DUBLIN, March 7, 2023 /PRNewswire/ — The “Warships and Naval Vessels Global Market Opportunities and Strategies to 2031” report has been added to ResearchAndMarkets.com’s offering.
The warships and naval vessels market reached a value of nearly $54,352.0 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.9% since 2016. The market is expected to grow from $54,352.0 million in 2021 to $60,273.9 million in 2026 at a rate of 11.0%. The market is then expected to grow at a CAGR of 10.2% from 2026 and reach $149,168.3 million in 2031.
Growth in the historic period resulted from increased maritime disputes and conflicts between nations, increased military expenditure, low-interest rates and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were high manufacturing and maintenance costs, COVID-19 impact, defense budget reductions in developed nations, political uncertainties, fluctuating raw material prices and geopolitical tensions.
Going forward, increasing global defense expenditure, labor shortage and faster economic growth will drive the growth. Factors that could hinder the growth of the warships and naval vessels market in the future include Russia-Ukraine war, stringent regulations, increasing cyber-attacks and low funding and budgets.
The warships and naval vessels market is segmented by type into warships, submarines, aircraft carriers and others types. The warships market was the largest segment of the warships and naval vessels market segmented by type, accounting for 58.1% of the total in 2021. Going forward, the warships segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by type, at a CAGR of 11.6% during 2021-2026.
The warships and naval vessels market is also segmented by operation into surface fleet and undersea fleet. The surface fleet market was the largest segment of the warships and naval vessels market segmented by operation, accounting for 87.0% of the total in 2021. Going forward, the surface fleet segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by operation, at a CAGR of 11.1% during 2021-2026.
The warships and naval vessels market is also segmented by application into rescue, defense and other applications. The defense market was the largest segment of the warships and naval vessels market segmented by application, accounting for 71.3% of the total in 2021. Going forward, the defense segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by application, at a CAGR of 11.3% during 2021-2026.
The warships and naval vessels market is also segmented by end-use into destroyer, frigate and other end uses. The destroyer market was the largest segment of the warships and naval vessels market segmented by end-use, accounting for 25.3% of the total in 2021. Going forward, the frigate segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by end-use, at a CAGR of 12.9% during 2021-2026.
North America was the largest region in the warships and naval vessels market, accounting for 32.7% of the total in 2021. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the warships and naval vessels market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 13.1% and 10.7% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 10.3% and 10.2% respectively.
The warships and naval vessels market is consolidated, with a few large players. The top ten competitors in the market made up to 46.12% of the total market in 2021. The market is expected to be change in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies.
General Dynamics Corporation was the largest competitor with 15.24% of the market, followed by Huntington Ingalls Industries Inc with 11.62%, BAE Systems plc with 4.28%, Lockheed Martin Corporation with 3.86%, Fincantieri S.p.A with 3.75%, ThyssenKrupp AG with 1.86%, Hyundai Heavy Industries Co., Ltd with 1.61%, Mitsubishi Heavy Industries with 1.44%, Daewoo Shipbuilding & Marine Engineering Co. Ltd with 1.39%, and Austal with 1.07%.
The top opportunities in the warships and naval vessels market segmented by type will arise in the warships segment, which will gain $23,180.0 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by operation will arise in the surface fleet segment, which will gain $32,601.5 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by application will arise in the defense segment, which will gain $27,405.0 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by end-use will arise in the frigate segment, which will gain $10,606.3 million of global annual sales by 2026. The warships and naval vessels market size will gain the most in USA at $9,997.0 million.
Market-trend-based strategies for the warships and naval vessels market include environment-friendly materials, artificial intelligence, unmanned warships and naval vessels, internet of things (IoT), strategic partnership and investments.
Player-adopted strategies in the warships and naval vessels market includes strengthening business operations through securing new contracts and delivering critical capabilities to the Navy and the nation through strategic partnerships.
To take advantage of the opportunities, the report recommends the warship and naval vessels companies to focus on use of environment-friendly materials, focus on unmanned warships and naval vessels, focus on artificial intelligence, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, offer competitive pricing, participate in trade shows and events, continue to target fast-growing applications.
Competitive Landscape And Company Profiles
Company Profiles
General Dynamics Corporation
Huntington Ingalls Industries Inc
BAE Systems plc
Lockheed Martin Corporation
Fincantieri S.p.A
Key Mergers And Acquisitions
Hanwha Group Acquired DSME
Navios Maritime Partners Acquired Navios Maritime Holdings
Babcock International Group PLC Acquired Naval Ship Management Pty Ltd
ABL Group Acquired Damen Shipyard Group
Leidos Acquired Gibbs & Cox
Mitsubishi Heavy Industries Acquired Mitsui E&S Holdings
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Warships And Naval Vessels Market Definition and Segmentations
6.4. Market Segmentation By Type
6.4.1. Warships
6.4.2. Submarines
6.4.3. Aircraft Carriers
6.4.4. Other Types
6.5. Market Segmentation By Operation
6.5.1. Surface Fleet
6.5.2. Undersea Fleet
6.6. Market Segmentation By Application
6.6.1. Rescue
6.6.2. Defense
6.6.3. Other Applications
6.7. Market Segmentation By End Use
6.7.1. Destroyer
6.7.2. Frigate
6.7.3. Other End Uses
7. Major Trends And Strategies
7.1. Environment-Friendly Materials
7.2. Artificial Intelligence
7.3. Unmanned Warships And Naval Vessels
7.4. Internet Of Things (IoT)
7.5. Strategic Partnership
7.6. Investments
8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 – 2021, Value ($ Million)
8.2.1. Market Drivers 2016 – 2021
8.2.2. Market Restraints 2016 – 2021
8.3. Forecast Market Growth, 2021 – 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 – 2026
8.3.2. Market Restraints 2021 – 2026
9. Global Market Segmentation
9.1. Global Warships And Naval Vessels Market, Segmentation By Type, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Warships And Naval Vessels Market, Segmentation By Operation, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Warships And Naval Vessels Market, Segmentation By Application, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.4. Global Warships And Naval Vessels Market, Segmentation By End-Use, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10. Global Market, Regional And Country Analysis
10.1. Global Warships And Naval Vessels Market, By Region, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Warships And Naval Vessels Market, By Country, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/81y5gr
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