North America Naval Vessels Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The North America Naval Vessels Market is segmented by Vessel Type (Submarines, Frigates, Corvettes, Aircraft Carrier, Destroyers, and Other Vessel Types) and Country.

Market Snapshot

na_naval_vessel
Study Period: 2018 - 2026
Base Year: 2020
CAGR: >3 %

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Market Overview

The North American naval vessel market is projected to register a CAGR of more than 3% during the forecast period.

  • The market is primarily driven by factors, such as the increased water conflicts, growth in piracy and illegal human and drug trafficking, and the growing emphasis on enhancing the naval capabilities by the United States.
  • The strengthening of naval forces by the potential adversaries of the United States is also driving the United States to develop highly advanced naval vessels. The United States is planning to include 46 more ships in its naval fleet by 2023.
  • However, Canada’s naval vessel market is expected to experience slow growth during the forecast period, owing to the insufficient and ineffective budget allocation by the government and the country's inactiveness in maritime aspects.

Scope of the Report

The North American naval vessels market report covers the latest trends and technological developments in the naval vessel market in the North American countries. The "other vessel types" segment of the market includes amphibious warfare ships, littoral combat ships, cruisers, mine countermeasure ships, and patrol ships.

Vessel Type
Submarines
Frigates
Corvettes
Aircraft Carriers
Destroyers
Other Vessel Types
Country
United States
Canada

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Key Market Trends

Frigates Segment to Show the Fastest Growth During the Forecast Period

During the forecast period, the frigates segment is expected to witness the highest growth. The development of new frigates is one of the key areas of focus for the United States. With the main concentration on high lethal and low detection capabilities of the frigates, the development of frigates is picking up pace over the past few years. The United States is one of the foremost countries in the world that is into the development of new frigates. Its 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 it is currently evaluating their designs. It intends to award the contract for the first frigate by 2020 and expects to receive the first ship by July 2026 and second ship by October 2026. Such developments are expected to help the growth of the segment during the forecast period.

North America Naval Vessels Market_Segmentation

The United States is Expected to Dominate the Market During the Forecast Period

The United States is expected to dominate the market during the forecast period. Currently, the United States has the biggest naval fleet in the world. In addition, the country is procuring and developing several naval vessels to augment its naval warfare capabilities. As of August 2019, the United States Navy was in talks with General Dynamics to strike a USD 20 billion deal for production of new Block V variant of Virginia class submarines that will have 28 vertical missile tubes, 14 more than past versions of Virginia submarines. Similar procurement plans are underway for other vessel types as well. However, the market for destroyers in the United States is expected to witness hindrances due to budget cuts and current decision took by the Navy in March 2020 to extend the service life of Arleigh Burke-class destroyers. Canada, on the other hand, is expected to witness sluggish growth due to the nation’s minimal involvement in defense maritime activities, resulting in lesser procurement plans.

North America Naval Vessels Market_Geography

Competitive Landscape

The naval vessel market is highly consolidated with many companies taking major revenue shares in the market. Some of the prominent players in the market are Lockheed Martin Corporation, General Dynamics Corporation, Huntington Ingalls Industry, Austal Limited, and Irving Shipbuilding Inc. Due to the availability of competent players in the United States, it becomes difficult for new foreign players to enter and dominate the North American market. However, collaborations and partnerships between the players to support the naval vessel development programs of the naval forces may help the companies to gain a strong and leading position in the market in the years to come.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vessel Type

      1. 5.1.1 Submarines

      2. 5.1.2 Frigates

      3. 5.1.3 Corvettes

      4. 5.1.4 Aircraft Carriers

      5. 5.1.5 Destroyers

      6. 5.1.6 Other Vessel Types

    2. 5.2 Country

      1. 5.2.1 United States

      2. 5.2.2 Canada

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Lockheed Martin Corporation

      2. 6.2.2 General Dynamics Corporation

      3. 6.2.3 Austal Limited

      4. 6.2.4 Huntington Ingalls Industry

      5. 6.2.5 Irving Shipbuilding Inc.

      6. 6.2.6 Veracruz Federal Shipbuilding

      7. 6.2.7 Acapulo Naval Shipbuilding

      8. 6.2.8 Puget Sound Naval Shipyard

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The North America Naval Vessels Market market is studied from 2018 - 2026.

The North America Naval Vessels Market is growing at a CAGR of >3% over the next 5 years.

Lockheed Martin Corporation, Austal Limited, General Dynamics Corporation, Huntington Ingalls Industry, Irving Shipbuilding Inc. are the major companies operating in North America Naval Vessels Market .

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