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Global Naval Vessels Market to Grow at a CAGR of 13.74% During 2022-2027, Aided by the Growing Efforts to Expand the Naval Capabilities by the Sovereign Nations

According to a new report by EMR titled, ‘Global Naval Vessels Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 73.4 billion in 2021. The market is further expected to grow at a CAGR of 13.74% between 2022 and 2027 to reach USD 158.7 billion by 2027.

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:

  • The market is segmented based on vessel type into destroyers, frigates, submarines, corvettes, and aircraft carriers, among others. 
  • Region-wise, the global market for naval vessels can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for naval vessels is being driven by the rising defence expenditure by the sovereign nations aimed towards bolstering the safety and security of their citizens.
  • The rapid expansion of the major naval vessels manufacturers in emerging economies is likely to aid the market.
  • The rising maritime disputes, terrorism, and cases of smuggling are likely to propel the need for naval vessels.
  • The market is anticipated to be aided by the advancements in existing naval vessels technology as well as the development of defence systems and solutions.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for naval vessels for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the vessel types, and major regions of naval vessels.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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