Naval Vessels Market Size (2024 - 2029)

Naval Vessels Market Analysis

The Naval Vessels Market size is estimated at USD 109.39 billion in 2024, and is expected to reach USD 149.57 billion by 2029, growing at a CAGR of 6.46% during the forecast period (2024-2029).

As geopolitical tensions and marine disputes between countries increase, they strive to enhance their naval capabilities. Several countries are upgrading their existing naval fleets or replacing their aging fleets with newer-generation vessels with advanced features. With several countries increasing their defense spending over the past decade, the industry witnessed large-scale procurement and development activities.

Technological advancements also support the development of newer-generation naval vessels, as each country wants to update its maritime combat capabilities. As several countries currently operate older naval fleets, they emphasize procuring ships with the latest technologies to gain a qualitative technological edge over their adversaries. Counties worldwide heavily invest in their existing naval fleets' development, expansion, modernization, and gradation. Developing and procuring new naval vessels, such as frigates, submarines, etc., are expected to generate demand for newer combat vessels. On the other hand, geopolitical uncertainties and economic factors are anticipated to hinder the market's growth.

Naval Vessels Industry Segmentation

A naval combat vessel is a specialized watercraft operated by naval forces for military and security purposes. These vessels serve diverse roles, including defense, surveillance, and power projection at sea. They encompass various types, such as aircraft carriers, submarines, destroyers, and patrol boats, each designed for specific missions. Equipped with advanced weaponry and technology, naval vessels safeguard a nation's maritime interests and territorial waters, contributing significantly to its national security and defense strategy.

The naval combat vessels market is segmented by vessel type and geography. By vessel type, the market is segmented into destroyers, frigates, submarines, corvettes, aircraft carriers, and other vessel types (including amphibious warfare ships, littoral combat ships, mine countermeasure ships, and patrol ships). The report also covers the market sizes and forecasts for the naval combat vessels market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).