According to the latest report by IMARC Group, titled “Warship and Naval Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global warship and naval vessels market reached a value of US$ 63.7 Billion in 2022. Warship and naval vessels are designed to carry crew, ammunition, and essential supply for maritime warfare. They are manufactured using metals, such as aluminum, titanium, steel and magnesium alloys. Warships, submarines and aircraft carriers are some of the naval vessel types. Warship and naval vessels are widely used to protect the overwater movement of military forces to coastal areas and against enemy attacks. As compared to merchant ships, they are faster, safer, and more maneuverable and are intently built to serve in the war. Warships and naval vessels belong to the navy; however, they can also be operated by individuals, cooperatives, and corporations.
Global Warship and Naval Vessels Market Trends-
Significant growth in the defense industry and the rising security concerns on account of the growing geopolitical tensions among neighboring countries are creating a positive outlook for the market. In line with this, warships and naval vessels are widely used to protect from enemy attacks and prevent the import of commodities necessary for the prosecution of the war, which is favoring the market growth. Apart from this, various advancements in technology, such as the integration of the Internet of Things (IoT) and artificial intelligence, that provide enhanced situational awareness, increase engine efficiency, lower maintenance costs, and reduce the frequency and severity of breakdowns, are providing an impetus to the market growth. Moreover, the introduction of warships and naval vessels manufactured using sustainable materials, like fiber-reinforced plastic, to reduce water pollution and environmental damage is further augmenting the market growth. Other factors, including rising defense expenditures, extensive research and development (R&D) activities, and the implementation of various government initiatives focusing on upgrading and expanding existing naval vessel infrastructures, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is expected to reach US$ 90.2 Billion by 2028, exhibiting a CAGR of 6.16% during 2023-2028.
- On the basis of the type, the market has been classified into warships, submarines, and aircraft carriers. Warships currently represent the biggest segment.
- Based on the application, the market has been divided into rescue, defense, and others.
- Based on the region, the market has been categorized into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Babcock International Group, General Dynamics, Kawasaki Heavy Industries, Lockheed Martin, Mitsubishi Heavy Industries, CSIC, DSME, Fincantieri, Garden Reach Shipbuilders & Engineers, Hyundai Heavy Industries, Navantia, and Reliance Naval and Engineering Limited.
|Base Year of the Analysis
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Babcock International Group, General Dynamics, Kawasaki Heavy Industries, Lockheed Martin, Mitsubishi Heavy Industries, CSIC, DSME, Fincantieri, Garden Reach Shipbuilders & Engineers, Hyundai Heavy Industries, Navantia, and Reliance Naval and Engineering Limited
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