Naval Combat Vessels Industry - Regional Synopsis
Geographically, the naval combat vessels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America industry is set to account for largest revenue share by 2037, due to growing incorporation of advanced combat systems into naval vessels and increasing government spending to ensure a powerful defense system globally. The US’s dominance in the naval combat vessels market is swayed by the country’s affinity for unconventional military platforms to maintain an edge over its opponents. The country is currently undertaking multiple high-value programs to acquire new-generation naval vessels. Also, the US is home to most of the major companies in the market.
Europe is projected to witness significant growth in the forecast period owing to increasing demand for naval combat vessels. The Asia Pacific region is followed by the North American region in the naval combat vessels market. This is primarily attributed to the increase in government spending on defense equipment in countries, such as India, China, and North Korea, and due to the developing need for warfare ships and frigates, especially in China and Japan.
In recent years, China has overtaken the U.S. in numbers of naval warships yet, China’s open-ocean naval capability lags far behind the U.S. navy warships. Both nations are putting noteworthy efforts into accumulating autonomous and semi-autonomous platforms to their surface and subsurface naval forces.
