Market Share of Naval Vessels Industry
The market for naval vessels is semi-consolidated, with many local players in Europe and Asia-Pacific catering to the requirements of maritime vessels to the navies. Some prominent players in the market are General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems PLC, Naval Group SA, and ThyssenKrupp AG.
- With the industry's growing competition, innovation is critical for players to stand out. Many countries are trying to procure next-generation warships that possess advanced capabilities. For instance, in February 2023, the UK Royal Navy awarded a contract to BAE Systems PLC to initiate construction of the third Dreadnought Class submarine, Warspite, at its shipyard in Cumbria. The submarine will have advanced technology and a carrying capacity for nuclear deterrence.
- OEMs are expected to enjoy healthy revenue growth owing to fleet expansion and modernization efforts from navies worldwide. The market players also collaborate to develop advanced naval vessels to meet the armed forces' demands. Such partnerships will help the players expand their business during the forecast period.
Naval Combat Vessels Market Leaders
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General Dynamics Corporation
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Huntington Ingalls Industries Inc.
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BAE Systems plc
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Naval Group SA
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ThyssenKrupp AG
*Disclaimer: Major Players sorted in no particular order
