Battle Force Ships Global Market Report 2024

The battle force ships market size has grown rapidly in recent years. It will grow from $40.44 billion in 2023 to $44.95 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The expansion witnessed during the historical period can be primarily attributed to factors such as heightened geopolitical tensions, investments in naval power projection, substantial fleet modernization and upgrades, efforts to combat piracy and enhance maritime security, as well as increased involvement in humanitarian and disaster relief operations. These influences collectively contributed to the growth observed in this sector.

The battle force ships market size is expected to see strong growth in the next few years. It will grow to $63.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. Anticipated growth in the upcoming period can be attributed to a range of significant factors. These include the emergence of new threats, a heightened focus on cybersecurity and information warfare, the strategic presence of naval assets in Arctic and polar regions, advancements in electromagnetic railguns and directed energy weapons, and the expanding role of autonomous and unmanned systems in naval operations. Furthermore, several notable trends are expected to shape the industry landscape, such as the development of multi-mission ships, the pursuit of reduced crew requirements through automation, the adoption of modular design principles, an increasing emphasis on environmental sustainability, and growing international collaboration within the naval sector. These factors collectively contribute to the forecasted growth of this dynamic industry.

An upsurge in investments in maritime security is poised to drive the growth of the battle force ship market. Maritime security focuses on safeguarding against intentional harm, such as sabotage, subversion, or terrorism, to ensure safety and security in the maritime domain. Notably, the United States Maritime Administration (MARAD) reported in October 2022 that investments exceeding $17 billion were allocated to enhance port infrastructure and waterways, aimed at streamlining supply chains, addressing bottlenecks, expediting business processes, and resolving maintenance backlogs in the marine sector. As a result, heightened investment in maritime security is anticipated to fuel the expansion of the battle force ship market.

The diverse fleet of battle force ships includes various types of vessels, each tailored to serve distinct naval purposes. This comprehensive spectrum comprises frigates, corvettes, destroyers, aircraft carriers, torpedo boats, support crafts, and additional classifications. Notably, frigates, characterized by their swiftness and relatively compact size, are often tasked with the protection of other naval assets. The wide range of applications for these battle force ships extends to search and rescue missions, combat operations, mine countermeasures (MCM) operations, coastal surveillance, and various other specialized tasks. The vessels are powered by different technologies, encompassing both conventional power sources and advanced nuclear power systems, allowing them to perform their designated functions with efficiency and precision.

The battle force ships market research report is one of a series of new reports that provides battle force ship market statistics, including battle force ship industry global market size, regional shares, competitors with a battle force ship market share, detailed battle force ship market segments, market trends and opportunities, and any further data you may need to thrive in the battle force ship industry. This battle force ship market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The battle force ship market's growth is expected to be driven by increasing geopolitical tensions. Geopolitical tensions denote conflicts, rivalries, or strained relations between nations or regions, often stemming from disputes over territory, resources, political ideology, military strength, or other geopolitical factors. Battle force ships play a pivotal role in either exacerbating or mitigating such tensions. They can act as a deterrent to aggression, provide reassurance to allies and partners, and, if necessary, engage in combat operations to safeguard a nation's interests or those of its allies. For example, reports from the National Library of Medicine in January 2023 revealed substantial increases in the geopolitical risks faced by Syria and Yemen. In this context, the growth of geopolitical tensions, particularly in regions like Russia and Ukraine, is propelling the battle force ship market.

The battle force ship market is expected to face limitations due to the economic slowdown resulting from the impact of COVID-19. The pandemic triggered restrictive containment measures that led to the closure of economic activities globally, posing significant challenges to their revival. Many countries implemented budget cuts across various sectors to address economic downturns. For instance, in India, the defense budget is projected to see reductions ranging from 20% to 40%, amounting to $5.36 billion to $10.71 billion (INR 40,000 crore to INR 80,000 crore). Consequently, the economic constraints have compelled the navy to reassess its plans for achieving 200 warships by 2027. The reduced budgets allocated to the defense sector may hinder the growth of the battle force ship market during this period.

Leading companies in the battle force ship market are focusing on the development of advanced warships, exemplified by vessels like INS Anjadip and INS Sanshodhak, to cater to the increasing demand from the Indian Navy and to showcase their prowess as warship builders. INS Anjadip is a highly maneuverable warship designed for submarine detection and engagement in shallow waters. On the other hand, INS Sanshodhak serves as a versatile warship, capable of performing various tasks such as hydrographic surveying, oceanographic research, and search and rescue missions. In June 2023, Garden Reach Shipbuilders & Engineers Ltd., an Indian shipbuilding and repair company, successfully launched these two noteworthy warships, significantly bolstering the Indian Navy's capabilities. INS Anjadip will enhance the navy's anti-submarine warfare capabilities in shallow waters, while INS Sanshodhak will contribute to maritime surveillance and research, underscoring India's evolving role as a leading warship manufacturer and the Indian Navy's commitment to modernizing its fleet.

In a strategic move to expand its shipbuilding capabilities and product portfolio, Bollinger Shipyards LLC, a US-based shipbuilding company, completed the acquisition of VT Halter Marine Inc. in November 2022 for $15 million. This acquisition enables Bollinger to enhance its shipbuilding capacity and diversify its offerings while gaining access to a skilled workforce. VT Halter Marine Inc., also based in the United States, specializes in the construction of battle naval and commercial vessels. This acquisition marks a significant step in Bollinger's expansion efforts and positions the company for further growth and market leadership in the shipbuilding industry.

Major companies operating in the battle force ships market include BAE Systems, Lockheed Martin Corp, General Dynamics Corporation, Huntington Ingalls Industries, Abu Dhabi Ship Building, Austal Limited, Damen Schelde Naval Shipbuilding (DSNS), Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, Mazagon Dock Shipbuilders Limited, Naval Group SA, PO Sevmash, Thales Group, ThyssenKrupp Marine Systems AG, Fincantieri S.p.A., ASC PTY LTD., Raytheon Technologies Corp., SaaB AB, Mitsubishi Heavy Industries Ltd., Kawasaki Shipbuilding Corporation, Kockums AB, United Shipbuilding Corporation, Navantia, Samsung Heavy Industries, China Shipbuilding Industry Corporation, STX Offshore & Shipbuilding, Boustead Naval Shipyard, Garden Reach Shipbuilders & Engineers, Bharat Heavy Electricals Limited

Asia-Pacific was the largest region in the battle force ships market in 2023. Western Europe is expected to be the fastest-growing region in the battle force ships market during the forecast period. The regions covered in the battle force ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the battle force ships market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The battle force ship market consists of sales of battle force ships, such as combat warships, and support watercraft. Values in this market are factory gate values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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