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Global Naval Vessels Market Growth, Analysis, Forecast: By Vessel Type: Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; 2024-2032
Global Naval Vessels Market Outlook
The global naval vessels market stood at a value of around USD 94.96 billion in 2023. The market is further expected to grow at a CAGR of 13.74% in the forecast period of 2024-2032 to reach USD 302.09 billion by 2032.
Increasing Demand for Frigates to Aid the Global Naval Vessels Industry
The frigate segment based on vessel type accounts for a significant share in the market owing to its quick manoeuvrability and the ability to protect other large warships from air, surface, and underwater threats. In addition to this, frigates are highly effective in anti-submarine warfare (ASW) for amphibious expeditionary forces and merchant convoys. On the other hand, the aircraft carrier segment is estimated to witness a steady growth in the forecast period because of the rising investments by the major economies to bolster the carrying, arming, deploying, and covering facilities for an aircraft.
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North America Accounts for the Largest Share in the Market
The United States of America possesses a large number of naval vessels and has been increasing the budget for maintaining and advancing its military capabilities. The country is likely to increase its maritime capabilities by developing more aircraft carriers, frigates, corvettes, and submarines. Moreover, the growing export of naval vessels owing to the rising demand for efficient and durable warships from developing economies is anticipated to boost the market growth in North America in the forecast period.
Naval Vessels: Market Segmentation
A naval vessel is defined as a type of ship used by the naval force of a country. It is also known as a warship or troop ship and can be floated, steered, or moved in the ocean or sea.
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Based on vessel type, the market can be segmented into:
- Destroyers
- Frigates
- Submarines
- Corvettes
- Aircraft Carriers
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increasing Military and Naval Expenditure in Major Economies of the World to Boost the Growth of the Naval Vessels Industry
The global naval vessels industry is driven by the increasing government expenditure to expand maritime capabilities in major economies of the world. This can be attributed to the rising geopolitical tensions, increasing terrorism, and growing awareness pertaining to the protection of citizens from naval threats in the sovereign nations. Furthermore, the growing risk of potential maritime disputes owing to the ideology of expansionism is likely to boost the demand for naval vessels. The market will further be aided by the rising investments by governments to curb the cases of smuggling and human trafficking. Hence, the market is likely to witness a healthy growth in the forecast period.
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Key Industry Players in the Global Naval Vessels Market
The report gives a detailed analysis of the following key players in the global naval vessels market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- BAE Systems Plc
- General Dynamics Corporation
- ThyssenKrupp AG
- Abu Dhabi Ship Building Co.
- Hyundai Heavy Industries Co. Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report:
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Vessel Type, Region |
| Breakup by Vessel Type | Destroyers, Frigates, Submarines, Corvettes, Aircraft Carriers, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., Hyundai Heavy Industries Co. Ltd., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Naval Vessels Market Analysis
8.1 Key Industry Highlights
8.2 Global Naval Vessels Historical Market (2018-2023)
8.3 Global Naval Vessels Market Forecast (2024-2032)
8.4 Global Naval Vessels Market by Vessel Type
8.4.1 Destroyers
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Frigates
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Submarines
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Corvettes
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Aircraft Carriers
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Naval Vessels Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Naval Vessels Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Naval Vessels Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Naval Vessels Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Naval Vessels Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Naval Vessels Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 BAE Systems Plc
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 General Dynamics Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 ThyssenKrupp AG
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Abu Dhabi Ship Building Co.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hyundai Heavy Industries Co. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
12.2.6 Others
17 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirement and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Naval Vessels Market: Key Industry Highlights, 2018 and 2032
2. Global Naval Vessels Historical Market: Breakup by Vessel Type (USD Billion), 2018-2023
3. Global Naval Vessels Market Forecast: Breakup by Vessel Type (USD Billion), 2024-2032
4. Global Naval Vessels Historical Market: Breakup by Region (USD Billion), 2018-2023
5. Global Naval Vessels Market Forecast: Breakup by Region (USD Billion), 2024-2032
6. North America Naval Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
7. North America Naval Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
8. Europe Naval Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
9. Europe Naval Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Asia Pacific Naval Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Asia Pacific Naval Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Latin America Naval Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Latin America Naval Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Middle East and Africa Naval Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Middle East and Africa Naval Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Global Naval Vessels Market Structure
Key Questions Answered in the Report
In 2023, the global naval vessels market attained a value of nearly USD 94.96 billion.
The market is estimated to grow at a CAGR of 13.74% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 302.09 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. Among these, North America accounts for the largest share in the market.
The major drivers of the industry, such as the increasing defence expenditure by the major economies and the growing risk of terrorism, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the growing expansion of major naval vessel manufacturers, coupled with the favourable government policies.
Destroyers, frigates, submarines, corvettes, and aircraft carriers, among others are the major segments based on vessel type.
The major players in the industry are BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., and Hyundai Heavy Industries Co. Ltd., among others.
Analyst Review
The global naval vessels market attained a value of USD 94.96 billion in 2023, driven by the rising defence expenditure in emerging economies of the world. Aided by the growing research and development activities by the leading manufacturers, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 13.74%. The market is projected to reach USD 302.09 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on vessel type, the market is divided into destroyers, frigates, submarines, corvettes, and aircraft carriers, among others. The major regional markets for naval vessels are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America dominating the overall market. The key players in the above market include BAE Systems Plc, General Dynamics Corporation, ThyssenKrupp AG, Abu Dhabi Ship Building Co., and Hyundai Heavy Industries Co. Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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