World's Top 10 Naval Vessel and Surface Combatants Manufacturers and Market Insight
Frigate warship among the naval vessels has evolved into a fleet protector and submarine hunter in the sea. According to Global Firepower (GFP) - China is leading the tally with 52 units of frigates ahead of Taiwan and the USA.
Leading Naval Vessel and Surface Combatants Manufacturers
- General Dynamics
- Huntington Ingalls Industries
- Austal Ltd
- Naval Group
- Larsen & Toubro Limited (L&T)
- Lockheed Martin
- Fincantieri SpA
- BAE Systems
- Hyundai Heavy Industries
- Daewoo Shipbuilding & Marine Engineering Co. Ltd
Global Naval Vessel and Surface Combatants Market Insights
The global naval vessels and surface combatants market is valued at USD 36.7bn in 2019, and will grow at a compound annual growth rate (CAGR) of 1.97%, to reach USD 44.6bn by 2029.The value of the frigates sector will grow at a CAGR of 4.39% to reach USD 12.67bn by 2029. Frigates are expected to account for 28.7% revenue share of the total market by 2029, up from 22% in 2019.
The market consists of seven categories: corvettes, frigates, destroyers, amphibious ships, light combat vessels, auxiliary vessels, and aircraft carriers. During 2017-2027 North America was forecast to dominate the global market with a share of 39.5%, followed by Asia Pacific and Europe, with shares of 27.7% and 23.2% respectively.
With Western defense budgets increasing and continued growth in Asia-Pacific, there is a strong demand for naval force procurement and modernization with 215 new frigates expected to enter service worldwide between 2019 and 2029. According to new report.
The Global Naval Vessels And Surface Combatants Market 2019-2029 report offers a detailed analysis of the industry, with market size forecasts covering the next ten years.
Gain an in-depth understanding of the underlying factors driving demand for different naval vessels and surface combatants segments in the top spending countries across the world and identify the opportunities offered by each of them
Frigates, owing to their multi-tasking capabilities, provide major advantages for navies worldwide. These ships can be equipped with advanced weaponry and communication systems, which facilitate the effective performance of multiple tasks such as anti-surface warfare, anti-submarine warfare, anti-air warfare, destruction of ground targets, search and rescue and maritime security operations.
Shipbuilding developments in the frigate market continue at pace. The US Navy released a force-structure goal in 2016 that calls for achieving and maintaining a fleet of 355 ships of certain types and numbers. This number was reiterated in the 2019 shipbuilding plan and the target is expected to be achieved by 2034. The proposed force structure includes 55 frigates, comprising 35 Littoral Combat Ships (LCSs) and 20 guided-missile frigates (FFG(X)s).
On June 20, 2019, the US Navy released its Request for Proposals (RFP) for the Detail Design and Construction (DD&C) contract for up to 10 ships in FFG(X) program and plans to award the contract in 2020. Several companies are competing for this. The First FFG(X) will be procured in FY2020, the next 18 at a rate of two per year in FY2021-FY2029, and the 20th in 2030.
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