Naval Combat Weapons Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Naval Combat Weapons Market Analysis
The Naval Combat Weapons Market is anticipated to grow at a CAGR of 4% during the forecast period.
The COVID-19 pandemic had a significant impact on the naval combat weapons market because various weapon manufacturing companies took a greater hit regarding production during the pandemic. The emergence of the coronavirus pandemic has led to shutdowns resulting in effects on the supply chain as well as the production of naval combat weapons. Various naval weapon companies witnessed a decline in the number of orders for combat weapons worldwide.
The demand for naval combat weapons is anticipated to experience substantial growth during the forecast period. The growth is attributed to the rising investments from naval combat weapons manufacturers in advanced technologies such as artificial intelligence, the Internet of Things (IoT), and big data analytics in combat weapons. The naval forces are advancing rapidly with the development and integration of high energy laser (HEL) weapon systems with artificial intelligence onto ships to support the ship's self-defense mission.
The significant increase in defense spending and procurement programs by various countries in recent years may propel the growth of the market in the coming years. According to the data released by the Stockholm International Peace Research Institute (SIPRI), world military spending has continued to witness growth in 2021, reaching an all-time high of USD 2.1 trillion. In 2021, the total global military expenditure increased by 0.7% as compared to previous years. Moreover, increasing naval tensions worldwide have led various countries to modernize as well as upgrade their naval fleet with combat weapons which are being developed with new and advanced technologies such as enemy detection by sound and elimination. Such increasing investments in advanced naval weapon technologies for combat purposes will propel the market growth in the coming years.
Naval Combat Weapons Market Trends
This section covers the major market trends shaping the Naval Combat Weapons Market according to our research experts:
Submarines Segment Will Showcase Significant Growth During the Forecast Period
Increasing expenditure from the defense forces on the expansion of the naval fleet and modernization of existing submarines drive the growth of the market. Growing focus on enhancing naval capabilities and increasing procurement of new submarines boosts the market growth. In April 2021, Progeny Systems Corporation would build and upgrade an integrated system to help submarine crew members to control submarine combat weapons such as missiles, torpedoes, unmanned underwater vehicles (UUVs), and mines. Furthermore, in late 2019, the United States navy deployed the new W76-2 low-yield Trident submarine warhead.
The United States Navy is on track to deploy hypersonic weapons on its attack submarines in 2028. The first Zumwalt-class destroyer will get a hypersonic weapon in 2025 and the first Virginia-class submarine will deploy with hypersonic weapons in 2028. Furthermore, key players highly invested in artificial intelligence for anti-submarine warfare missions in which the sensors equipped with AI technology can detect enemy submarines based on noise and eliminate such submarines are also gaining popularity. Thus, growing spending on improving the naval sector and the rising installation of advanced weapons on submarines drive the growth of the market.
Asia-Pacific Will Witness Remarkable Growth During the Forecast Period
An increase in defense spending from countries such as China, India, South Korea, Japan, and others drives market growth across the region. China is the fastest-growing market for naval combat weapon systems. The People's Liberation Army Navy (PLAN) currently, has the largest number of major surface combatants of any navy worldwide. According to the 2020 China military power report, China has the largest navy in the world with an overall battle force of approximately 350 surface ships as well as submarines including over 130 major surface combatants. Moreover, China has two functioning aircraft carriers deployed near Taiwan with the country launching a third aircraft carrier. The Pentagon estimates that China's overall naval fleet will grow and reach 420 ships by 2026 as compared to the current count of 350 ships. Moreover, according to Pentagon estimates, China will also be adding 110 submarines, many of which will be equipped with nuclear-tipped missile systems.
According to the Center for Strategic and International Studies, the growth of the military budget in China has outpaced its overall economic growth because China spends more on its military than any other country except the United States. With the order of Chinese President, Xi Jinping for modernizing the Chinese army by 2035, there have been various advancements in terms of the production of naval combat weapons with advanced technologies. Moreover, various contracts which have been signed by China to retrofit their ships and submarines with advanced naval combat weapons will lead to its significant growth during the forecast period.
