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Modernization Initiatives to Fuel Naval Vessels and Surface Combatants Market Growth

The global naval vessels and surface combatants market size is valued at $38.7 billion in 2022.

LONDON, June 07, 2022 (GLOBE NEWSWIRE) -- The naval vessels and surface combatants market is expected to grow at a CAGR of more than 3% during the forecast period, 2022-32. The North American region, supported by the US Navy’s multi-year procurement programs, is expected to maintain its leading position globally, exhibiting a steady pace of growth over the forecast period. Modernization drives initiated by leading countries across the globe to project naval power and increase regional influence will drive naval vessels and surface combatants market growth over the next decade.

The Naval Vessels and Surface Combatants Market Research Report 2022-2032 offered by GlobalData Plc covers industry analysis including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for naval vessels and surface combatants market over the forecast period.

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Major Naval Vessels and Surface Combatants Market Drivers and Trends

Many countries across the world have initiated naval modernization programs to replace the aging vessels that are in active service. The navies of countries such as Russia, China, India, the UK, Italy, France, and Canada consist of fleets which are rapidly aging and require replacements, as many of the vessels are expected to be decommissioned in the coming years. For instance, Russia neglected its naval requirements for more than a decade after the dissolution of the Soviet Union. However, it has initiated extensive naval modernization and procurements in 2011.

Various countries across the globe are focusing on the indigenous development and maintenance of their naval vessels to reduce their dependency on imports. Indigenously built ships can be customized, maintained, repaired, and overhauled in a domestic facility without depending on a foreign supplier for spare parts and other accessories. Furthermore, the government will be able to retain and generate a huge number of jobs in the shipbuilding sector, which in turn will contribute to the growth of the country’s overall economy. The indigenous shipbuilding initiatives also facilitate the advent of a strong industrial ecosystem. This also enables the local enterprises to integrate new functionality and weapons systems throughout the entire life span of the vessel.