The global naval vessels and surface combatants market is anticipated to record a compound annual growth rate (CAGR) of 2.97% during 2017-27, according to a report by Strategic Defence Intelligence (SDI).
Titled ‘The Global Naval Vessels and Surface Combatants Market 2017-2027’, the report states that the market is anticipated to be valued at $48.8bn by 2027.
The naval vessels and surface combatants are categorised into five segments, including aircraft carriers, amphibious ships, corvettes, destroyers, and frigates.
The corvettes segment is projected to attract the biggest share of spending, accounting for 25.7% of the global market share, while destroyers and frigates are likely to emerge as the second and third biggest segments, with a market share of 23.6% and 23.5% respectively.
The market shares of aircraft carriers and amphibious ships are expected to be 14.2% and 13% respectively of the global naval vessels and surface combatants market.
Higher investments by emerging economies in the Asia-Pacific region, including India and China, are expected to drive the demand for naval vessels and surface combatants.
The North American region is expected to dominate the market during the forecast period, followed by Asia-Pacific, Europe, and the Middle East.
The global financial crisis and subsequent budget cuts being implemented by major countries such as the US, the UK, France, Germany, and Italy to reassess the warship acquisition programmes.