Europe Naval Vessels Market Size (2024 - 2029)

Europe Naval Vessels Market Analysis

The Europe Naval Vessels Market size is estimated at USD 35.44 billion in 2024, and is expected to reach USD 57.62 billion by 2029, growing at a CAGR of 10.21% during the forecast period (2024-2029).

The market is propelled by recent developments of frigates and offshore patrol vessels, owing to their lethality, speed, and maneuverability. The incidents, such as the rise in illegal trespassing of immigrants and drug trafficking in countries such as Italy, Spain, and Albania, have led to the rise in demand for naval vessel developments in this region. Other factors, such as the implementation of the United Nations Convention on the Law of the Sea (UNCLOS) III norms, the need to patrol Exclusive Economic Zones that stretch up to 200 miles beyond national coastlines, and the need for cost-effective naval forces after Cold War era are propelling the market's growth in the region.

The advanced technological developments, such as initiatives to deploy Aegis technology-equipped ships in the European naval fleet and investments in robotics and other digital technology development by local naval shipbuilders, are supporting the growth of the naval vessels market in Europe. However, stringent rules and regulations to reduce emissions and pollution in the ocean are a challenge for naval vessel manufacturers.

Europe Naval Vessels Industry Segmentation

A naval vessel or ship is a military vessel used by a navy. Generally, naval vessels are damage-resilient and armed with weapon systems.

The Europe naval vessels market is segmented by vessel type and geography. By vessel type, the market is segmented into aircraft carriers, destroyers, frigates, corvettes, cruisers, submarines, and other vessel types. The other vessel types include amphibious warfare ships, littoral combat ships, cruisers, mine countermeasure ships, and patrol ships. The report also offers the market size and forecasts for seven countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).