Military Frigates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Military Frigates Market Report is Segmented by Application (Patrol, Escort, and Other Applications) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The Report Offers Market Size and Forecast for all the Above Segments in Value (USD).

Military Frigates Market Size

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Military Frigates Market Summary
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Study Period 2019-2029
Market Size (2024) USD 24.03 Billion
Market Size (2029) USD 27.36 Billion
CAGR (2024 - 2029) 2.17 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Military Frigates Market  Major Players

*Disclaimer: Major Players sorted in no particular order


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Military Frigates Market Analysis

The Military Frigates Market size in terms of Equal-2.17 is expected to grow from USD 24.03 billion in 2024 to USD 27.36 billion by 2029, at a CAGR of 2.17% during the forecast period (2024-2029).

  • 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. Escalating geopolitical tensions globally underscores the strategic importance of naval forces, fostering a heightened demand for military frigates. Nations seek to bolster their maritime capabilities to secure vital sea routes, protect territorial waters, and respond effectively to evolving geopolitical challenges, thereby driving the procurement of frigates.
  • The increasing emphasis on maritime security amplifies the demand for military frigates. These vessels serve as linchpins in patrolling activities, enabling nations to monitor and safeguard their coastlines, Exclusive Economic Zones (EEZs), and maritime borders. The versatility of frigates in addressing diverse maritime security concerns reinforces their pivotal role in maintaining a secure maritime environment. The ongoing replacement programs in various countries to replace the current aging fleet of combat ships with modern detection and weapon systems equipped with frigates that have anti-ship, anti-submarine, and air-defense capabilities are propelling the growth of the market.
  • The surge in military modernization initiatives plays a pivotal role in driving the market for military frigates. As nations prioritize upgrading their defense capabilities, frigates emerge as integral components of comprehensive naval modernization programs. The incorporation of state-of-the-art frigates aligns with broader military strategies, contributing to sustained demand in the market.

Military Frigates Market Trends

Patrol Frigates are Expected to Have the Largest Market Share of the Military Frigates Market

  • Frigates excel in patrol duties, providing a versatile platform for monitoring and securing maritime borders, conducting anti-piracy operations, and enforcing maritime laws. Their adaptability in diverse operational scenarios makes them indispensable for nations seeking comprehensive maritime security solutions. Frigates, equipped with advanced sensors and surveillance systems, stand out for their superior surveillance capabilities. This feature enables effective monitoring of vast oceanic areas, allowing for early detection of potential threats and contributing to proactive and strategic patrolling.
  • The patrol category holds paramount importance in counter-terrorism efforts at sea. Frigates, with their swift response capabilities, play a critical role in intercepting and neutralizing potential maritime threats, making them integral assets in safeguarding against terrorist/pirate activities in maritime environments. For instance, in May 2023, the Republic of China (ROC) Navy gave a contract to Jong Shyn Shipbuilding Group for two next-generation domestic Light Frigates paving the road to introduce 12 frigates for the Taiwanese Navy. The new 2,500-ton Light Frigates are classified as “Second class ships” and will act as the workhorses of the Taiwanese Navy, taking over the day-to-day patrol missions.
Military Frigates Market: Frequency of Pirate Attacks, in Units, Global, 2018-2022

Asia-Pacific Expected to Witness 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. Countries like South Korea, Australia, India, China, and Indonesia are investing in the development, building, and procurement of new frigates in this region. 
  • Asia-Pacific's substantial market share can be attributed to the geopolitical significance of the region. With increasing competition for influence in the South China Sea and other critical waterways, nations in the Asia-Pacific are strategically investing in advanced frigates to assert maritime dominance and protect vital interests.
  • Moreover, the proactive naval modernization efforts of key countries like China, India, and Japan significantly contribute to the burgeoning demand for military frigates in Asia Pacific. These nations recognize the imperative of maintaining a robust naval presence, spurring investments in modern frigate fleets as part of comprehensive defense strategies. 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. For instance, in October 2021, Russia launched the first of two Krivak or Talwar-class stealth frigates, Tushil, being built in the country for the Indian Navy. The frigate is part of four follow-on frigates contracted by India from Russia, of which Russia is building two, and two are under construction in India through the transfer of technology.
  • Similarly, in October 2023, the Indian Ministry of Defense signed a contract for the life Upgrade and Re-Powering of "INS Beas" with M/S Cochin Shipyard Limited (CSL) at an overall cost of USD 37.60 million. INS Beas is a Brahmaputra Class Frigate to be re-powered from Steam to Diesel Propulsion. INS Beas will join the active fleet of the Indian Navy with a modernized weapon suite and upgraded combat capability in 2026.
Military Frigates Market: Market CAGR (%), By Region, Global, 2022

