The global warship naval vessels market is anticipated to grow at a CAGR of 5.2% during the forecast period (2022-2028). Government spending to expand maritime capabilities in key economies around the globe is driving the global naval vessel sector. This can be ascribed to increased geopolitical tensions, rising terrorism, and growing awareness of the need to protect individuals in sovereign states from maritime threats. Moreover, the rising risk of future maritime clashes as a result of expansionist ideology is expected to increase demand for navy warships. The market will also benefit from increased government spending to combat smuggling and human trafficking. As a result, the market is expected to increase steadily over the forecast period.
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Regional conflicts and maritime disputes are caused by disputed borders and disinformation about marine limits. Disputes between third-world countries are frequently not resolved by negotiation or settlement, resulting in war. To avoid such scenarios, countries build up their defenses in order to be in a position to negotiate or, in the worst-case scenario, retaliate. For example, Ladakh (Indian governed union territory) has been a source of contention between India, Pakistan, and China since 1947. To resolve these conflicts, countries concentrate on expanding their defense capabilities, which stimulates the growth of the naval vessel market.
The rise in threats against countries and their inhabitants necessitates an increase in defense spending to deal with or prevent such a crisis from occurring. Defense spending has expanded dramatically over the world to maintain peace and order. Due to its rapid mobility and capacity to shield other large warships from air, surface, and undersea attacks, the frigate category accounts for a major share of the market. Additionally, frigates are excellent anti-submarine warfare (ASW) assets for amphibious expeditionary troops and merchant convoys.
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Some major players in the market include BAE Systems PLC, General Dynamics Corp., Huntington Ingalls Industries Inc., Korea Shipbuilding & Offshore Engineering, and The Naval Group, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, BAE Systems PLC offers Queen Elizabeth (QE) Class Aircraft Carriers. The carriers’ cutting-edge weapons handling system, which can carry weaponry to the flight deck six times faster than before, reducing the number of people needed to run the system from 160 to only 48 crew members, is a crucial motivator.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- BAE Systems PLC, General Dynamics Corp., Huntington Ingalls Industries Inc., Korea Shipbuilding & Offshore Engineering, The Naval Group, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Warship Naval Vessels Market Report by Segment
By Type
- Warships
- Submarines
- Aircraft Carriers
By Application
- Rescue
- Defense
- Others
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