The global naval vessel and surface combatant market is predicted to be worth over $48 billion by 2031, around 48 percent higher than at present reveals a report from analytics company GlobalData.
The report, Global Naval Vessels and Surface Combatants Market 2021-2031, finds that the world’s leading naval powers including Russia, China, India, the UK, France and Canada will continue their modernisation plans to replace legacy vessels.
According to the report, frigate modernisation will dominate as one of the fastest-growing segments particularly in countries such as India (at 6.4 percent growth rate), South Korea (5.5 percent), and Germany (4.9 percent).
In the short term however, aircraft carrier construction is predicted to have the fastest growth driven by building programmes that include the US Navy’s Gerald R. Ford-class, India’s INS Vishal (IAC-II), Russia’s Project 23000E (Shtorm-class), France’s PANG (Porte Avion Nouvelle Generation, or Next-generation Aircraft Carrier) and China’s Indigenous Aircraft Carriers (001A, 002 and 003).
The GlobalData report finds that in the decade up to 2031, the sector will have a compound annual growth rate (CAGR) of 6.40%.
Chandan Nayak, defense analyst at GlobalData, concluded: “While the aircraft carrier will be the fastest-growing segment, frigates will be the largest in terms of actual spending owing to their multi-tasking capabilities. Frigates will account for 32.7 percent of the worldwide investment on acquisitions of naval vessels and combatants market over the next ten years.”