Naval Combat Weapons Industry Overview
The military communication market is moderately consolidated. Some of the most prominent naval combat weapons market players are Terma, Leonardo S.p.A, Thales Group, L3 Harris Corporation, and General Dynamics Corporation. Various companies are now focused on improving their naval combat weapons product portfolio and manufacturing weapons with advanced technologies that will enable the naval forces of various countries to gain a competitive edge. New technologies such as detecting and isolating enemy submarines or ships by sound and then eliminating them is a new concept that is being worked upon and developed by various companies worldwide. Moreover, integrating artificial intelligence in naval combat weapons to be used for providing countermeasure options is also gaining popularity worldwide.
Naval Combat Weapons Market Leaders
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Terma
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Leonardo
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Thales SA
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L3 Harris Corporation
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General Dynamics
*Disclaimer: Major Players sorted in no particular order
Naval Combat Weapons Market News
In May 2022, Raytheon Technologies announced that they have been awarded a contract worth USD 99.5 million to manufacture long-range strike missiles for the United States Navy's ship defense requirement. The defense and missile segment of the company will manufacture OTH Weapon System which will include a launching mechanism as well as a fire control suite and this will be done under a two-year option exercise.
In March 2022, MBDA, a company that develops missile systems announced that they have been awarded two contracts by Greece for naval as well as aircraft weaponry. The contracts which were signed by the General Director for Defense Investments and Armaments of the Greek Ministry of National Defense. The first contract will supply Aster 30 B1 area air defense and MM40 Exotec block 3C anti-ship missiles for three Defense and Intervention Frigates.
Naval Combat Weapons Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porters Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Platform Type
- 5.1.1 Underwater-Based Naval Combat Weapons
- 5.1.2 Surface-Based Combat Weapons
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5.2 Application
- 5.2.1 Small Patrol Boats
- 5.2.2 Large Aircraft Carriers
- 5.2.3 Submarines
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Russia
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 Rest of Asia Pacific
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.2 Rest of Latin America
- 5.3.5 Middle East
- 5.3.5.1 United Arab Emirates
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 South Africa
- 5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Terma
- 6.2.2 Leonardo SpA
- 6.2.3 Thales Corporation
- 6.2.4 L3 Harris Corporation
- 6.2.5 General Dynamics Corporation
- 6.2.6 SAAB AB
- 6.2.7 Elbit Systems
- 6.2.8 Kongsberg Gruppen
- 6.2.9 Raytheon Corporation
- 6.2.10 Lockheed Martin Corporation
- 6.2.11 BAE Systems Plc
- 6.2.12 QinetiQ Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Naval Combat Weapons Industry Segmentation
Naval combat weapons include all the systems and warfare equipment that are utilized by the naval forces during warfare situations. Various types of combat weapons are utilized by the military to carry out tactical missions and gain a competitive advantage over the enemy.
The Naval Combat Weapons Market is segmented by Platform Type, Application, and by Geography. Based on Platform Type, the market is segmented by Underwater-based Naval Combat Weapons and Surface-based Combat Weapons. Based on Application, the market is segmented into Small Patrol Boats, Large Aircraft Carriers, and Submarines. The report provides market size and forecast and is represented by USD million.
| Platform Type | Underwater-Based Naval Combat Weapons | |
| Surface-Based Combat Weapons | ||
| Application | Small Patrol Boats | |
| Large Aircraft Carriers | ||
| Submarines | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Russia | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia Pacific | India |
| China | ||
| Japan | ||
| Rest of Asia Pacific | ||
| Geography | Latin America | Brazil |
| Rest of Latin America | ||
| Geography | Middle East | United Arab Emirates |
| Saudi Arabia | ||
| South Africa | ||
| Rest of Middle East and Africa |
Naval Combat Weapons Market Research FAQs
What is the current Naval Combat Weapons Market size?
The Naval Combat Weapons Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Naval Combat Weapons Market?
Terma, Leonardo, Thales SA, L3 Harris Corporation and General Dynamics are the major companies operating in the Naval Combat Weapons Market.
Which is the fastest growing region in Naval Combat Weapons Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Naval Combat Weapons Market?
In 2024, the North America accounts for the largest market share in Naval Combat Weapons Market.
What years does this Naval Combat Weapons Market cover?
The report covers the Naval Combat Weapons Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Naval Combat Weapons Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Naval Combat Weapons Industry Report
Statistics for the 2024 Naval Combat Weapons market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Naval Combat Weapons analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
