Warship And Naval Vessels Market Size, Share & Growth [2031]
Warship And Naval Vessels Market Size, Share & Growth [2031]
Segments - Warship And Naval Vessels Market Type (Corvettes, Frigates, Aircraft Carriers, Submarines, Cruisers Ships, and Others), Operation (Surface Fleet and Undersea Fleet), Application (Rescue, Defense, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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Report Description
Warship And Naval Vessels Market Outlook 2031
The global warship and naval vessels market was valued at USD 84.51 Bn in 2022 and is likely to reach USD 257.94 Bn by 2031, expanding at a CAGR of 13.2% from 2023-2031. Growing adoption of warships and naval vessels for sea-based battlefield operations and coastal security.
The increasing need for advanced weaponry and defense systems such as missiles, torpedoes, guns, and anti-aircraft systems drives the market. Warships and naval vessels are the major components of a nation's military forces designed to carry ammunition, and essential supplies for the crew members in war situations.
Ongoing technical advancements in warships and naval vessels are fueling the market. Newer-generation warship vessels are upgrading their aging fleets with high-tech and advanced features. Additionally, several countries are currently operating old naval systems and, thus they are focusing on integrating the latest technologies to gain a quantitative innovation edge over their adversaries. This is likely to fuel the market in the coming years.
Covid-19 Analysis
The COVID-19 pandemic hampered the global warships and naval vessels market. Supply chain management is affected due to sudden lockdowns and the lack of availability of the labor force. Many manufacturing companies were severely disrupted due to a lack of workers and the unavailability of raw materials. Strict restrictions from government bodies resulted in the lack of development of the technologies in the warships and naval systems struggled to complete the desired projects. For instance,
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In April 2022, Federal bureaucrats warned that the pandemic increased the costs and created a shortage of labor, which delayed the supply of raw materials for the delivery of new ships.
Warship And Naval Vessels Market Dynamics
Major Drivers
Increasing global defense expenditure is driving the market. Countries across the are increasingly spending more on their defense systems to adopt advanced sensors and machinery. Rising geopolitical tensions and maritime disputes are one of the factors for countries spending more on defense systems.
For instance, according to the report published by the Congressional Research Service, the U.S. Navy's proposed FY2024 budget requests $32.8 billion in shipbuilding funding for, among other things, the procurement of nine new ships, including one Columbia (SSBN-826) class ballistic missile submarine, two Virginia (SSN-774) class attack submarines, two Arleigh Burke (DDG-51) class destroyers, and others.
Existing Restraints
The high development cost of building warships and naval vessels hampers the global market. Warships and naval vessels are made up of complex sensors, weapon launches, advanced communication sensors, and combat management systems. With the ever-evolving technology and sensors, companies that supply these machines need to be updated. Since these machines are expensive, companies tend not to update all systems and sensors, resulting in hampering the market.
Emerging Opportunities
Growing demand for advanced technology-integrated warships and naval vessels is expected to create new opportunities for the market. Countries across the globe prefer advanced sensors-enabled warships to improve their defense. Moreover, the growing adoption of advanced environment-friendly materials to reduce pollution and environmental damage is creating lucrative opportunities for the market.
Key players present in the market are focusing on adopting to use of sustainable materials to control such activities, such as fiber-reinforced plastic which reduces carbon footprints. For instance,
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In September 2023, the Hyundai Mipo Dockyard and HD Korea Shipbuilding & Offshore Engineering, developed a cargo tank design that helps to reduce CO2 emissions, for a sustainable future
Scope of Warship And Naval Vessels Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Warship And Naval Vessels Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Corvettes, Frigates, Aircraft Carriers, Submarines, Cruisers Ships, and Others), Operation (Surface Fleet and Undersea Fleet), and Application (Rescue, Defense, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
BAE Systems; DSME Co., Ltd.; EDGE PJSC Group; FINCANTIERI S.p.A; Garden Reach Shipbuilders and Engineers Limited; General Dynamics Corporation; HD Hyundai Heavy Industries Co., Ltd.; Reliance Naval & Engineering Limited; and thyssenKrupp AG |
Warship And Naval Vessels Market Segment Insights
Type Segment Analysis
Based on type, the global warship and naval vessels market is segregated into corvettes, frigates, aircraft carriers, submarines, cruise ships, and others. The frigates segment dominates the market due to maneuverability and the ability to protect other large warships from fleet vessels such as merchant ships, hostile submarines, and others. Frigates are highly effective in anti-submarine warfare for merchant convoys and amphibious forces. These factors tend to boost the growth of the segment in the forecast period.
