Opportunities Preloader

Please Wait.....

Report

Naval Vessels Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Market Report I 2023-01-23 I 140 Pages I Mordor Intelligence

The naval vessels market was valued at USD 74 billion in 2021. It is projected to reach USD 253 billion by 2031, at a CAGR of 12.8% during the forecast period (2022-2031).

The COVID-19 outbreak and the subsequent lockdowns have affected the defense manufacturing sector in several countries. The negative impacts of the pandemic are visible in the global defense supply chains, as several programs rely upon a unique global network of parts suppliers. Though governments and defense companies have emphasized avoiding disruptions, the pandemic has resulted in several delays in the development efforts. With longer timelines involved in the development of naval vessels, the delays are expected to result in extra expenditures for shipbuilders. For instance, in Canada, the construction of new naval ships by Halifax and Vancouver shipyards is delayed due to supply chain disruptions caused by the lockdowns to stop the spread of the virus at their shipyards. Hence, the reduction in production rates due to the pandemic-induced disruptions is expected to hinder the market's growth during the initial few years of the forecast period.

As geopolitical tensions and maritime disputes between various countries are increasing, they are striving 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 naval combat capabilities. As several countries currently operate older naval fleets, they are emphasizing procuring vessels with the latest technologies to gain a qualitative technological edge over their adversaries.

North America and Asia-Pacific are projected to experience tremendous growth during the forecast period. The escalated tensions between the countries in Asia-Pacific led to them increasing their military spending levels and naval fleets, which may boost the market growth.

Naval Vessels Market Trends

Aircraft Carrier Segment Accounted for the Largest Market Share in 2021

An aircraft carrier is a warship that acts as a seagoing airbase, consisting of a full-length flight deck and facilities to carry, arm, deploy, and recover aircraft. Aircraft carriers are the largest warships in the naval fleet as they require a large amount of deck room. They also have defensive capabilities for protecting the multitude of aircraft and crew onboard. Some of the new aircraft carriers developed include Gerald R Ford-class by the United States and Type 001A-class by China. The first vessel of the US Gerald R Ford-class was commissioned in July 2017, which is expected to be deployed by 2022. This aircraft carrier can carry more than 75 aircraft. The future aircraft carriers (the USS Enterprise and USS John F Kennedy) can carry up to 90 combat aircraft.

On the other hand, China's People's Liberation Army Navy (PLAN) has commissioned the Dalian Industry Shipbuilding Company to build a new aircraft carrier class. This aircraft can hold up to 38-40 aircraft in total. The first Type 001A-class aircraft carrier was inducted in December 2019. The Indian Navy is also planning to develop and acquire its third aircraft carrier (IAC-2) to supplement the INS Vikramaditya and the INS Vikrant. In December 2020, the French Navy officially started building its new aircraft carrier. The new design is estimated to cost USD 8 billion for construction, and the aircraft carrier will feature a nuclear-powered propulsion system and electromagnetic catapults. The new aircraft carrier is scheduled to enter active service by 2038. However, with technological developments and the rising popularity of relatively smaller naval vessels, such as frigates and corvettes, the market for aircraft carriers is expected to witness modest growth during the forecast period.

North America to Be the Fastest Growing Market During the Forecast Period

The United States mainly drives the North American naval vessels market. The US navy has over 490 ships in active service and the reserve fleet, with about 90 more in the planning and ordering stage or under construction. Both the Navy and the Department of Defense have been working to achieve a more distributed fleet architecture featuring a smaller proportion of larger ships, a larger proportion of smaller ships, and a new third tier of large unmanned vehicles. The Navy has been actively implementing force structure expansion plans, aiming to reach its 355-ship goal by FY 2034 through a mix of service life extensions and new construction. The US Navy's FY2021 five-year (FY2021-FY2025) shipbuilding plan includes 42 new ships, 13 less than the 55 included in the FY2020 (FY2020-FY2024) five-year plan. In 2021, the US Navy received a Los Angeles-class attack submarine, an Arleigh Burke-class destroyer, about five littoral combat ships (LCS), and John-Lewis-class oiler naval vessels. Huntington Ingalls Industries was awarded a contract modification worth USD 113.6 million from the US Navy for long-lead-time material and advance procurement activities for amphibious assault ship LHA 9. Thus, as the United States has been striving to modernize and expand its entire naval fleet to remain competitive against the Chinese Naval fleet, new orders are anticipated to be placed during the forecast period, which may drive the North American naval vessels market in the coming years.

