North America Naval Vessels Market: Opportunities, Size, Share, Emerging Trends, Technological Innovation and Forecast: 2022-2031

Japan, Japan, Sun, 03 Apr 2022 23:44:25 / Comserve Inc. / -- The North America naval vessel market is projected to grow with a CAGR of more than 3% during the forecast period.

The North America naval vessel market is projected to grow with a CAGR of more than 3% during the forecast period.

- The market is primarily driven by factors such as the increased water conflicts, growth in piracy and illegal human and drug trafficking, and the growing emphasis on enhancing the naval capabilities by the United States.
- The strengthening of naval forces by the potential adversaries of the US is also driving the United States to develop highly advanced naval vessels. The United States is planning to include 46 more ships in its naval fleet by 2023.
- However, Canada's naval vessel market is expected to experience slow growth during the forecast period owing to the insufficient and ineffective budget allocation by the government and the country's inactiveness in maritime aspects.

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Key Market Trends

Frigates Segment to Show The Fastest Growth During the Forecast Period

During the forecast period, the frigates segment is expected to witness the highest growth. The development of new frigates is one of the key areas of focus for the US. With the main concentration on high lethal and low detection capabilities of the frigates, the development of frigates is picking up pace over the past few years. The United States of America is one of the foremost countries in the world that is into the development of new frigates. Its new program of guided missile frigate FFG(X) is in progress and includes the construction of about 20 FFG(X) next-generation frigates by 2030. The US Navy selected five shipbuilders: Austal USA, Fincantieri SpA, General Dynamics, Huntington Ingalls Industries, and Lockheed Martin and is currently evaluating their designs. It intends to award the contract for the first frigate by 2020 and expects to receive the first ship by July 2026 and second ship by October 2026. Such developments are expected to help the growth of the segment during the forecast period.

The United States is Expected to Dominate the Market During the Forecast Period

The United States is expected to dominate the market during the forecast period. Currently, the US has the biggest naval fleet in the world. In addition, the country is procuring and developing several naval vessels to augment its naval warfare capabilities. As of August 2019, United States Navy was in talks with General Dynamics to strike a USD 20 billion deal for production of new Block V variant of Virginia class submarines that will have 28 vertical missile tubes, 14 more than past versions of Virginia submarines. Similar procurement plans are underway for other vessel types as well. However, the market for destroyers in the United States is expected to witness hindrances due to budget cuts and current decision took by the Navy in March 2020, to extend the service life of Arleigh Burke-class destroyers. Canada, on the other hand, is expected to witness sluggish growth due to the nation's minimal involvement in defense maritime activities resulting in lesser procurement plans.

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Competitive Landscape

The naval vessel market is highly consolidated with many companies taking major revenue shares in the market. Some of the prominent players in the market are Lockheed Martin Corporation, General Dynamics Corporation, Huntington Ingalls Industry, Austal Limited, and Irving Shipbuilding Inc. Due to the availability of competent players in the US, it becomes difficult for new foreign players to enter and dominate the North American market. However, collaborations and partnerships between the players to support the naval vessel development programs of the naval forces may help the companies to gain a strong and leading position in the market in the years to come.

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