Market Research Report
The Global Naval Vessels And Surface Combatants Market 2019-2029
|Published by||GlobalData||Product code||596074|
|Published||Content info||193 Pages
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|The Global Naval Vessels And Surface Combatants Market 2019-2029|
|Published: July 10, 2019||Content info: 193 Pages||
The global naval vessels and surface combatants market is valued at US$36.7 billion in 2019, and will grow at a CAGR of 1.97%, to reach a value of US$44.6 billion by 2029. The cumulative market for global naval vessels and surface combatants is anticipated to value US$429.8 billion over the forecast period. The demand for naval vessels is anticipated to be driven by high levels of expenditure by emerging economies in the Asia-Pacific region including India and China. The North American region supported by US Navy's multi-year procurement programs, is expected to maintain its leading position globally, exhibiting a steady pace of growth over the forecast period.
The global naval vessels and surface combatants market is expected to be led by North America with revenue share of 41.9%. Cumulatively, North America is projected to spend US$180.3 billion on naval vessels and surface combatants over the forecast period. In 2019, regional expenditure is expected to value US$15.1 billion and increase to US$19.0 billion by 2029, growing at a CAGR of 2.32%. Asia-Pacific will follow North America and is expected to account for 26.2% revenue share of the global naval vessels and surface combatants market over the forecast period.
Europe is anticipated to be the third-largest market globally with a revenue share of 22.2% over the forecast period, driven by the naval expansion and capability enhancement initiatives undertaken by various countries in the region. With a share of 5.5%, the market for naval vessels and surface combatants in the Middle East is projected to be the fourth largest globally.
Frigates is expected to be the largest segment in the naval vessels and surface combatants market during the forecast period. Driven by several high-value procurement programs worldwide including the US Navy's FFG(X) program, Canadian Navy's 'Canadian Surface Combatant' program, Saudi Navy's Multi-Mission Surface Combatant program, Australian Navy's SEA 5000 (Hunter-class) program and French Navy's Intermediate Frigate (FTI) program among others; the Frigates segment is expected to account for a 28.7% revenue share of the total market over the forecast period.
Destroyers segment will follow Frigates segment with 19.6% market share. With 15.1% share, Amphibious Ships segment is anticipated to hold the third position in the global market. The growing demand for Amphibious Ships is primarily attributed to the ongoing initiatives of naval forces to develop relevant sealift capabilities. Light Combat Vessels and Corvettes segments to account for respective shares of 11.8% and 9.3%. Aircraft Carriers will account for a decent share of 8.6% over the next decade. The remaining share of 6.9% will be held by Auxiliary Vessels segment.
The report "The Global Naval Vessels And Surface Combatants Market 2019-2029", offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for naval vessels, key market trends, and challenges faced by industry participants.
Companies mentioned: General Dynamics, Huntington Ingalls Industries, Austal, Naval Group, Larsen & Toubro Limited (L&T), Lockheed Martin, Fincantieri SpA, BAE Systems, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co., Ltd and Abu Dhabi Shipbuilding