The global naval vessels market size was US$ 74.4 billion in 2021. The global naval vessels market size is forecast to reach US$ 255.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.8% during the forecast period from 2022 to 2030.

Naval vessels are a primary component of a nations naval force, designed to hold ammunition, crew, essential supplies for the crew, and weapons. The main purpose of naval vessels is to fight in battle. In addition to serving in warships, they offer more mobility, increased safety, and faster conveyance. Naval vessels, on the other hand, are owned by the navy. Corporations, individuals, and cooperatives all operate them.

Factors Influencing Market Growth

The growing regional disputes and maritime conflicts, the rise in piracy, terrorism, and smuggling, and the upsurge in global defense expenditure drive the global naval vessels market.
Increasing manufacturing costs may slow down the overall market growth.
The increasing shift in technology in the sensor systems and weapon launch systems responsible for replacing the conventional system drives the global market growth.
The rising usage of information, communication, and technology (ICT) in the naval ship fuels the global market growth.
Impact Analysis of COVID-19

The COVID-19 pandemic had a negative impact on the global naval vessels market. Several governments worldwide imposed a lockdown and restrictions. As a result, manufacturers of naval vessels have seen a decline in the manufacturing and operational efficiency of operating units globally due to disruptions in the supply chain. In addition, the COVID-19 outbreak diverted the attention of government spending from defense to the healthcare industry. Thus, it declined the need for naval vessels.

Regional Insights

The Asia Pacific region is forecast to have lucrative growth in the market during the forecast period. The escalated anxieties between the countries have increased their military spending and naval fleets, which is forecast to fuel the market growth in the region during the forecast period. Countries like South Korea, Australia, India, China, and Indonesia, are mainly investing in developing construction and acquiring new naval vessels in the region. The existence of shipbuilding companies, like Austal, China State Shipbuilding Corporation, and Hyundai Heavy Industries (HHI), is helping the local manufacturing of naval vessels grow. Thus, these factors are forecast to fuel the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global naval vessels market are:

ThyssenKrupp AG
BAE Systems PLC
General Dynamics Corporation
The Naval Group
Abu Dhabi Ship Building PJSC
Damen Shipyards Group
Lurssen Werft GmbH & Co. KG
Hyundai Heavy Industries Group
United Shipbuilding Corporation
Kalashnikov Group
Huntington Ingalls Industries Inc.
Lockheed Martin Corporation
Austal Limited
Other Prominent Players
Scope of the Report

The global naval vessels market segmentation focuses on Vessel Type, Operation, Application, and Region.

Segmentation based on Vessel Type

Destroyers
Frigates
Submarines
Corvettes
Aircraft Carriers
Other Vessel Types
Segmentation based on Operation

Surface Fleet
Undersea Fleet
Segmentation based on Application

Search and Rescue
Combat Operations
MCM Operations
Coastal Surveillance
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America