What is the Historic and Current Scenario of the Fast Attack Craft Market?
The fast attack craft market has seen considerable growth due to a variety of factors.
•In the past few years, the market size of fast attack craft has demonstrated significant growth. It is projected to rise from $5.49 billion in 2024 to $5.85 billion in 2025, with a compound annual growth rate (CAGR) of 6.7%.
This growth during the historic period is due to factors such as maritime security issues, geopolitical tensions, the safeguarding of exclusive economic zones (EEZ), battling unbalanced threats, and the modernization of naval fleets.
What are the Forecasted Growth and Key Factors of the Fast Attack Craft Market?
The fast attack craft market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the fast attack craft market size is anticipated to witness significant growth, reaching "$7.46 billion by 2029 with a compound annual growth rate (CAGR) of 6.3%.
This projected growth during the forecast period can be ascribed to factors such as escalating naval threats, ongoing regional conflicts, emphasis on coastal protection, upgrade initiatives, and naval force promotion. The forecast period also showcases key trends such as the escalating use of composite materials, inclusion of advanced sensors, emphasis on the versatility of mission capabilities, cooperative and joint development schemes, and initiatives for sustainability and fuel efficiency.
What Are The Leading Drivers Of Growth In The Fast Attack Craft Market?
The anticipated increase in maritime security is predicted to stimulate the expansion of the fast attack craft market in the future. Maritime security essentially involves safeguarding vessels and ensuring their safety from criminal activities at sea. A fast attack craft plays a significant role in maritime security, as it provides protection to ships and maritime operations from various threats such as terrorism, theft, piracy, and illegal smuggling of goods and people. For example, in June 2023, the France-based International Chamber of Commerce reported an increase in piracy and armed robbery incidents against ships, with 65 incidents recorded in the first half of 2023, which is a rise from 58 incidents during the equivalent period in 2022. Thus, this pattern of increasing maritime security is further pushing the growth of the fast attack craft market.
How Are The Segments Defined Within The Global Fast Attack Craft Market?
The fast attack craft market covered in this report is segmented –
1) By Type: Missile Armed Fast Attack Craft (FAC), Non-Missile Armed Fast Attack Craft (FAC), Other Types
2) By Weapon: Missile, Torpedo, Gun, Other Weapons
3) By Distribution Channel: OEM (Original Equipment Manufacturer), After market
4) By Application: National Defense, Technical Research, Fighting, Other Applications
Subsegments:
1) By Missile Armed Fast Attack Craft (FAC): Guided Missile Boats, Anti-Ship Missile Platforms, Surface-To-Surface Missile Armed FAC
2) By Non-Missile Armed Fast Attack Craft (FAC): Gunboats, Patrol Boats, Interceptor Boats
3) By Other Types: Hybrid Fast Attack Craft, Unmanned Fast Attack Craft, Support And Auxiliary Craft
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How Are New Trends Expected To Influence The Growth Of The Fast Attack Craft Market?
The critical trend that is emerging and gaining traction in the fast-attack craft market is the innovation of products. To maintain their market standing, prominent companies in the sector are introducing inventive, superior quality attack crafts. As an example, North Sea Boats, a boat production firm based in Indonesia, introduced KRI Golok, a stealth trimaran fast attack craft, specifically for the Indonesian Navy. The fast attack craft (FAC) features a modern wave-piercing design. By having a greater beam, the vessel achieves inherent stability and has the capacity to slice through waves instead of surmounting them. This unique combination of features reduces pitching and rolling which results in a secure weapons platform and allows the vessel to maintain higher average speeds even in harsh weather, safely and comfortably. The craft also includes stealth design elements that diminish detection by reducing Radar, Infrared, Acoustic, and Magnetic signatures.
Who Are the Key Players in the Fast Attack Craft Market?
Major companies operating in the fast attack craft market include:
• BAE Systems plc
•Fr. Lurssen Werft GmbH
•Navantia SA
•CMN Group
•China Shipbuilding And Offshore International Co. Ltd.
•Garden Reach Shipbuilders and Engineers Ltd.
•Damen Holding B.V.
•Fincantieri S.p.A.
•Goa Shipyard Limited
•Hanjin Heavy Industries and Construction Holdings Co. Ltd.
•Mitsubishi Heavy Industries Ltd.
•Daewoo Shipbuilding and Marine Engineering Co. Ltd.
•Fassmer GmbH and Co. KG
•Kangnam Corporation
•L&T Shipbuilding Limited
•Northrop Grumman Corporation
•Austal Limited
•Huntington Ingalls Industries Inc.
•Lockheed Martin Corporation
•General Dynamics Corporation
•Boustead Naval Shipyard Sdn. Bhd.
•COTECMAR
•EDGE PJSC Group
•Israel Shipyards Ltd.
•Hyundai Heavy Industries Co. Ltd.
•Kawasaki Heavy Industries
•Mazagon Dock Shipbuilders Limited
•Swiftships LLC
•ThyssenKrupp Marine Systems
•United Shipbuilding Corporation
•Karachi Shipyard & Engineering Works Limited
•Thales Group
What Is The Most Dominant Region In The Fast Attack Craft Market?
Asia-Pacific was the largest region in the fast-attack craft market in 2024. The regions covered in the fast attack craft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
