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The naval vessels industry is driven by the growing efforts by sovereign countries to expand their naval capabilities and enhance the security of the nation. The governments are increasing their investments to keep a check on terrorist and illegal activities like smuggling and foreign intrusion. In addition to this, the stringent government legislations aimed towards protecting the citizens are further propelling the demand for efficient naval warheads. Moreover, a significant increase in the global defence expenditure has a major role to play in the expansion of naval vessels industry.
The growing collaborations by the leading market players to enhance their global reach are expected to aid the market growth in the forecast period. In March 2021, General Dynamics Corporation (NYSE: GD) secured a deal worth $2.42 billion to develop submarine with Virginia Payload Module (VPM). In another case, in December 2018, BAE Systems Plc announced a 4-year design and development deal to supply warships for the Australian Navy.
In terms of region, North America is likely to account for a significant market share in the forecast period. The market growth is likely to be driven by the presence of several manufacturers in the region involved in the production of naval vessels with advanced capabilities. The United States of America is the military powerhouse of the world and the country has witnessed a considerable increase in the defence expenditure owing to the rising geopolitical tensions.
Market Breakup by Vessel Type and Region:
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The major players in the global naval vessels market are BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., and Hyundai Heavy Industries Co. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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