Corvettes Driving Naval Vessels Market Growth to 2025: US, Canada Leading Spenders

PUNE, India, November 2, 2015 /PRNewswire/ --

The Global Surface Combatants and Naval Vessels Market 2015-2025 report says industry worth US$35.9 billion in 2015 is expected to increase to US$47.2 billion by 2025, representing a CAGR of 2.79% during the forecast period.

Complete report on naval vessels market spread across 233 pages, talking about 17 companies and supported with 74 tables and 115 figures is now available at http://marketreportsstore.com/the-global-naval-vessels-and-surface-combatants-market-2015-2025/ .

With several countries across the world cutting their defence expenses, smaller ships that can be used to serve multiple purposes are becoming more popular. According to the 2015 research, this development is one of the main reasons for the high spending on corvettes, which will hold a dominant share (27%) of the global naval vessels market over the next ten years. The changing nature of maritime warfare has prompted governments around the world to spend on smaller surface combatants capable of operating in littoral waters.

Inshore and offshore patrol vessels that can be equipped with advanced weapons and communication systems to perform multiple missions will attract major investments. Asia Pacific will account for the largest spending on corvettes over the next ten years, with large scale procurement projects such as China's Type 056 Jiangdao class corvettes, India's mine warfare vessels, Malaysia's second generation Littoral Combat Ships and Taiwan's mine hunting navy ships. However, the report also finds that spending in the overall naval vessels market will be the largest in North America. While the US will account for a big part of the spending in this region, the fast growing Canadian market will also drive the demand. Over the next ten years, this report projects a total investment of US$168.7 billion on procurement and MRO contracts in the North American region.

A large base of ageing fleets in the US Navy will boost the demand for new procurements in the country. Moreover, spending on maintenance and upgrade programmes is driven by one of the largest ship modernization programmes in US history. This programme entails refitting and upgrade of the Ticonderoga (CG 47) class cruisers and Arleigh Burke (DDG 51) class destroyers. Companies like Daewoo Shipbuilding and Marine Engineering, Huntington Ingalls Industries, Finactieri, BAE Systems, Hyundai Heavy Industries, PO Sevmash, ThyssenKrupp Marine Systems, Thales, Lockheed Martin, ASC Pty Ltd., DamenSchelde Naval Shipbuilding (DSNS), Abu Dhabi Ship building, DCNS, Navantia, General Dynamics, Austal and Mazagon Docks are discussed in this naval vessels market research available for purchase at http://marketreportsstore.com/purchase?rname=35470 .

This report offers detailed analysis of the global naval vessels and surface combatants market with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for the global naval vessels and surface combatants market, key market trends, and challenges faced by industry participants. Analysis of the key markets in each region is covered, providing an analysis of the key segments of the global naval vessels and surface combatants market industry expected to be in demand in each region. Detailed profiles of the top global naval vessels and surface combatants providers around the world with information about their products, alliances, recent contract wins and financial analysis wherever available are provided. This will provide the user with a total competitive landscape of the sector. Comprehensive table of contents and more on this naval vessels market report is available at http://marketreportsstore.com/toc/?rname=35470 .

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