Market Overview:
Naval Combat Systems Market Size is expected to reach USD 38.95 Billion, registering a CAGR of 2.68% during 2020-2030.
The global naval combat systems market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global market of naval combat systems will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2021, which will be a surplus growth at a moderate CAGR during the projected period (2020-2030).
The high demand for naval combat systems is due to the growth in the military. The emergence of advanced naval combat system has changed the defense industry. Due to the global proliferation of progressively sophisticated arms, an imperative need to reassess the current approach to naval fleet operations has emerged. To address this need, naval combat systems have come into existence. The new companies that are trying to enter the market should have high capital in order to engage in the RD of the naval combat systems market. However, the 3D printing evolution, emergence of advanced airborne radar and modernisation of naval combat systems acts as a barrier for the growth of naval combat systems market industry.
Key Players
BAE Systems, Lockheed Martin, Raytheon, Thales, General Dynamics, Harris Corporation, L-3 Communication Systems, Northrop Grumman, and Sagem and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global naval combat systems market.
The naval combat systems market is completely dependent on the investment on military system. Another factor responsible for the increase in growth of naval combat systems is the advanced automation systems and growing demand of UUVs. This is the primary factor that drives the growth of the naval combat systems market and has gained prevalence in the recent times, with increasing investments on naval combat systems. Thus, the growth of the naval combat systems market is expected to go hand in hand with the growth of military expenditure.
The dynamic business environment and cut throat competition in the market constantly requires influx of capital to update their technology. The suppliers outnumber the buyers in the global naval combat systems market. There is an intense competition among the existing players in the market with the vendors investing extensively and using advanced technology to develop modern and cost-effective anti-ship missile defense systems.
In the current scenario, the value chain of the global naval combat system market growth consists of the stages of the defence authorities, manufacturers or the companies who are responsible for the design and development of the missile defense systems, and the Tier suppliers who provide additional services such as the raw materials and 3D printing services. RD is a pre-requisite for the development of naval combat systems and the maintenance of global competitiveness in the market. Currently, developed regions like the Americas and Europe investment heavily in the procurement and development of these systems. Such cutthroat competition in the automotive industry requires massive investments at a regular basis, thus the high capital investment in the naval combat systems market.
Naval Combat Systems Market Segmentation
The Global Naval combat systems market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding.
Segmentation by System: Comprises Weapon Systems, C4ISR Systems, Electronic Warfare and Signal Communication Intelligence
Segmentation by Vessel Type: Comprises Submarine, Destroyer ship, Frigate, Corvette and others
Segmentation by Vehicle Type: Comprises Passenger vehicle, Commercial vehicle
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Naval Combat Systems Market: Regional Analysis
North America market is dominating the market of naval combat systems market due to growth in global military expenditure and technological advancements. The increasing military expenses by the US Department of Defense (DOD) on naval combat system, in the recent years, have fuelled the demand for systems in the country.
Europe is referred to as the second-largest naval combat systems market due to factors such as increasing military spending in various countries across EMEA regions, ultimately drives the market.
Industry/ Innovation/ Related News:
October, 2016 - BAE Systems has signed a ten-and-a-half-year contract extension to provide the Royal Navy with combat systems integration services to both in-service and future platforms, including Type 45 destroyers, the new Queen Elizabeth (QE) Class aircraft carriers, and the Type 26 Global Combat Ships.
February, 2016 - The U.S. Navy awarded Lockheed Martin a $15 million contract to mature its Freedom-variant Frigate design as a part of the Navy's FFG(X) competition.
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