Market Size of Naval Combat Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 2.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Naval Combat Systems Market Analysis
The Naval Combat Systems Market is poised to grow at a CAGR of over 2.5% during the forecast period (2022-2027).
The COVID-19 pandemic has resulted in several supply chain constraints on a global scale which has escalated the cost of acquisition for several naval programs. With shipyard workers being exposed to COVID-19 infection, the overall attendance declined by 50% during the peak of the pandemic, which resulted in the slight extension of deadlines for the completion of several shipbuilding programs.
The naval combat systems market is driven by the demand for new naval vessels as a result of the envisioned and ongoing fleet modernization programs of the global armed forces.
Currently, the navies have robustly increased their investments towards the development and deployment of directed energy weapons on board the naval vessels. This trend of installing laser weapon systems is anticipated to accelerate the growth of the market during the forecast period.
However, the inherent capital-intensive nature of the industry due to the associated high cost of R&D and the recent COVID-19-induced disruption in the global supply chain are some of the factors that hinder the growth of the market in focus during the forecast period.