The aircraft carriers segment is anticipated to hold significant growth in the forecast period as these are unique warships that serve as an airbase on the sea. These ships have a full-length flight deck and are capable of various benefits such as arming, recovering, deploying, and carrying the crew members. In addition, it helps the country to deploy its air power without depending on land-based air bases.
Operation Segment Analysis
In terms of operations, the global market is divided into surface fleet and undersea fleet. The surface fleet segment is expected to dominate the market due to its resilience and fighting ability on the land. The warships of surface fleets provide a credible fighting force across military operations to disaster relief. It is the most advanced arsenal of warships which is capable of carrying aircraft carriers and assault ships to perform various tasks such as agile patrolling and surveying that are anticipated to fuel the growth of the segment.
The undersea fleet segment is anticipated to grow rapidly in the coming years, as it regulates and optimizes underwater amphibious military operations. They are used to patrol ocean waters and to attack enemy ships during wartime, it has the capacity to carry warship vessels such as missiles and torpedoes, which have the capabilities to destroy enemy submarines. These factors tend to boost the growth in the segment.
Application Segment Analysis
On the basis of application, the global warship and naval vessels market is segmented into defense, rescues, and others. The defense segment is expected to dominate the market owing increasing usage of warships and naval vessels for defense purposes. The Navy and the Coast Guard, offer better maneuverability, agility, and resilience against damage. Warships are often armed with ammunition, missiles, fighter Aircraft, and other arms. It is also used as troop carriers in times of war situations.
The rescue segment is anticipated to register lucrative growth during the forecast period. The segment growth is attributed to the increasing integration of technologies such as deep search and rescue vehicles (DSRV) which are used for radar, radios, launches, and others to execute the rescue. In addition, smaller warships such as destroyers have on-board helicopters that are used for quick rescue. These factors are anticipated to boost the segment.
Regional Outlook
In terms of region, the global warship and naval vessels market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the market as the region’s Navy and the Department of Defense are developing more distributed fleets a smaller portion of larger ships.
The ongoing geopolitical turmoil has led to an arms race that has influenced the U.S. to develop and deploy advanced naval vessels for better operational activities. Furthermore, the U.S. has competed with the Chinese Naval fleet in terms of advancement and high-tech features which led to driving the growth of the regional segment. For instance
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In April 2023, the US Navy (USN) to reach the stated 355-ship force by the middle of this century. The Navy and the Office of the Secretary of Defense (OSD) have been working since 2019 to develop a successor for the 355-ship force-level goal that would reflect the current National Defense Strategy (NDS) and the new fleet architecture.
The market in Asia Pacific is projected to register lucrative growth in the coming years for warships and naval vessels. The presence of prominent players in the region is driving the market These market players are focusing on making more advanced and efficient fleets. The ongoing innovation in developing vessels stands out as many countries are trying to procure next-generation warships for better capabilities. Manufacturers are collaborating to fulfill the demand for warships and naval vessels to cater to the growing demand for defense and military purposes.
Segments
The global automotive nitrous oxide system market has been segmented on the basis of
Type
- Corvettes
- Frigates
- Aircraft Carriers
- Submarines
- Cruisers Ships
Operation
- Surface Fleet
- Undersea Fleet
Application
- Rescue
- Defense
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BAE Systems
- DSME Co., Ltd.
- EDGE PJSC Group.
- FINCANTIERI S.p.A
- Garden Reach Shipbuilders and Engineers Limited
- General Dynamics Corporation
- HD Hyundai Heavy Industries Co., Ltd.
- Reliance Naval & Engineering Limited
- ThyssenKrupp AG
Competitive Landscape
The key players competing in the global warship and naval vessels market are BAE Systems; DSME Co., Ltd.; EDGE PJSC Group; FINCANTIERI S.p.A; Garden Reach Shipbuilders and Engineers Limited; General Dynamics Corporation; HD Hyundai Heavy Industries Co., Ltd.; Reliance Naval & Engineering Limited; and ThyssenKrupp AG
These companies are leveraging various business strategies and adopting development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
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In October 2022, the European Modular and Multirole Patrol Corvette collaborated to develop the initial design of the vessel, maximizing its efficiency. The European sovereignty in this program continues to strengthen its defense system.
