Market Size of Naval Vessels Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 109.39 Billion |
| Market Size (2029) | USD 149.57 Billion |
| CAGR (2024 - 2029) | 6.46 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Naval Vessels Market Analysis
The Naval Vessels Market size is estimated at USD 109.39 billion in 2024, and is expected to reach USD 149.57 billion by 2029, growing at a CAGR of 6.46% during the forecast period (2024-2029).
As geopolitical tensions and marine disputes between countries increase, they strive to enhance their naval capabilities. Several countries are upgrading their existing naval fleets or replacing their aging fleets with newer-generation vessels with advanced features. With several countries increasing their defense spending over the past decade, the industry witnessed large-scale procurement and development activities.
Technological advancements also support the development of newer-generation naval vessels, as each country wants to update its maritime combat capabilities. As several countries currently operate older naval fleets, they emphasize procuring ships with the latest technologies to gain a qualitative technological edge over their adversaries. Counties worldwide heavily invest in their existing naval fleets' development, expansion, modernization, and gradation. Developing and procuring new naval vessels, such as frigates, submarines, etc., are expected to generate demand for newer combat vessels. On the other hand, geopolitical uncertainties and economic factors are anticipated to hinder the market's growth.
Naval Vessels Industry Segmentation
A naval combat vessel is a specialized watercraft operated by naval forces for military and security purposes. These vessels serve diverse roles, including defense, surveillance, and power projection at sea. They encompass various types, such as aircraft carriers, submarines, destroyers, and patrol boats, each designed for specific missions. Equipped with advanced weaponry and technology, naval vessels safeguard a nation's maritime interests and territorial waters, contributing significantly to its national security and defense strategy.
The naval combat vessels market is segmented by vessel type and geography. By vessel type, the market is segmented into destroyers, frigates, submarines, corvettes, aircraft carriers, and other vessel types (including amphibious warfare ships, littoral combat ships, mine countermeasure ships, and patrol ships). The report also covers the market sizes and forecasts for the naval combat vessels market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
| By Vessel Type | |
| Destroyers | |
| Frigates | |
| Submarines | |
| Corvettes | |
| Aircraft Carriers | |
| Other Vessel Types |
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Naval Vessels Market Size Summary
The naval combat vessels market is poised for significant growth, driven by increasing geopolitical tensions and the need for countries to enhance their naval capabilities. As nations upgrade or replace aging fleets with advanced vessels, the industry experiences substantial procurement and development activities. Technological advancements play a crucial role, with countries investing heavily in modernizing their naval fleets to gain a technological edge. The demand for new combat vessels, such as frigates and submarines, is expected to rise, although geopolitical uncertainties and economic factors may pose challenges to market growth. Submarines, in particular, have evolved into versatile platforms due to integrated technologies, and their market growth is fueled by global conflicts and the need for strategic underwater capabilities.
In North America, the United States significantly influences the naval vessels market, with extensive investments in expanding and modernizing its fleet. The US Navy's plans to reach a substantial number of ships by 2034, along with its focus on indigenous weapon system development, underscore its commitment to maintaining naval superiority. The market is semi-consolidated, with key players like General Dynamics Corporation, Huntington Ingalls Industries Inc., and BAE Systems PLC driving innovation and collaboration to meet the demands of modern navies. As countries worldwide continue to invest in fleet expansion and modernization, OEMs are expected to experience healthy revenue growth, supported by strategic partnerships and advanced naval vessel development.
Naval Vessels Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vessel Type
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2.1.1 Destroyers
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2.1.2 Frigates
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2.1.3 Submarines
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2.1.4 Corvettes
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2.1.5 Aircraft Carriers
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2.1.6 Other Vessel Types
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 South Korea
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2.2.3.5 Australia
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2.2.3.6 Singapore
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2.2.3.7 Rest of Asia-Pacific
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2.2.4 Latin America
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2.2.4.1 Brazil
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2.2.4.2 Mexico
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2.2.4.3 Rest of Latin America
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2.2.5 Middle East and Africa
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2.2.5.1 United Arab Emirates
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2.2.5.2 Saudi Arabia
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2.2.5.3 South Africa
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2.2.5.4 Rest of Middle East and Africa
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Naval Vessels Market Size FAQs
How big is the Naval Vessels Market?
The Naval Vessels Market size is expected to reach USD 109.39 billion in 2024 and grow at a CAGR of 6.46% to reach USD 149.57 billion by 2029.
What is the current Naval Vessels Market size?
In 2024, the Naval Vessels Market size is expected to reach USD 109.39 billion.
