How big is the Naval Vessels Market?

The Naval Vessels Market size is expected to reach USD 109.39 billion in 2024 and grow at a CAGR of 6.46% to reach USD 149.57 billion by 2029. Read More

What is the current Naval Vessels Market size?

In 2024, the Naval Vessels Market size is expected to reach USD 109.39 billion. Read More

Who are the key players in Naval Vessels Market?

General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems plc, Naval Group SA and ThyssenKrupp AG are the major companies operating in the Naval Vessels Market. Read More

Which is the fastest growing region in Naval Vessels Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Naval Vessels Market?

In 2024, the North America accounts for the largest market share in Naval Vessels Market. Read More

What years does this Naval Vessels Market cover, and what was the market size in 2023?

In 2023, the Naval Vessels Market size was estimated at USD 102.32 billion. The report covers the Naval Vessels Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Naval Vessels Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key drivers of the Naval Vessels Market?

Key factors driving the Global Naval Vessels Market are a) Rising maritime security concerns b) Fleet expansion by navies worldwide c) Technological advancements in naval warfare systems Read More

Naval Vessels Market Share

Statistics for the 2023 & 2024 Naval Vessels market share, created by Mordor Intelligence™ Industry Reports. Naval Vessels share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Naval Vessels Industry

The market for naval vessels is semi-consolidated, with many local players in Europe and Asia-Pacific catering to the requirements of maritime vessels to the navies. Some prominent players in the market are General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems PLC, Naval Group SA, and ThyssenKrupp AG.

With the industry's growing competition, innovation is critical for players to stand out. Many countries are trying to procure next-generation warships that possess advanced capabilities. For instance, in February 2023, the UK Royal Navy awarded a contract to BAE Systems PLC to initiate construction of the third Dreadnought Class submarine, Warspite, at its shipyard in Cumbria. The submarine will have advanced technology and a carrying capacity for nuclear deterrence.
OEMs are expected to enjoy healthy revenue growth owing to fleet expansion and modernization efforts from navies worldwide. The market players also collaborate to develop advanced naval vessels to meet the armed forces' demands. Such partnerships will help the players expand their business during the forecast period.