Global Warship And Naval Vessels Market Size 2024, Forecast To 2033
11 Mar, 2024
The warship and naval vessels market have experienced rapid growth, surging from $72.37 billion in 2023 to $83.34 billion in 2024, with an impressive compound annual growth rate (CAGR) of 15.2% during the historic period. This growth is attributed to heightened maritime disputes and conflicts between nations, increased military expenditure, low-interest rates, and strong economic growth in emerging markets. Looking ahead to 2028, the market is poised for rapid growth, reaching $142.77 billion at a CAGR of 14.4%. The anticipated growth can be linked to the increasing global defense expenditure, labor shortage, and faster economic pace. Major trends in the forecast period include the adoption of environment-friendly materials, integration of artificial intelligence, deployment of unmanned warships and naval vessels, utilization of the internet of things (IoT), and strategic partnerships and investments.
Global Warship And Naval Vessels Market Key Driver
The warship and naval vessels market are experiencing growth driven by the global increase in defense spending. This surge in spending is a response to the escalating regional conflicts worldwide, prompting countries to focus on enhancing their defense capabilities, particularly in naval forces. In September 2021, the UK government invested $131.67 million (£110 million) in frontline radio communications, emphasizing the commitment to bolstering military capabilities. Similarly, in November 2021, the Defence Acquisition Council of India (DAC) approved a $307.12 million (Rs. 2000 crores) investment to enhance military communications. This substantial rise in defense expenditures globally is anticipated to propel the warship and naval vessels market, with market size values for 2023, 2024, and 2028 integral to understanding this growth trajectory.
Get A Free Sample Of The Global Warship And Naval Vessels Market ReportGlobal Warship And Naval Vessels Market Segments
The warship and naval vessels market covered in this report is segmented –
1) By Type: Warships, Submarines, Aircraft Carriers, Other Types
2) By Operation: Surface Fleet, Undersea Fleet
3) By Application: Rescue, Defense, Other Applications
4) By End Use: Destroyer, Frigate, Other End Users
By Geography:The regions covered in the warship and naval vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the warship and naval vessels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the warship and naval vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Warship And Naval Vessels Industry Players
General Dynamics Corporation, Huntington Ingalls Industries Inc, BAE Systems plc, Lockheed Martin Corporation, Fincantieri S.p.A, ThyssenKrupp AG, Hyundai Heavy Industries Co., Ltd, Mitsubishi Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. Ltd, Austal, Garden Reach Shipbuilders & Engineers, Reliance Naval and Engineering Limited, Korea Shipbuilding and Engineering Corporation, China State Shipbuilding Corporation, China Shipbuilding & Offshore International Co. Ltd., Hudong–Zhonghua Shipbuilding, Babcock International Group, Spanish National Research Council, Navantia, Kawasaki Heavy Industries, Curtis-Wright, Finmeccanica, Kongsberg, Raytheon, Emgepron, Estaleiro Atlântico Sul, Indústria Naval do Ceará, Madeira Island Submarine Base, Itaguaí Construções Navais, Lamprell Energy Ltd, Sharjah, Gulf Automation Services and Oil Field Supplies Company, Abu Dhabi Ship Building Company, Southern African Shipyards (Pty) Ltd, EBH Elgin Brown and Hamer Durban, DCD Marine Shipyards South Africa, Fincantieri
Get The Full Global Warship And Naval Vessels Market ReportWarship And Naval Vessels Market Overview
The warship and naval vessels are defense systems built to serve the war and belong to the naval forces of a country. Warships are faster, safer, and more valuable ships which are key components of the country’s naval forces and are used to carry weapons, ammunition, and essential supplies for the crew.
Warship And Naval Vessels Global Market Report 2023 provides data on the global warship and naval vessels market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The warship and naval vessels market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.