Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSMay 27, 2020: Indian Navy via its twitter handle shared the induction of INLCU L57, a seventh Landing Craft Utility (LCU) MK-IV class, into the Indian Navy which aims for transportation and installation of Main Battle Tanks, Armoured Vehicles, troops and equipment from ship to shore.
February 13, 2019: Boeing was awarded a USD 43 million contract by the US Navy, to build four Orca Extra Large Unmanned Undersea Vehicles (XLUUVs) for the service, which can also be used by Navy for mine countermeasures, anti-submarine warfare, anti-surface warfare, electronic combat, and strike missions.
Naval Combat Vessels Market Overview
Naval combat vessels are warships used by a navy for naval warfare and they differ from civilian ships by construction and purpose. They are designed for combat with submarines or aircraft and can accomplish other missions related to counter-narcotics operations and maritime interdiction operations (MIO). The increase in next-generation naval systems, such as unmanned underwater vehicles (UUVs) is driving revolutionary study in artificial intelligence (AI) underwater communications, autonomous navigation, and unmanned swarm technologies. The effect of huge spending on developing AI for undersea structures signifies the paramount change in military sea power since the introduction of nuclear-powered vessels.
Market Size and Forecast
The naval combat vessels market is anticipated to attain a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by vessel type, mode of propulsion, and region. Based on the mode of propulsion, the nuclear-powered market segment is projected to witness the largest demand during the forecast period, owing to the need for flexible power output and a long duration of operation before refueling. Further, all the fuel is confined within the nuclear reactor, so cargo or supplies space is not taken up by fuel, neither any space is taken up by exhaust stacks or combustion air intakes.
Growth Drivers
Several benefits attached to naval combat vessels
They tend to provide humanitarian relief, emergency medical care, and assist in combating smuggling, piracy, and terrorism. This has resulted in the constant evolution of the role of naval vessels and surface combatants. The shifting trend has driven manufacturers to develop more vessels with strategic sea-lift and amphibious operations abilities, facilitating several vessels to serve more than one role.CLICK TO DOWNLOAD SAMPLE REPORT
Additionally, rising internal terrorism in various parts of the globe, growing expenditure on naval combat vessels by emerging economies in the Asia Pacific region, such as India and China, rising need for modernization of naval combat systems, and increasing production of the unmanned underwater vehicles, are expected to bolster the market growth in the forecast period.
Restraints
Government actions can influence the global market growth
A progressive nation is the outcome of integrated actions of its government and people. The government’s willingness to spend on its country’s safety surely affects the global naval combat vessels market.
At the same time, the government needs huge funds to invest on combat vessels, which, if not present with the government, might hamper the overall market.
Market Segmentation
Our in-depth analysis of the naval combat vessels market includes the following segments:
By Vessel Type
By Mode Of Propulsion
By Region
Geographically, the naval combat vessel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is estimated to account for the largest market share owing to the growing incorporation of advanced combat systems into naval vessels and increasing government spending to ensure a powerful defense system globally. The US’s dominance in the naval vessels market is swayed by the country’s affinity for unconventional military platforms to maintain an edge over its opponents. The country is currently undertaking multiple high-value programs to acquire new-generation naval vessels. Also, the US is home to most of the major companies in the market.
Europe is projected to witness significant growth in the forecast period owing to increasing demand for naval combat vessels. The Asia Pacific region is followed by the North American region in the global naval combat vessels market. This is primarily attributed to the increase in government spending on defense equipment in countries, such as India, China, and North Korea, and due to the developing need for warfare ships and frigates, especially in China and Japan.
In recent years, China has overtaken the U.S. in numbers of naval warships yet, China’s open-ocean naval capability lags far behind the U.S. navy warships. Both nations are putting noteworthy efforts into accumulating autonomous and semi-autonomous platforms to their surface and subsurface naval forces.
The naval combat vessels market is further classified based on region as follows:
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