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Next Generation Naval Vessel Technology Market: Need to Upgrade Defence Sector to Drive Growth

News   •   Jan 16, 2018 09:14 EST

Transparency Market Research (TMR) has announced the addition of a new report, titled ‘Next Generation Naval Vessel Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.’ According to the report the market for next generation naval vessel is primarily fuelled by the increasing demand for these vessels for maritime security. The next generation naval vessels are also extensively useful for anti-air warfare and during surface warfare. These vessels are also extensively effective against mine warfare and submarines. All these factors are expected to fuel the growth of the global next generation market.

In countries such as Afghanistan and Iraq, asymmetric counter insurgency warfare is a gripping issue which is boosting the demand for the next generation naval vessels technology. In addition to this the current ongoing disturbances in the Middle Eastern region on account of increasing terrorist activities will also heighten the demand for stronger naval security which in turn will bode well for the next generation naval vessels market.

Moreover countries such as the US, which are always on the lookout for upgrading their defence capabilities will also drive the growth of this market. In addition to this, the US is also concentrating on empowering there Navy by deploying next generation naval vessels. Apart from all these factors, the rising concern about maritime piracy of high value assets such as oil and gas tankers, cargo ships, and container fleet in Somalia and other regions will continue to drive the demand for these vessels.

On the other hand, the high cost of acquiring next generation naval vessels is a significant challenge which is hampering the growth of this market. Another factor which is challenging the growth of the market is the need for regular maintenance of naval vessels. Developing and underdeveloped nations in Asia, Latin America, and Africa do not have the necessary capital in order to acquire these vessels or maintain these vessels. Therefore the cost of these vessels and the maintenance cost of these vessels will act as restraining factors for the growth of the market. However, technological innovations are expected to reduce the impact of these restraints by reducing the cost of vessel components in the years to come which in turn will significantly reduce the cost of these vessels.

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On the basis of type the market can be segmented into surface combatant, aircraft carriers, mine warfare combat logistics carrier, patrol combatant, coastal defence, and amphibious warfare. Strong growth is predicted for the patrol competence, aircraft carriers, maritime security, and coastal defence naval vessels during the forecast period.

On the basis of geography North America is leading in the market primarily due to the increasing number of terrorist attacks and therefore the growing concerns regarding security. In addition to this the US invests significantly in order to keep its defence sector upgraded which in turn is driving the growth of the next generation naval vessel technology market. Europe is also expected to witness a healthy growth in the years to come on account of the growing demand for naval vessels from across countries such as the UK, France, and Germany.

Growth in the Asia Pacific region is forecasted to be impressive and this is most likely on account of heavy investments done by countries such as India and China for strengthening their defence sector. The market for the next generation naval vessel technology will also witness a robust growth in the Middle East region on account of continuous communal disturbance and terrorist activities in countries such as Syria and Iraq. A sluggish growth can be expected in Latin America on account of its weak economy and therefore low defence budgets.

The report profiles key players operating in the global next generation naval vessel technology market for the purpose of study. They are: Austal USA, Atein Naval, Aeromaritime Systembau GmbH, and DAMEN Schelde Naval Shipbuilding.