Naval Vessels and Surface Combatants Market Size to reach USD 53.2 Billion By 2032 Growing at 3.2% CAGR | GlobalData Plc
LONDON, UK, November 25, 2022 /EINPresswire.com/ -- The global naval vessels and surface combatants market size reached USD 35.9 billion in 2021, according to a new report by GlobalData Plc. Disputes over offshore territories and maritime boundaries, abetted by the need to exploit offshore resources, are expected to be a major driver regarding the strengthening of naval capabilities for many countries. As per several news reports, China has been claiming a major swathe of territory in the South China Sea and is procuring several patrol vessels to be used in this area. This in turn will drive surrounding Asian countries to improve their naval capabilities to deter the growing maritime influence of China. Such naval capabilities strengthening initiatives undertaken by countries across the globe are expected to drive market growth.
Global Naval Vessels and Surface Combatants Market Share By Ship Type, 2021 2032 (%)
The development and adoption of Unmanned Surface Vehicles (USV) is expected to revolutionize naval warfare. Technological advancements in communication, navigation and artificial intelligence (AI) have enabled defense manufacturing companies to effectively develop advanced USVs for undertaking complex missions such as Intelligence, Surveillance and Reconnaissance (ISR), and mine-hunting, among others. The USVs can operate autonomously in a network-centric environment and are anticipated to significantly enhance the operational capability of manned platforms.
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Naval Vessels and Surface Combatants Market Report Highlights
The global naval vessels and surface combatants market is projected to witness a CAGR of 3.2% from 2022 to 2032, reaching a value of $53.2 billion by 2032. Technological advancements such as Adoption of Electromagnetic Aircraft Launch System (EMALS) is expected to drive the global demand.
In 2021, frigate ship type in the naval vessels and surface combatants market captured a significant share with the market size projected to exceed US$ 15 billion by 2032 at a CAGR of approximately 3% from 2022 to 2032.
Destroyer captured approximately 12% of the overall market revenue in 2021 and is expected to record a healthy growth rate of more than 5% over the forecast period. Russia is expected to be the second largest spender on the destroyer segment in the region, driven by the countrys acquisition of Lider-class (Project 23560) vessels over the forecast period.
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The USs dominance in the naval vessels market is influenced by the countrys affinity for advanced military platforms in order to maintain an edge over its adversaries. The country is presently undertaking multiple high-value programs to procure new-generation naval vessels.
The naval vessels and surface combatants market key players analyzed as part of this report BAE Systems Plc, China State Shipbuilding Corp Ltd, Damen Shipyards Group, Fincantieri SpA, Huntington Ingalls Industries Inc, Lockheed Martin Corp, Mitsubishi Heavy Industries Ltd, Naval Group, ThyssenKrupp AG, and United Shipbuilding Corp, among others.
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GlobalData Plc has segmented the naval vessels and surface combatants market report by ship type and region:
Naval Vessels and Surface Combatants Ship Type Outlook (Revenue, USD Million, 2021-2032)
Light Combat Vessel
Naval Vessels and Surface Combatants Regional Outlook (Revenue, USD Million, 2021-2032)
Rest of Europe
Rest of Asia Pacific
Central & South America
Rest of Central & South America
Middle East & Africa
United Arab Emirates (UAE)
Rest of Middle East & Africa
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