The Global Naval Vessels, Surface Combatants and Related MRO 2016-2026 report offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for naval vessels, key market trends, and challenges faced by industry participants.
The global naval vessels, surface combatants, and related MRO market, valued at US$36.3 billion in 2016, is projected to grow at a CAGR of 3.31% over the forecast period period, to reach US$50.3 billion by 2026 and cumulatively value US$477.5 billion. The market consists of five categories: corvettes, frigates, destroyers, amphibious ships, and aircraft carriers. During 2016-2026, the market is expected to be dominated by corvettes, which will account for 26.7% of the market, followed by destroyers, frigates, amphibious ships, and aircraft carriers with shares of 23.3%, 20.1%, 15.5%, and 14.4% respectively. North America is forecast to dominate the global market with a share of 33.8%, followed by Asia Pacific and Europe, with shares of 33.0% and 20.4% respectively.
Safeguarding maritime trade from piracy, illegal infiltration, smuggling, terrorism, and arms races among rising powers in several regions are expected to drive expenditure in the naval vessels, surface combatants, and related MRO market over the forecast period. The demand for naval vessel MRO services is expected to be driven by aging naval vessels globally, technological innovations in the industry, internal and external security threats, territorial disputes, and modernization initiatives undertaken by navies across the world.
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