Top 5 Companies Dominating the Global Naval Vessels Market Landscape

BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., and Hyundai Heavy Industries Co. Ltd., among others, are the major players in the global naval vessels market.

The global naval vessels market reached a volume of about USD 94.96 billion in 2023. The market is projected to grow at a CAGR of 13.74% in the forecast period of 2024-2032 to reach around USD 302.09 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by rising investment in military expenses by governments around the world.

The increased spending on defence by governments around the world positively influences the growth of the naval vessels market. Defence spending in the EU and the Euro area combined accounted for 1.3% of GDP in 2021, and the Indian government’s allocation of USD 73.8 billion for the defence budget makes it the third largest globally.

In 2022, the United States' defence budget made up almost 40% of all military spending by nations worldwide. The allocation of government budgets to defence and law enforcement agencies favours the market growth.

Advancements in naval vessel technology that help battleships to operate with the possibility of minimal radar detection are aiding the market. Additionally, the incorporation of Integrated Electric Propulsion and Littoral Combat Ships and Multi-hulls in naval vessels further expands the growth of the market.

Top 5 Naval Vessels Companies in the World:

BAE Systems Plc

BAE Systems has established its position as a prominent provider of advanced, technology-led defence, aerospace, and security solutions. The company has operations in over 40 countries worldwide. The company designs, engineers, manufactures, and supports systems and products in collaboration with clients and regional partners to provide the military capability, safeguard individuals and the country's security, and maintain the security of vital data and infrastructure.

General Dynamics Corporation

General Dynamics is a leading global aerospace and defence company that is organised into four business groups, including aerospace, marine systems, combat systems and technologies. The company offers a broad portfolio of innovative products and services in business aviation; combat vehicles, weapons systems and munitions; IT and C4ISR solutions; and shipbuilding and ship repair.

ThyssenKrupp AG

Thyssenkrupp is an international industrial and technology company that operates business activities in five segments, including automotive technology, decarbon technologies, materials services, steel Europe, and marine systems. Under the Thyssenkrupp umbrella brand, the company develops long-term value through innovative products, technology, and services. The company has operations in 48 countries globally and generated sales of €38 billion in fiscal 2022–2023.

Abu Dhabi Ship Building Co.

ADSB specialises in shipbuilding, maintenance, repair, refitting, and conversion of navy commercial vessels for the UAE and the MENA region. The company deploys the latest technologies, including robotics and automation, to maximise fleet readiness, extend ship lifetimes, and lower overall lifecycle costs. While boats are still in operation, the company's in-service support offers basic maintenance; its integrated maintenance support offers in-service maintenance along with the assurance of long lead times for equipment and spare parts. This guarantees reduced out-of-service maintenance intervals and vessel availability.

Hyundai Heavy Industries Co. Ltd.

Hyundai Heavy Industries (HHI) is one of the largest South Korean conglomerates engaged in shipbuilding, heavy equipment, and machinery manufacturing. The Naval and Special Ship Business Unit (NSSBU) is a separate HHI division devoted to the design and building of naval ships. The world's largest shipbuilder, the Shipbuilding Division of Shipbuilding and Offshore Business Unit of Hyundai Heavy Industries, holds a 10% market share and leads the shipbuilding sector worldwide.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.