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In October 2023, according to a recent survey, the U.S. Navy and Defense had submitted to the (BFSAR) that called for a future fleet with 381 manned ships.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Warship And Naval Vessels Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Warship And Naval Vessels Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Warship And Naval Vessels Market - Supply Chain
4.5. Global Warship And Naval Vessels Market Forecast
4.5.1. Warship And Naval Vessels Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Warship And Naval Vessels Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Warship And Naval Vessels Market Absolute $ Opportunity
5. Global Warship And Naval Vessels Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Warship And Naval Vessels Market Size and Volume Forecast by Types
5.3.1. Corvettes
5.3.2. Frigates
5.3.3. Aircraft Carriers
5.3.4. Submarines
5.3.5. Cruisers Ships
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Warship And Naval Vessels Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Warship And Naval Vessels Market Size and Volume Forecast by Applications
6.3.1. Rescue
6.3.2. Defense
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Warship And Naval Vessels Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Warship And Naval Vessels Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Warship And Naval Vessels Demand Share Forecast, 2019-2026
8. North America Warship And Naval Vessels Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Warship And Naval Vessels Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Warship And Naval Vessels Market Size and Volume Forecast by Types
8.4.1. Corvettes
8.4.2. Frigates
8.4.3. Aircraft Carriers
8.4.4. Submarines
8.4.5. Cruisers Ships
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Warship And Naval Vessels Market Size and Volume Forecast by Applications
8.7.1. Rescue
8.7.2. Defense
8.7.3. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Warship And Naval Vessels Demand Share Forecast, 2019-2026
9. Latin America Warship And Naval Vessels Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Warship And Naval Vessels Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Warship And Naval Vessels Market Size and Volume Forecast by Types
9.4.1. Corvettes
9.4.2. Frigates
9.4.3. Aircraft Carriers
9.4.4. Submarines
9.4.5. Cruisers Ships
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Warship And Naval Vessels Market Size and Volume Forecast by Applications
9.7.1. Rescue
9.7.2. Defense
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Warship And Naval Vessels Demand Share Forecast, 2019-2026
10. Europe Warship And Naval Vessels Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Warship And Naval Vessels Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Warship And Naval Vessels Market Size and Volume Forecast by Types
10.4.1. Corvettes
10.4.2. Frigates
10.4.3. Aircraft Carriers
10.4.4. Submarines
10.4.5. Cruisers Ships
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Warship And Naval Vessels Market Size and Volume Forecast by Applications
10.7.1. Rescue
10.7.2. Defense
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Warship And Naval Vessels Demand Share Forecast, 2019-2026
11. Asia Pacific Warship And Naval Vessels Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Warship And Naval Vessels Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Warship And Naval Vessels Market Size and Volume Forecast by Types
11.4.1. Corvettes
11.4.2. Frigates
11.4.3. Aircraft Carriers
11.4.4. Submarines
11.4.5. Cruisers Ships
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Warship And Naval Vessels Market Size and Volume Forecast by Applications
11.7.1. Rescue
11.7.2. Defense
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Warship And Naval Vessels Demand Share Forecast, 2019-2026
12. Middle East & Africa Warship And Naval Vessels Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Warship And Naval Vessels Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Warship And Naval Vessels Market Size and Volume Forecast by Types
12.4.1. Corvettes
12.4.2. Frigates
12.4.3. Aircraft Carriers
12.4.4. Submarines
12.4.5. Cruisers Ships
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Warship And Naval Vessels Market Size and Volume Forecast by Applications
12.7.1. Rescue
12.7.2. Defense
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Warship And Naval Vessels Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Warship And Naval Vessels Market: Market Share Analysis
13.2. Warship And Naval Vessels Distributors and Customers
13.3. Warship And Naval Vessels Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. BAE Systems
13.4.2. DSME Co., Ltd.
13.4.3. EDGE PJSC Group.
13.4.4. FINCANTIERI S.p.A
13.4.5. Garden Reach Shipbuilders and Engineers Limited
13.4.6. General Dynamics Corporation
13.4.7. HD Hyundai Heavy Industries Co., Ltd.
13.4.8. Reliance Naval & Engineering Limited
13.4.9. ThyssenKrupp AG
Methodology
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