearly. They are implementing robotic technology to automate the manufacturing process by more than 65%. These mechanical systems help ship manufacturers increase production rates, maintain precision, and reduce overall production costs. Due to the advantages of automated technology in shipbuilding, the market for naval ships and surface combatants is growing significantly.
Shipyards are essential to this expansion, facilitated by the rapid adoption of sophisticated automation technologies in developing countries like China and Brazil. For instance, Brazil’s shipyards are rapidly automating to meet the demands of the marine and offshore industries and to fill their skills shortage.
Modernization of the Naval Forces Creates Tremendous Opportunities
It is anticipated that territorial disputes and emerging maritime threats, such as smuggling, piracy, and terrorism, will be the key factors driving the purchase of naval systems. The fleets of Canada, the United Kingdom, France, China, and India are all aging and needing replacement. As a result, several countries have initiated naval modernization plans to replace aging ships in their current service to improve their naval capabilities and resist asymmetric threats. The need for extra naval vessels is further supported by the ongoing anti-piracy operations in regions like the Malacca Straits and the Gulf of Aden, which maritime commerce routes have badly impacted. As a result, new navy ships will be bought worldwide during the anticipated period.
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 13.30% over the projection period. This growth is attributed to the carrier replacement program and purchases of Corvettes on the American market. Significant businesses in North America, including General Dynamics Corporation, Huntington Ingalls Industries, Inc., and Lockheed Martin Corporation, contribute to the market’s anticipated growth.
Asia-Pacific’s Naval Vessels and Surface Combatants Industry Share is anticipated to grow at a CAGR of 14.60% during the projection period. The region with the fastest predicted growth during the projection period is Asia-Pacific. The People’s Liberation Army Navy (CHINA) and the Indian Navy’s increased defense spending are to blame for this trend. The Indian Navy will purchase seven corvettes from Garden Research Shipbuilders and Engineers Ltd. (GRSE), Hindustan Shipyard Ltd., Cochin Shipyard Ltd., and Mazagon Docks Ltd. for USD 2,000 million. These corvettes will partially replace the conventional Russian-built 1241-RE missile boats.
- Based on platform, the global naval vessels and surface combatants market is bifurcated into aircraft carriers, destroyers, corvettes, amphibious ships, frigates, and auxiliary vessels. The aircraft carriers segment is the highest contributor to the market and is estimated to boost at a CAGR of 13.60% during the forecast period.
- Based on the system, the global naval vessels and surface combatants market is bifurcated into a marine engine system, a weapon launch system, a sensor system, a control system, an electrical system, auxiliary system. The marine engine system segment is the highest contributor to the market and is estimated to boost at a CAGR of 11.90% during the forecast period.
- North America is the most significant revenue contributor and is expected to grow at a CAGR of 13.30% during the forecast period.
The Top 15 global naval vessels and surface combatants market’s major key players are Abu Dhabi Ship Building, ASC PTY LTD, Austal Limited, BAE Systems., Damen Shipyards Group, DSME Co., Ltd., General Dynamics Corporation, Hyundai Heavy Industries Co., Ltd., Huntington Ingalls Industries, Inc., Mazagon Dock Shipbuilders Limited, Naval Group, PO Sevmash JSCo, Lockheed Martin Corporation., Thales Group, and ThyssenKrupp Marine Systems AG.
- In February 2023, MBDA won the contract to supply CAMM to Royal Saudi Navy’s MMSC.
Global Naval Vessels and Surface Combatants Market: Segmentation
- Aircraft Carriers
- Amphibious Ships
- Auxiliary Vessels
- Marine Engine System
- Weapon Launch System
- Sensor System
- Control System
- Electrical System
- Auxiliary System
- Search And Rescue
- Combat Operations
- MCM Operations
- Coastal Surveillance
- North America
Get Detailed Market Segmentation @ https://straitsresearch.com/report/naval-vessels-and-surface-combatants-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 905 0080 (United States.)
+91 8087085354 (India)
+44 203 695 0070 (U.K.)
Disasters Expo USA, is proud to be supported by Inergency for their next upcoming edition on March 6th & 7th 2024!
The leading event mitigating the world’s most costly disasters is returning to the Miami Beach
And in case you missed it, here is our ultimate road trip playlist is the perfect mix of podcasts, and hidden gems that will keep you energized for the entire journey-