Market Size of Europe Naval Vessels Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 35.44 Billion |
| Market Size (2029) | USD 57.62 Billion |
| CAGR (2024 - 2029) | 10.21 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Naval Vessels Market Analysis
The Europe Naval Vessels Market size is estimated at USD 35.44 billion in 2024, and is expected to reach USD 57.62 billion by 2029, growing at a CAGR of 10.21% during the forecast period (2024-2029).
The market is propelled by recent developments of frigates and offshore patrol vessels, owing to their lethality, speed, and maneuverability. The incidents, such as the rise in illegal trespassing of immigrants and drug trafficking in countries such as Italy, Spain, and Albania, have led to the rise in demand for naval vessel developments in this region. Other factors, such as the implementation of the United Nations Convention on the Law of the Sea (UNCLOS) III norms, the need to patrol Exclusive Economic Zones that stretch up to 200 miles beyond national coastlines, and the need for cost-effective naval forces after Cold War era are propelling the market's growth in the region.
The advanced technological developments, such as initiatives to deploy Aegis technology-equipped ships in the European naval fleet and investments in robotics and other digital technology development by local naval shipbuilders, are supporting the growth of the naval vessels market in Europe. However, stringent rules and regulations to reduce emissions and pollution in the ocean are a challenge for naval vessel manufacturers.
