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The global warship and naval vessels market reached a value of US$ 57.8 Billion in 2020. Warships and naval vessels are intently built to serve in war and belong to the naval forces of a country. Warships are much faster, safer and more maneuverable than merchant ships and represent a key component of a country’s naval force. Unlike merchant ships that carries cargo, warships are designed to carry only weapons, ammunition, and essential supplies for the crew onboard. Although warships and naval vessels belong to the navy; individuals, cooperatives, and corporations have also been operating them.
One of the biggest factors driving the global market for warships and naval vessels is the continuous growth in the global defense spending. Driven by a rise in regional conflicts, the global defense spending has been rising continuously in recent years. In 2018, the global defense spending reached around US$ 1.8 Trillion. This growth has been largely catalyzed by a rise in defense budgets by countries in the Asia Pacific and the Middle East regions, such as China, India and Saudi Arabia. Countries are currently spending extensively on upgrading and expanding their current fleet of naval vessels. Apart from participating in offensive operations against enemy forces, naval vessels are also involved in providing humanitarian assistance and disaster relief operations. Looking forward, IMARC Group expects the global warship and naval vessels market to exhibit strong growth during the next five years.
This report provides a deep insight into the global warship and naval vessels market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the warship and naval vessels market in any manner.
The global warship and naval vessels market reached a value of US$ 57.8 Billion in 2020.
According to the estimates by IMARC Group, the global warship and naval vessels market is expected to exhibit strong growth during the next five years.
The rising geographical conflicts, along with the increasing investment in the defense sector by governments of several countries, represent one of the key factors bolstering the market growth.
The increasing utilization of warship and naval vessels for other purposes, such as disaster relief operations and humanitarian aid, is acting as a major trend in the market.
The market is currently experiencing negative growth due to lockdowns imposed by governments of several countries to contain the mass spread of the coronavirus disease (COVID-19) and disruptions in the operational efficiency of various manufacturing units around the world.
Based on the type, the market has been classified into warships, submarines and aircraft carriers.
On the basis of the application, the market has been segmented into rescue, defense and others.
Region-wise, the market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Leading industry players are Babcock International Group PLC, General Dynamics Corporation, Kawasaki Heavy Industries, Ltd., Lockheed Martin Corporation, Mitsubishi Heavy Industries, Ltd., CSIC Group, DSME Co., Ltd., Fincantieri S.p.A., Garden Reach Shipbuilders & Engineers (GRSE) Ltd., Hyundai Heavy Industries Co., Ltd., Navantia (SEPI group), and Reliance Naval and Engineering Limited.
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