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Pulished Date November, 2021
ID: 12463
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Naval Vessels Market is segmented by Vessel Type (Corvettes, Destroyers, Aircraft Carriers, Frigates, Submarines, and Other Vessel Types), Regional, Industry, and forecast period 2019-2027.

Pulished: November, 2021
ID: 12463
Pages: 175

Naval Vessels Market Size & Growth 2021-2026:

Naval Vessels Market was valued at USD 57.21 billion in 2019 and is expected to grow at a CAGR of 13.35 % to USD 232 billion by 2027, as a result of an increase in the number of countries' naval vessels initiatives around the globe.

Naval vessels are built to fight in wars and belong to a country's naval forces. According to the analysis, they are significantly faster, safer, and more user-friendly than merchant ships and essential to their naval force. Countries have spent billions of dollars improving and expanding their naval vessels due to a growing focus on having more power over the sea and an ever-increasing military budget. For example, after signing a new enhanced security alliance with the United Kingdom and the United States AUKUS, Australia has announced several major naval projects, including the construction of at least eight nuclear-powered submarines. These are worth almost billions of dollars. In addition, starting in 2024, the Australian government would spend up to $5.1 billion on enhancements to Osborne's Hobart-class destroyer combat management system.

Market Drivers:

The major factors include increasing piracy, smuggling, terrorism, and defense expenditure and conflicts among the regions that are responsible for propelling the global naval vessels market forward. Governments have spent billions of dollars on improving and expanding their naval fleets due to a growing focus on having more power over the sea and an ever-increasing military budget. An essential part of international trade and the global economy is naval vessels transport. During the projected period for the worldwide naval vessel industry, an increase in seaborne trade is expected to fuel market expansion. According to naval Publications, about 80% of global trade by volume and over 70% of global trade by value is carried out by sea, with ports throughout the world controlling it. Globalization and the rapid expansion of Asian countries such as China and South Korea will significantly influence the development of naval trade.

Market Restraints:

However, the naval vessels market's growth is restricted by high manufacturing costs. Globally, large sums of money are being spent on expanding and upgrading the current naval fleet. Naval vessels are also used in disaster relief and humanitarian assistance operations, in addition to offensive actions.




Market Size Available

2021 – 2026

Base Year


Forecast Period

2021 - 2026


13.35 %

Segments Covered


Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

  • General Dynamics Corporation
  • The BAE Systems plc
  • Naval Group
  • Hyundai Heavy Industries Co., Ltd.
  • Huntington Ingalls Industries, Inc.
  • ThyssenKrupp AG     
  • The Naval Group
  • Abu Dhabi Ship Building Co.
  • Kawasaki Heavy Industries
  • Fincantieri

Market Segmentation:

Naval Vessels Market Type:

  • Corvettes
  • Destroyers
  • Aircraft Carriers
  • Frigates
  • Submarine
  • Others 

Based on type, the aircraft carrier segment is predicted to hold the largest naval vessels market share in 2020. Aircraft carriers are the largest vessels in the naval force because they require a huge deck space. In addition, aircraft carriers require defensive capabilities to protect the numerous aircraft and crew on board. The Gerald R Ford class and the Type 001A class are two new aircraft carriers developed by the United States and China. Gerald R Ford's first vessel was commissioned in July 2017 and will be deployed by 2022. This aircraft carrier can carry more than 75 aircraft, while the USS Enterprise and USS John F Kennedy, two future aircraft carriers, will carry up to 90 combat aircraft. However, due to technological advancements and the growing popularity of smaller naval vessels like frigates and corvettes, the market for aircraft carriers is likely to rise modestly throughout the forecast period.

The Destroyers segment is anticipated to have a significant CAGR in the upcoming years. The destroyers' advantages, such as their speed, mobility, and long endurance, allow them to effectively escort and defend larger vessels in a fleet, convoy, or battle group against smaller, more potent short-range attackers. As a result, destroyers are currently in higher demand than other naval vessels, as numerous nations seek to purchase new destroyer ships.

