Naval Vessels and Surface Combatants Market to Exhibit 5.6% CAGR from 2023 to 2030; Enhancing Battlefield Strategy and Modernizing Naval Operations Escalate Market Growth

The global naval vessels and surface combatants market size was valued at USD 429.10 billion in 2022. The market is projected to grow from USD 460.38 billion in 2023 to USD 674.81 billion by 2030, exhibiting a CAGR of 5.6 % during the forecast period. Fortune Business Insights™ presents this information in its report titled “Naval Vessels and Surface Combatants Market Size, Share, COVID-19 Impact, Russia-Ukraine War Impact, By Ship Type (Destroyers, Corvettes, Submarines, Amphibious Ships, Frigates, Auxiliary Vessels, and Others), By System (Marine Engine System, Weapon Launch System, Sensor System, Control System, Electrical System, Auxiliary System, and Communication System), By Solution (Line Fit and Retro Fit), By Application (Search and Rescue, Combat Operations, MCM Operations, Coastal Operations, and Others), and Regional Forecast, 2023-2030”.

The utilization of warships by naval forces in sea-based operations is a key aspect of battlefield strategy. The continuous advancements in weapon and sensor systems, which are replacing traditional systems, play a crucial role in driving the naval vessels and surface combatants market growth.

Challenges, Supply Chain Disruptions, and Delayed Deliveries Impeded Market During Pandemic

The shipbuilding industry faced adverse effects from the COVID-19 pandemic, including a decline in surface combatant deliveries and disruptions in the supply chain. This resulted in negative market growth and delays in the delivery of naval vessels, such as the BRP Antonio Luna (FF-151) in the Philippines.

Disruptions and Challenges in Shipbuilding and Defense Industries Amid Russia-Ukraine War

The naval vessels and surface combatants have been greatly affected by the ongoing war between Russia and Ukraine, leading to significant disruptions in the region. The conflict has also had adverse effects on both countries' defense industries, with sanctions impacting Russia's shipbuilding capacity and Ukraine facing challenges in obtaining shipbuilding resources.

BAE Systems Secures Contract for C4I Services Integration on Surface Vessels

BAE Systems was awarded a USD 57 million contract by the U.K. Ministry of Defense (MoD) in April 2023 to provide support for communication, command, control, computer, and intelligence (C4I) services on surface vessels. The contract entails assisting in the integration of C4I services and data deliverables across five stages of shipboard integration.

Innovative Propulsion Systems and Advancements in Maritime Operations Drive Market Growth

The adoption of advanced technologies in naval vessels improves the safety and efficiency of maritime operations. Additionally, the ongoing advancements in maritime propulsion systems, such as the development of a silent MHD drive by DARPA, contribute to the anticipated growth of the market.

However, the market growth is constrained by the significant development costs associated with building surface combatants.

Market Leaders Focus on Advancements and Partnerships Drive the Market

The market of naval vessels and surface combatants is fragmented, with multiple players involved in development strategies. Original Equipment Manufacturers (OEMs) are introducing advanced technologies such as 3D printing, integrated electric propulsion, and robotics to enhance the design and functionality of naval vessels.

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Notable Industry Development

• May 2021 - BAE Systems signed a five-year contract worth USD 1.79 billion as part of the U.K Ministry of Defense Future Maritime Support Program supporting the Royal Navy at Portsmouth Naval Base.

List of Companies Profiled in the Report:

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  • BAE Systems (U.K.)
  
  
  • Mazagon Dock Shipbuilders Limited (India)
  
  
  • Garden Reach Shipbuilders and Engineers (GRSE) (India)
  
  
  • Hyundai Heavy Industries Co. Ltd. (HHI) (South Korea)
  
  
  • FINCANTIERI S.p.A. - Via Genova (Italy)
  
  
  • General Dynamics Corp NASSCO (U.S.)   
  
  
  • Larsen & Toubro Ltd. (India)
  
  
  • Navantia (Spain)
  
  
  • ThyssenKrupp Marine Systems (Germany)
  
  
  • Damen Shipyards Group (Netherlands)
  
  
  
  

Further Report Findings:

• Meanwhile, Asia Pacific is expected to lead in naval vessels and surface combatants market share, fueled by increased defense spending from countries such as China, India, and South Korea.


• North America had a significant growth in 2022, driven by significant investments and efforts to enhance naval capabilities.

Table of Segmentation