Naval Vessels Market Competitor Analysis

The market for naval vessels is slightly fragmented, with the many local players in Europe and Asia-Pacific catering to the requirements of naval vessels to the navies. Some of the prominent players in the naval vessels market are General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems PLC, The Naval Group, and Korea Shipbuilding & Offshore Engineering. With the growing competition in the industry, innovation is a critical factor for the players to stand out in the industry, as many countries are trying to procure next-generation warships that possess advanced capabilities. For instance, in December 2021, the US Navy awarded a USD 2 million contract to Austal USA to develop a new baseline design and perform specific trade studies for its Next-Generation Logistics Ship (NGLS) program. The market players are also collaborating to develop advanced naval vessels to cater to the demand from armed forces. For instance, a consortium led by Fincantieri, Naval Group, and Navantia submitted an industrial proposal to develop a European patrol corvette (EPC) in December 2021. The EPC is expected to replace several classes of ships, from patrol vessels to light frigates, in service of the EU countries. Such partnerships are expected to help the players expand their business during the forecast period.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
1.3 Currency Conversion Rates for USD

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY
3.1 Market Size and Forecast, Global, 2018 - 2031
3.2 Market Share by Vessel Type, 2021
3.3 Market Share by Region, 2021
3.4 Structure of the Market and Key Participants
3.5 Market Drivers and Restraints
3.6 Expert Opinion on Naval Vessels Market

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Indicators
4.3 Market Drivers
4.4 Market Restraints
4.5 Market Trends
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Buyers/Consumers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size and Forecast by Value - USD billion, 2018-2031)
5.1 Vessel Type
5.1.1 Destroyers
5.1.2 Frigates
5.1.3 Submarines
5.1.4 Corvettes
5.1.5 Aircraft Carriers
5.1.6 Other Vessel Types
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.1.1 By Vessel Type
5.2.1.2 Canada
5.2.1.2.1 By Vessel Type
5.2.2 Europe
5.2.2.1 Germany
5.2.2.1.1 By Vessel Type
5.2.2.2 United Kingdom
5.2.2.2.1 By Vessel Type
5.2.2.3 France
5.2.2.3.1 By Vessel Type
5.2.2.4 Russia
5.2.2.4.1 By Vessel Type
5.2.2.5 Italy
5.2.2.5.1 By Vessel Type
5.2.2.6 Rest of Europe
5.2.2.6.1 By Vessel Type
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.1.1 By Vessel Type
5.2.3.2 India
5.2.3.2.1 By Vessel Type
5.2.3.3 Japan
5.2.3.3.1 By Vessel Type
5.2.3.4 South Korea
5.2.3.4.1 By Vessel Type
5.2.3.5 Australia
5.2.3.5.1 By Vessel Type
5.2.3.6 Singapore
5.2.3.6.1 By Vessel Type
5.2.3.7 Rest of Asia-Pacific
5.2.3.7.1 By Vessel Type
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.1.1 By Vessel Type
5.2.4.2 Mexico
5.2.4.2.1 By Vessel Type
5.2.4.3 Rest of Latin America
5.2.4.3.1 By Vessel Type
5.2.5 Middle-East
5.2.5.1 United Arab Emirates
5.2.5.1.1 By Vessel Type
5.2.5.2 Saudi Arabia
5.2.5.2.1 By Vessel Type
5.2.5.3 Egypt
5.2.5.3.1 By Vessel Type
5.2.5.4 Rest of Middle-East
5.2.5.4.1 By Vessel Type

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 General Dynamics Corporation
6.2.2 ThyssenKrupp AG
6.2.3 BAE Systems PLC
6.2.4 The Naval Group
6.2.5 Abu Dhabi Ship Building Co.
6.2.6 Damen Shipyards Group
6.2.7 Korea Shipbuilding & Offshore Engineering
6.2.8 Huntington Ingalls Industries Inc.
6.2.9 United Shipbuilding Corporation
6.2.10 Lockheed Martin Corporation
6.2.11 Austal Limited
6.2.12 FINCANTIERI SpA
6.2.13 Daewoo Shipbuilding & Marine Engineering Co. Ltd
6.2.14 LARSEN & TOUBRO LIMITED
6.3 Other Players
6.3.1 PT PAL Indonesia
6.3.2 Navantia SA
6.3.3 Kalashnikov Group
6.3.4 Lurssen Werft GmbH & Co. KG
6.3.5 China Shipbuilding Corporation Limited

7 MARKET OPPORTUNITIES

  • Not Sure / Need Reassuring
    • Confirm Content
      • Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:

        Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.

        Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.

        Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.

    • Sample Pages
      • With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.

        It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.

        To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Check for Alternatives
      • Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.

        To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.

  • Prices / Formats / Delivery
    • Prices
      • All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.

        Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Discounts
      • As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.

        Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.

        To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Available Currencies
      • Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.

        Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.

        To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.

    • Licenses
      • License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Global Site License
      • The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.

        It is important to note that this may exclude Parent Companies or Subsidiaries.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Formats
      • The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.

        If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.

    • Delivery
      • Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.

        Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.

        If a delay in delivery is expected you will be informed about it immediately.

    • Shipping Charges
      • As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.

        If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.

  • Ordering
    • By Credit Card
      • We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.

        Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.

        For more information on PayU please visit: https://www.payu.pl/en/about-us

    • By Money Transfer
      • If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.

        With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.

  • Security
    • Website security
      • We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.

        Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.

    • Credit Card Security
      • We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.

        PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.

PLEASE SELECT LICENSE
  • $4750.00
  • $5250.00
  • $6500.00
  • $8750.00
  • ADD TO BASKET
  • BUY NOW