Naval Combat Vessels Market : Global Major Key Players Research – Forecast to 2023

Naval Combat Vessels Market Research Report Information by Vessel Type (Submarine, Frigates, Corvettes, Destroyers and Others), Mode of Propulsion (Nuclear-Powered and Conventional Powered), and Region – Forecast till 2023

Market Scenario

Combat vessels are an important part of warfare ships that are built for battle on the water surface and are designed for applications such as war fight with submarines or aircraft and can execute other missions related to counter-narcotics operations and maritime interdiction operations (MIO). The rise in next-generation naval systems, such as Unmanned Underwater Vehicles (UUVs), would improve the accuracy of naval vessels on the battlefield. Significant investments have been made on the development of naval combat vessels systems, which would lead to rapid growth of the market during the forecast period.

Moreover, unmanned underwater vehicles are considered to be the next-generation naval combat systems to be deployed by the defense authorities, globally. These UUVs are used as force multipliers and C4ISR systems for target recognition and damage assessment, and in electronic warfare. For instance, Lockheed Martin signed a contract with the U.S. Navy to design the largest unmanned underwater drone, the Orca. In addition, they offer services related to Light Amplification by Stimulated Emission of Radiation (LASER) and Global Positioning Systems (GPS), that will help in Intelligence, Surveillance, and Reconnaissance (ISR) missions. Defense sectors are procuring UUVs to minimise naval troop casualties and capital expenditure. They are also used to replace obsolete manned underwater vehicles and submarines.

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The increased need for modernization of naval combat systems will offer new growth opportunities to the market players. The factors responsible for the growth of the global naval combat vessels market are the rapid investments in submarines and increasing number of the unmanned underwater vehicle. Several contracts have been signed to bolster the growth of the market. In 2015, Israel Military Industries signed a contract with Germany for 4 TKMS MEKO Patrol Vessels. In 2018, BAE Systems signed a contract with the U.S. Navy to modernize and upgrade the guided-missile destroyer USS Howard and USS Oscar Austin.

The global naval combat vessels market has been segmented by vessel type, mode of propulsion, and region. Among vessel type, corvettes are the most widely used and have the largest market share due to increase in deliveries of corvettes. For instance, the Saab AB signed a contract with Swedish Defense Material Administration for the modification and upgrading of the Swedish Marine’s Gavle-class corvettes. On the basis of mode of propulsion, the nuclear-powered market segment is estimated to witness the largest demand during the forecast period, owing to the need of the flexible power output and space constraints.

On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. The North American region is expected to dominate the market in the coming years, due to the increasing incorporation of advanced combat systems into naval vessels. The Asia Pacific region follows the North America region in the global naval combat vessels market, and is estimated to trail North America during the forecast period, as well, due to the growing need for warfare ships and frigates, especially in China and Japan. For instance, Lockheed Martin signed a contract with the U.S Naval Sea Systems on development and integration of the Aegis Baseline 9 systems for Japan Maritime Self Defense Force destroyers. The global naval combat vessels market is estimated to witness a CAGR of 4%, from 2018 to 2023.

Key Players

The key players in global naval combat vessels market are Israel Military Industries (Israel), BAE Systems (U.K), Lockheed Martin Corporation (U.S.), Raytheon (U.S.), General Dynamics Corporation (U.S.), SaaB AB (Sweden), Huntington Ingalls Industries, Inc. (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Shipbuilding Corporation (Japan), and Kockums AB (Sweden).

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