Regional Analysis:

  • North America
  • Asia-Pacific 
  • Europe
  • Latin America
  • Middle-East-America

North America region will be the fastest-growing naval vessels market during the forecast period. There are approximately 490 ships in the US navy's active and reserve fleets, with about 90 more in the planning and ordering stages or under construction. The Navy and the Department of Defense have been working toward a more spread fleet architecture with fewer large ships, more small ships, and a new third level of huge unmanned vehicles. The Navy has been working on force structure growth plans, intending to reach 355 ships by FY 2034 through a combination of service life extensions and new construction. The US Navy's five-year shipbuilding plan for FY2021 (FY2021-FY2025) includes 42 additional ships, down from 55 in the previous five-year plan for FY2020 (FY2020-FY2024). In addition, the guided-missile destroyer DDG-118, Daniel Inouye, will join the guided-missile destroyer fleet.

The Asia-Pacific region is predicted to dominate the naval vessels market during the forecast period. As conflicts between nations in the region have risen, countries have increased their military spending and naval fleets, likely driving the region's naval vessels market growth throughout the forecast period. South Korea, Australia, India, China, and Indonesia are among the countries in the region spending heavily in the development, construction, and procurement of modern naval vessels.

Recent Developments:

September 20, 2021, despite the launch of AUKUS, a new enhanced security collaboration between Australia, the United Kingdom, and the United States, many naval projects have been confirmed for South Australia. The partnership's initial project is to purchase nuclear-powered submarines for Australia manufactured in South Australia. Moreover, starting in 2024, the Australian government would spend up to $5.1 billion on enhancements to Osborne's Hobart-class destroyer combat management system.

Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering jointly launched the ROKS Cheonan, the seventh Daegu class frigate, on November 9, 2021. The Daegu class was developed from the older Incheon class to replace the outdated Ulsan class frigates and Pohang corvettes and has been in service since 2018. A total of 8 vessels are in the works. The Daegu Class has a displacement of 2,800 tonnes, is 122 meters long, 14 meters wide, and has a top speed of 30 knots. The K-SAAM, Hong Sang Eo anti-submarine missile, and Haeryong tactical ground attack cruise missile can all be launched from its 16-cell Korean Vertical Launch System. 4 naval gun systems and a Phalanx Block 1B Close-In Weapons System are also installed on the Daegu class.

Market Key Players:

  • General Dynamics Corporation
  • The BAE Systems plc
  • Naval Group
  • Hyundai Heavy Industries Co., Ltd.
  • Huntington Ingalls Industries, Inc.
  • ThyssenKrupp AG     
  • The Naval Group
  • Abu Dhabi Ship Building Co.
  • Kawasaki Heavy Industries
  • Fincantieri

Impact of Covid-19 on Naval Vessels Market:

The COVID-19 outbreak and associated shutdowns have impacted the defensive system manufacturing sector in various countries. Due to supply chain disruptions, manufacturers of naval vessels have seen a drop in the manufacturing and operational efficiency of operating facilities across the globe. In addition, the market for naval vessels has experienced negative growth due to government limitations and lockdowns in various countries. As a result, the drop in production rates caused by pandemic-related disruptions will likely hinder naval vessels' market growth in the first few years of the forecast period.

