Military Frigates Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Military Frigates Market is segmented by Geography.

Market Snapshot

military frigates market
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: >3.5 %
military frigates market size

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Market Overview

The military frigates market is anticipated to register a CAGR of over 3.5% during the forecast period.

  • Development and procurement of new frigates have gained importance in the past few years, due to the increasing border issues and territorial conflicts at sea. 
  • The ongoing replacement programs in various countries to replace the current aging fleet of combat ships with modern detection and weapon systems equipped frigates that have anti-ship, anti-submarine, and air-defense capabilities are propelling the growth of the market.

Scope of the Report

The market study of military frigates include:

North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle-East and Africa
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

Development of New Frigates is Expected to Drive the Growth of the Military Frigates Market

The development of new frigates is one of the key drivers in the military frigates market. With a major focus on high lethality and low detection capabilities of the frigates, the development of frigates is picking up pace over the past few years. The development of new frigates is gaining importance in the US in recent years. A 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. Similarly, the United Kingdom is currently evaluating BAE Systems, Babcock, and Atlas Elektronik UK for design, development, and manufacturing of its new Type 31e frigate that is intended to enter service by 2020, along with the more capable Type 26 frigate. Such new programs may propel the growth of the military frigates market during the forecast period.

 military frigates market share

The Asia-Pacific Region to Experience the Highest Growth During the Forecast Period

The Asia-Pacific region is anticipated to have the highest growth during the forecast period. The escalated tensions between the countries in this region have led to countries increasing their military spending. Thus, this is boosting the growth of the market during the forecast period. The countries, like South Korea, Australia, India, China, and Indonesia, are investing in the development, building, and procurement of new frigates in this region. In late 2018, India’s Goa Shipyard Limited (GSL) signed a USD 500 million deal with Rosoboronexport of Russia to indigenously manufacture two stealth frigates with technology transfer. Similarly, under Australia’s SEA 5000 Phase 1 project (Future Frigate Project), the country signed a deal with BAE Systems worth USD 26 billion to take the delivery of nine high-end anti-submarine warfare frigates by the end of next decade. Additionally, the presence of shipbuilding companies, like Austal, China State Shipbuilding Corporation, and Hyundai Heavy Industries (HHI) is also supporting the growth of frigates in this region.

military frigates market growth

Competitive Landscape

The military frigates market is fragmented with many companies taking a minor share of the market. Some of the prominent players in the market are Lockheed Martin Corporation, Austal, United Shipbuilding Corporation, Fincantieri SpA, and Naval Group. The major issue faced by the companies is of limited geographical presence. For instance, BAE Systems supports the frigate programs of the United Kingdom and Australia, Austal supports frigates in Australia and the United States, and United Shipbuilding Corporation majorly supports the programs of Russia. Due to such limited geographical presence, the market is highly fragmented with many companies taking a part of the share. The collaborations and partnerships between the players to support the frigate development programs of the naval forces may help the companies to gain a strong and leading position in the market.

Recent Development

In October 2021, Russia has launched the first of two Krivak or Talwar-class stealth frigates, Tushil, being built in the country for the Indian Navy. The friogate is part of four follow-on frigates contracted by India from Russia, of which two are being built by Russia and two are under construction in India through transfer of technology.

In May 2021, The US Navy issued a USD 554 million contract to Fincantieri Marinette Marine to start building the next frigate in the Constellation class. The award is for the future USS Congress (FFG-63), which is the second hull in the Constellation class.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Geography

      1. 5.1.1 North America

        1. United States

        2. Canada

      2. 5.1.2 Europe

        1. Italy

        2. Greece

        3. United Kingdom

        4. Spain

        5. France

        6. Germany

        7. Russia

        8. Rest of Europe

      3. 5.1.3 Asia-Pacific

        1. China

        2. Taiwan

        3. India

        4. South Korea

        5. Australia

        6. Rest of Asia-Pacific

      4. 5.1.4 Latin America

        1. Mexico

        2. Brazil

        3. Chile

        4. Peru

        5. Rest of Latin America

      5. 5.1.5 Middle-East and Africa

        1. Turkey

        2. Egypt

        3. Saudi Arabia

        4. Rest of Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 BAE Systems plc

      2. 6.2.2 Fincantieri SpA

      3. 6.2.3 Naval Group

      4. 6.2.4 Damen Shipyards Group

      5. 6.2.5 Lürssen

      6. 6.2.6 thyssenkrupp AG

      7. 6.2.7 United Shipbuilding Corporation

      8. 6.2.8 Rosoboronexport

      9. 6.2.9 General Dynamics Corporation

      10. 6.2.10 Lockheed Martin Corporation

      11. 6.2.11 Austal Limited

      12. 6.2.12 China State Shipbuilding Corporation


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Frequently Asked Questions

The Military Frigates Market market is studied from 2018 - 2027.

The Military Frigates Market is growing at a CAGR of >3.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Lockheed Martin Corporation, Austal Limited, United Shipbuilding Corporation, Fincantieri SpA, BAE Systems plc are the major companies operating in Military Frigates Market.

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