Naval Vessels Market is Expected to Gain Popularity Across the Globe by 2030

 

Description

Theglobal naval vessels market size was valued at USD 74.3 billion in 2021, and it is projected to record a CAGR of 16.7%, to reach USD 255.5 billion by 2030. As geopolitical tensions, maritime disputes between various nations, and criminal activities over the seas are increasing, and countries are striving to enhance their naval capabilities. Many countries are upgrading their current naval fleets or replacing their old fleets with newer-generation vessels that come with advanced features and technologies. With the growth in spending in the defense sector by several nations worldwide, the industry witnessed large-scale procurement and development activities in the last few years.

However, despite the growth in defense spending over the years, budget constraints may prevent developing countries from opting for procuring large-scale naval vessels, which may hinder the market growth. Furthermore, the advent of the COVID-19 pandemic is expected to force several nations to enforce budget cuts in the years to come, thus, further affecting the market prospects.

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Global Naval Vessels Market Definition

A naval vessel is a military vessel used by the navy. Generally, naval vessels are damage resilient and armed with weapon systems.

Global naval warfare witnessed a paradigm shift over the last decade. Globally, navies are focusing on procuring smaller vessels with enhanced weapon systems and sensor suites to reduce acquisition and operational expenses. This trend is expected to influence the market prospects during the forecast period.

Global Naval Vessels Market Dynamics

Drivers: Growth in Defense Expenditures Over the Years

In recent years, several governments have increased their military spending levels to improve the security situation in their respective countries. Military powerhouses, such as the United Kingdom, the United States, China, and India, have focused on augmenting their naval fleets and sea-based combat capabilities. In this regard, several naval vessel developments, procurement, and modernization programs are currently underway to enhance the combat capabilities of the naval forces. The increase in defense budgets currently supports these programs.

The global military expenditure was 7.2% higher in 2019 than in 2010. The growth rate of spending in the military has increased in recent years. The US, China, India, Russia, and Saudi Arabia had the highest military expenditures in the world in 2019. Moreover, according to the SIPRI, they accounted for 62% of the global expenditure.

Restraints: Evolving Global Crisis and the Covid-19 Pandemic Projected to Affect the Market Prospects

A significant amount of defense spending is vital for any procurement or modernization program. Military acquisition efforts must simultaneously develop advanced solutions to improve reliability and capability while maintaining long-lead-time improvement programs. Modernization, procurement, or indigenous development of newer naval vessels incorporating the latest technologies incur high costs for the governments, demanding higher GDP spending allocations toward defense.

The global economic growth has been slowed down over the last couple of years owing to the diminished pace of growth of commodity exporters in Africa, South America, and some countries in the Middle East. The market growth in various countries is projected to be challenged by this factor during the forecast period, as countries plan to allocate their shrinking financial resources based on immediate priorities. Before the COVID-19 pandemic, Saudi Arabia announced in 2019 that it was reducing its focus on defense and shifting to education and healthcare. Furthermore, the outbreak of COVID-19 and the subsequent shutdowns have affected the defense manufacturing sector in several countries.

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Scope of the Global Naval Vessels Market

The study categorizes the naval vessels market based on vessel type and application at the regional and global levels.

By Vessel Type Outlook (Sales/Revenue, USD Billion, 2017-2030)

• Destroyers
• Frigates
• Submarines
• Corvettes
• Aircraft Carriers
• Other Vessel Types

By Application Outlook (Sales/Revenue, USD Billion, 2017-2030)

• Search and Rescue
• Combat Operations
• MCM Operations
• Coastal Surveillance
• Others

By Region Outlook (Sales/Revenue, USD Billion, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The aircraft carriers segment is projected to account for the largest market share, by vessel type

Based on aircraft carriers, the global naval vessels market is divided into destroyers, frigates, submarines, corvettes, aircraft carriers, and other vessel types. In 2021, the aircraft carriers segment accounted for the largest market share of 27.5% in the global naval vessels market. An aircraft carrier is a war vessel that acts as a sea airbase, consisting of a full-length flight deck and facilities to arm, carry, deploys, and recover aircraft. The aircraft carrier is the largest warship in the naval fleet as they require a huge amount of deck room. Aircraft carrier require defensive capabilities for protecting the multitude of aircraft and crew onboard.

Aircraft carriers have higher defense capabilities, and they are expensive to be built compared to smaller naval vessels. For instance, despite being officially commissioned, Gerald R Ford requires to undergo pre-deployment trials for another four years, which would result in additional expenses of USD 780 million.

North America accounts for the highest CAGR during the forecast period

Based on the regions, the global naval vessels market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR of 21.6% in the global naval vessels market during the forecast period. The US navy has over 490 active service ships and the reserve fleet, with about 90 more in either planning and ordering stage or under construction.

Moreover, The Royal Canadian Navy is tasked to provide maritime security along the Pacific, Atlantic, and Arctic coasts of Canada, exercise Canada's sovereignty over the Arctic Archipelago and support Canada's multi-national and bilateral interests overseas.

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Key Market Players

The naval vessels market is mildly concentrated in nature with few numbers of global players operating in the market such as ThyssenKrupp AG, BAE Systems PLC, General Dynamics Corporation, The Naval Group, Abu Dhabi Ship Building PJSC, Damen Shipyards Group, Lurssen Werft GmbH & Co. KG, Hyundai Heavy Industries Group, United Shipbuilding Corporation, Kalashnikov Group, Huntington Ingalls Industries Inc., Lockheed Martin Corporation, and Austal Limited.

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