Military Frigates Industry Overview

The military frigates market is fragmented, with many companies competing to gain market share. Some of the prominent players in the market are Lockheed Martin Corporation, Austal Limited, United Shipbuilding Corporation, Fincantieri S.p.A., and BAE Systems plc. The major issue faced by the companies is limited geographical presence. For instance, BAE Systems plc supports the frigate programs of the United Kingdom and Australia, Austal Limited supports frigates in Australia and the United States, and United Shipbuilding Corporation majorly supports the programs of Russia. Due to such a 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 gain a strong and leading position in the market. 

For instance, 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.

Military Frigates Market Leaders

  1. Lockheed Martin Corporation

  2. Austal Limited

  3. United Shipbuilding Corporation

  4. BAE Systems plc

  5. Fincantieri S.p.A.

*Disclaimer: Major Players sorted in no particular order

Military Frigates Market Concentration
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Military Frigates Market News

  • June 2023: The Dutch Ministry of Defence (MoD), Damen, and THALES jointly signed a contract for the construction of four cutting-edge Anti-Submarine Warfare (ASW) Frigates. This pivotal agreement marked the beginning of a new era, heralding the retirement of the current Karel Doorman Class multipurpose frigates. The primary focus of these ASW frigates will revolve around bolstering anti-submarine warfare capabilities, showcasing a strategic shift in naval operations. These state-of-the-art frigates will feature hybrid diesel-electric propulsion, embodying a commitment to technological advancement and environmental considerations. A paramount objective is to enhance stealth capabilities, enabling the vessels to navigate with utmost silence, thereby minimizing the risk of detection.
  • November 2022: The UK Ministry of Defence (MoD) displayed its commitment to naval supremacy by awarding a substantial USD 4.59 billion contract to BAE Systems plc. This contract solidified BAE Systems' responsibility for the construction of the next five City Class Type 26 frigates destined for service in the Royal Navy. The Type 26 frigates, acclaimed as among the world's most advanced, are meticulously designed to excel in anti-submarine warfare and high-intensity air defense. Beyond their military prowess, these versatile vessels possess the agility to swiftly adapt, seamlessly transitioning to roles such as transporting significant quantities of humanitarian aid and providing housing for medical facilities. The multifaceted capabilities of the Type 26 frigates underscore their pivotal role in safeguarding national interests and contributing to global stability.

Military Frigates Market Report - 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 By Application

      1. 5.1.1 Patrol

      2. 5.1.2 Escort

      3. 5.1.3 Other Applications

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

      2. 5.2.2 Europe

        1. Italy

        2. United Kingdom

        3. Spain

        4. France

        5. Germany

        6. Russia

        7. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. Taiwan

        3. India

        4. South Korea

        5. Australia

        6. Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. Mexico

        2. Brazil

        3. Rest of Latin America

      5. 5.2.5 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 S.p.A.

      3. 6.2.3 Naval Group

      4. 6.2.4 Damen Shipyards Group

      5. 6.2.5 Fr. Lürssen Werft GmbH & Co. KG

      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 Shipbuilding Industry Trading Co., Ltd.


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Military Frigates Industry Segmentation

Military frigates are naval vessels positioned within the mid-range of naval fleets, offering a versatile and adaptable platform for various maritime operations. These vessels are specifically designed to balance firepower, agility, and endurance. Equipped with advanced technology, military frigates play a pivotal role in contemporary naval warfare, fulfilling multiple roles such as anti-submarine warfare, anti-aircraft warfare, and anti-surface warfare. Their significance lies in their ability to navigate diverse maritime challenges effectively.

The military frigates market is segmented by application and geography. By application, the market is segmented into patrol, escort, and others. Others include anti-submarine, anti-aircraft, anti-surface, and mine warfare. The report also covers the market sizes and forecasts for the military frigates market in major countries across different regions. 

For each segment, the market size is provided in terms of value (USD).

By Application
Other Applications
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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Military Frigates Market Research Faqs

The Military Frigates Market size is expected to reach USD 24.03 billion in 2024 and grow at a CAGR of 2.17% to reach USD 27.36 billion by 2029.

In 2024, the Military Frigates Market size is expected to reach USD 24.03 billion.

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

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Military Frigates Market.

In 2023, the Military Frigates Market size was estimated at USD 23.51 billion. The report covers the Military Frigates Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Military Frigates Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Military Frigates Industry Report

Statistics for the 2024 Military Frigates market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Military Frigates analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Military Frigates Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)