1. Introduction                                                 

                1.1 Market Definition                                    

                1.2 Study Deliverables                                  

                1.3 Base Currency, Base Year and Forecast Periods     

                1.4 General Study Assumptions                                

2. Research Methodology                                                           

                2.1 Introduction                                               

                2.2 Research Phases                                      

                                2.2.1 Secondary Research                           

                                2.2.2 Primary Research                 

                                2.2.3 Econometric Modelling                      

                                2.2.4 Expert Validation                  

                2.3 Analysis Design                                         

                2.4 Study Timeline                                          

3. Overview                                                       

                3.1 Executive Summary                                

                3.2 Key Inferences                                         

                3.3 Epidemology                                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)       

                4.1 Market Drivers                                          

                4.2 Market Restraints                                    

                4.3 Key Challenges                                         

                4.4 Current Opportunities in the Market                                              

5. Market Segmentation                                                              

                5.1 Vessel Type                                                

                                5.1.1 Corvettes                

                                5.1.2 Destroyers                              

                                5.1.3 Aircraft Carriers                     

                                5.1.4 Frigates                    

                                5.1.5 Submarines                            

                                5.1.6  Other Vessel Types                            

                                5.1.7  Y-o-Y Growth Analysis, By Vessel Type                      

                                5.1.8  Market Attractiveness Analysis, By Vessel Type                    

                                5.1.9  Market Share Analysis, By Vessel Type                      

6. Geographical Analysis                                                              

                6.1 Introduction                                               

                                6.1.1 Regional Trends                    

                                6.1.2 Impact Analysis                     

                                6.1.3 Y-o-Y Growth Analysis                        

                                       By Geographical Area     

                                       By Vessel Type  

                                6.1.4  Market Attractiveness Analysis                     

                                       By Geographical Area     

                                       By Vessel Type  

                                6.1.5  Market Share Analysis                      

                                       By Geographical Area     

                                       By Vessel Type  

                6.2 North America                                          

                                6.1.1 Introduction                           

                                6.1.2 United States                         

                                6.1.3 Canada                     

                6.3 Europe                                         

                                6.2.1 Introduction                           

                                6.2.2 U.K                             

                                6.2.3 Spain                         

                                6.2.4 Germany                 

                                6.2.5 Italy                            

                                6.2.6 France                       

                6.4 Asia-Pacific                                 

                                6.3.1 Introduction                           

                                6.3.2 China                         

                                6.3.3 India                          

                                6.3.4 Japan                         

                                6.3.5 Australia                   

                                6.3.6 South Korea                           

                6.5 Latin America                                             

                                6.4.1 Introduction                           

                                6.4.2 Brazil                          

                                6.4.3 Argentina                

                                6.4.4 Mexico                     

                                6.4.5 Rest of Latin America                          

                6.6 Middle East & Africa                               

                                6.5.1 Introduction                           

                                6.5.2 Middle-East                            

                                6.5.3 Africa                         

7. Strategic Analysis                                                       

                7.1 PESTLE analysis                                         

                                7.1.1 Political                     

                                7.1.2 Economic                 

                                7.1.3 Social                         

                                7.1.4 Technological                         

                                7.1.5 Legal                          

                                7.1.6 Environmental                       

                7.2 Porter’s Five analysis                                              

                                7.2.1 Bargaining Power of Suppliers                        

                                7.2.2 Bargaining Power of Consumers                    

                                7.2.3 Threat of New Entrants                     

                                7.2.4 Threat of Substitute Products and Services   

                                7.2.5 Competitive Rivalry within the Industry                     

8. Market Leaders' Analysis                                                        

                8.1  General Dynamics Corporation                                         

                                8.1.1 Overview                 

                                8.1.2 Product Analysis                   

                                8.1.3 Financial analysis                  

                                8.1.4 Recent Developments                       

                                8.1.5 SWOT analysis                       

                                8.1.6 Analyst View                          

                8.2 The BAE Systems plc                                               

                8.3 Naval Group                                               

                8.4 Hyundai Heavy Industries Co., Ltd.                                   

                8.5 Huntington Ingalls Industries, Inc.                                    

                8.6 ThyssenKrupp AG                                    

                8.7 The Naval Group                                      

                8.8 Abu Dhabi Ship Building Co.                                 

                8.9 Kawasaki Heavy Industries                                  

                8.10 Fincantieri                                 

9. Competitive Landscape                                                           

                9.1 Market share analysis                                            

                9.2 Merger and Acquisition Analysis                                       

                9.3 Agreements, collaborations and Joint Ventures     

                9.4 New Product Launches                                         

10. Market Outlook and Investment Opportunities       


                a) List of Tables                                

                b) List of Figures                                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identifying the regions that are still untapped
  • The segment-level analysis in terms of By purification Media, and by Application along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along  with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis, and analyst overview to study and sustain the market environment
  • Competitive landscape analysis lists out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Naval Vessels Market By Region, From 2021-2026 ( USD Billion )
  2. Global Naval Vessels Market By Vessel Type, From 2021-2026 ( USD Billion )
  3. Global Corvettes Market By Region, From 2021-2026 ( USD Billion )
  4. Global Destroyers Market By Region, From 2021-2026 ( USD Billion )
  5. Global Aircraft Carriers Market By Region, From 2021-2026 ( USD Billion )
  6. Global Frigates Market By Region, From 2021-2026 ( USD Billion )
  7. Global Submarines Market By Region, From 2021-2026 ( USD Billion )
  8. Global Other Vessel Types Market By Region, From 2021-2026 ( USD Billion )

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