The market for warships and naval vessels is highly essential for the defense sector. The safeguard of coastal areas and borders are highly determined by a country’s naval strength. Despite the decrease in defense spending in the West, the market continues to be driven by other factors. The value of global & naval vessels market is estimated to be $80 billion in 2014.
The naval vessels and surface combatant market covers submarines, frigates, cruisers, vessels, aircraft carriers, and coast guard ships.
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The countries in the Asia-Pacific region are modernizing their surface and underwater naval capabilities by purchasing stealthy warships, attack submarines, patrol vessels, sensors, radars, missiles, and unmanned systems. The Asia-Pacific market is expected to account for approximately 25% of the projected global naval vessels market. As per AMI International, a US naval analysis firm, the Asia-Pacific region will spend $180 billion for the purchase of almost 800 new ships, surface crafts, and submarines by 2031.
The major factors driving maritime security among Asia-Pacific nations are China’s military modernization, the U.S.’s Asia-pivot policy and its air-sea battle doctrine, the North Korean antics, the steady rise of the gross domestic product in the APAC region, and piracy & terrorist fears.
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AMI forecast that between 2010 and 2030, the U.S. market will account for 63% of the world's future spending on aircraft carriers and large expeditionary ships, 39% of the world's investment in cruisers and destroyers, 37% of the global submarine spending, and 23% of the global market for frigates and corvettes.
The Asia-Pacific customers face a variety of challenges in this market largely driven by the reality of managing ocean borders and the need to more effectively secure lengthy coastlines as well as the critical maritime trade routes.
The US will remain the world’s largest naval market by value, followed by the Asia-Pacific region, which recently surpassed Europe as the world’s second largest naval market. China and India account for 30 percent of the region’s future naval market by number of hulls and are expected to procure more than 100 new ships and submarines by 2031.
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