Market Share of Naval Vessels Industry
The market for naval vessels is fragmented, with the many local players in Europe and Asia-Pacific catering to the requirements of naval vessels to the navies. Some of the prominent players in the naval vessels market are General Dynamics Corporation, Huntington Ingalls Industries Inc., BAE Systems plc, Naval Group, and Korea Shipbuilding & Offshore Engineering Co., Ltd.
With the industry's growing competition, innovation is a critical factor for the players to stand out. Many countries are trying to procure next-generation warships that possess advanced capabilities. For instance, in February 2023, the UK Royal Navy awarded a contract to BAE Systems plc to initiate construction of the third Dreadnought Class submarine, Warspite, at its shipyard in Cumbria. The submarine will have advanced technology and a carrying capacity for nuclear deterrence.
The OEMs are expected to enjoy healthy revenue growth owing to fleet expansion and modernization efforts from navies worldwide. The market players are also collaborating to develop advanced naval vessels to cater to the demand from armed forces. Such partnerships are expected to help the players expand their business during the forecast period.
Naval Vessels Market Leaders
General Dynamics Corporation
Huntington Ingalls Industries Inc.
BAE Systems plc
Korea Shipbuilding & Offshore Engineering Co., Ltd.
Naval Group
*Disclaimer: Major Players sorted in no particular order
