Market Research Report
Global Military Hovercraft Market - Segmented by Type (Sidewall Hovercraft, Amphibious Hovercraft) and Geography - Growth, Trends, and Forecast (2018-2023)
|Published by||Mordor Intelligence LLP||Product code||707248|
|Published||Content info||109 Pages
Delivery time: 1-2 business days
|Global Military Hovercraft Market - Segmented by Type (Sidewall Hovercraft, Amphibious Hovercraft) and Geography - Growth, Trends, and Forecast (2018-2023)|
|Published: August 1, 2018||Content info: 109 Pages||
The Military Hovercraft market is expected to grow with a CAGR of around 0.3% during the forecast period. Hovercraft offers many advantages over the conventional means of transport over the water. These include traveling over shallow waters and terrains, irrespective of water current direction, and the costs saved in building separate harbors for these vehicles. Also, the accessibility of these hovercraft to any terrain, the requirement of amphibious vehicles that can travel both on land and water, and the low cost involved in production of hovercraft compared to ships and boats of the same size, are some of the main factors that are driving the military hovercraft market during the forecast period.
The global military expenditure experienced an increase of 1.1 % from 2016 to reach USD 1,739 billion in 2017. The main reason for this growth in expenditure being the conflicts among various countries and various security threats imposed externally and internally, the increasing terrorism, several border security issues, the volatile relations among the nations, and various technological advancements in the defense field. There has been a gradual increase in the money spent to procure the advanced maritime vehicles from all the countries across the world. This demands them to spend more budget in the defense sector. Many deliveries for the contracts awarded previously are being delivered to armies around the world.
In March 2017, Textron's marine and land systems division unveiled its plans to deliver the first of five LCAC-100 hovercraft to the US Navy. The increase in defense expenditure by governments across the world is helping the armies to procure more sophisticated land and sea-based vehicles around the world, which would help the military hovercraft market during the forecast period.
There has been increasing instances of territorial water zone disputes between countries and other security concerns for sea trade across the world. This led to the increasing emphasis on maritime security. This makes several countries globally to invest in the amphibian landing vessels like hovercraft. Many navies across the globe are operating these vehicles to carry troops from ships to land and to deploy them for patrolling the territorial waters. Hovercraft are also used for search and rescue operations in different terrains like sea, sand, and ice. For enhancing their combat capabilities, the manufacturers are equipping them with weapons like rifles, machine guns, and grenade launchers. In June 2018, India approved the plans to acquire Griffon 8000TD hovercraft for the country's coastguard, army; for maritime surveillance, search and rescue operations. Following this, in July 2018, Indian Coast Guard deployed one of their hovercraft to patrol the coastlines of Andhra Pradesh, Odisha, and West Bengal for coastal patrol, search and rescue operations, maritime surveillance, and to provide assistance to fishermen in distress. The hovercraft was also be used in 'Operation Oliva' to counter illegal sea fishing along the Odisha coast and also to protect endangered Olive Ridley sea turtles. With many nations in the world sharing their borders with seas, and increase in the necessity for maritime security and patrol, search, and rescue operations, the military hover market is expected to grow during the forecast period.
North America is expected to dominate the Military Hovercraft market during the forecast period, mainly due to continuous demand from US military. The United States is constantly procuring new hovercraft for their navy. Thus, there was an ample amount of revenue generation for the Military Hovercraft market from this region.
Military Hovercraft Market Major Players:
Aerohod, AirLift Hovercraft, ALMAZ, Griffon Hoverwork, and Textron among others.
Military Hovercraft Market Recent Developments:
Jan 2018: U.S. Navy issued a multiple-award contract worth USD 107.2 million to Walashek, Epsilon Systems Solutions and L-3 Unidyne for providing support and services for the Landing Craft Air Cushion (LCAC) fleet modernization program.
Dec 2017: Central Design Bureau Neptune Company was awarded a contract by the Russian Navy for two 'Manul' hovercraft, which are of light-weight combat hovercraft type.
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