The global warship and naval vessels market was worth US$ 39.4 Billion in 2017. Warships and naval vessels are intently built to serve in war and belong to the naval forces of a country. Warships are much faster, safer and more maneuverable than merchant ships and represent a key component of a country’s naval force. Unlike merchant ships that carries cargo, warships are designed to carry only weapons, ammunition, and essential supplies for the crew onboard. Although warships and naval vessels belong to the navy; individuals, cooperatives, and corporations have also been operating them.

One of the biggest factors driving the global market for warships and naval vessels is the continuous growth in the global defense spending. Driven by a rise in regional conflicts, the global defense spending has been rising continuously in recent years. In 2017, the global defense spending reached around US$ 1.7 Trillion. This growth has been largely catalyzed by a rise in defense budgets by countries in the Asia Pacific and the Middle East regions, such as China, India and Saudi Arabia. Countries are currently spending extensively on upgrading and expanding their current fleet of naval vessels. Apart from participating in offensive operations against enemy forces, naval vessels are also involved in providing humanitarian assistance and disaster relief operations. Looking forward, the global warship and naval vessels market is projected to reach US$ 43.3 Billion by 2023, exhibiting a CAGR of nearly 2% during 2018-2023.

Market Summary:

Based on the naval vessels type, the market has been segmented into warships, submarines and aircraft carriers. Warships currently represent the biggest segment.
Based on the application, the market has been segmented into rescue, defense and others.
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being
Babcock International Group
General Dynamics
Kawasaki Heavy Industries
Lockheed Martin
Mitsubishi Heavy Industries
CSIC
DSME
Fincantieri
Reliance Naval and Engineering Limited.

This report provides a deep insight into the global warship and naval vessels market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the warship and naval vessels market in any manner.
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Category: Defense Market Research
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