Market Research Report
Warship and Naval Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
|Published by||IMARC Services Private Limited||Product code||757533|
|Published||Content info||75 Pages
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|Warship and Naval Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023|
|Published: December 14, 2018||Content info: 75 Pages||
The global warship and naval vessels market was worth US$ 39.4 Billion in 2017. Warships and naval vessels are intently built to serve in war and belong to the naval forces of a country. Warships are much faster, safer and more maneuverable than merchant ships and represent a key component of a country's naval force. Unlike merchant ships that carries cargo, warships are designed to carry only weapons, ammunition, and essential supplies for the crew onboard. Although warships and naval vessels belong to the navy; individuals, cooperatives, and corporations have also been operating them.
One of the biggest factors driving the global market for warships and naval vessels is the continuous growth in the global defense spending. Driven by a rise in regional conflicts, the global defense spending has been rising continuously in recent years. In 2017, the global defense spending reached around US$ 1.7 Trillion. This growth has been largely catalyzed by a rise in defense budgets by countries in the Asia Pacific and the Middle East regions, such as China, India and Saudi Arabia. Countries are currently spending extensively on upgrading and expanding their current fleet of naval vessels. Apart from participating in offensive operations against enemy forces, naval vessels are also involved in providing humanitarian assistance and disaster relief operations. Looking forward, the global warship and naval vessels market is projected to reach US$ 43.3 Billion by 2023, exhibiting a CAGR of nearly 2% during 2018-2023.