Market Size of Naval Combat Weapons Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*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 Weapons Market Analysis
The Naval Combat Weapons Market is anticipated to grow at a CAGR of 4% during the forecast period.
The COVID-19 pandemic had a significant impact on the naval combat weapons market because various weapon manufacturing companies took a greater hit regarding production during the pandemic. The emergence of the coronavirus pandemic has led to shutdowns resulting in effects on the supply chain as well as the production of naval combat weapons. Various naval weapon companies witnessed a decline in the number of orders for combat weapons worldwide.
The demand for naval combat weapons is anticipated to experience substantial growth during the forecast period. The growth is attributed to the rising investments from naval combat weapons manufacturers in advanced technologies such as artificial intelligence, the Internet of Things (IoT), and big data analytics in combat weapons. The naval forces are advancing rapidly with the development and integration of high energy laser (HEL) weapon systems with artificial intelligence onto ships to support the ship's self-defense mission.
The significant increase in defense spending and procurement programs by various countries in recent years may propel the growth of the market in the coming years. According to the data released by the Stockholm International Peace Research Institute (SIPRI), world military spending has continued to witness growth in 2021, reaching an all-time high of USD 2.1 trillion. In 2021, the total global military expenditure increased by 0.7% as compared to previous years. Moreover, increasing naval tensions worldwide have led various countries to modernize as well as upgrade their naval fleet with combat weapons which are being developed with new and advanced technologies such as enemy detection by sound and elimination. Such increasing investments in advanced naval weapon technologies for combat purposes will propel the market growth in the coming years.
