Growing military expenditure on naval vessels, technological advancement, and growing political tensions among the US, Russia, China, and India are some of the factors driving the military frigate market globally.
August 20th, 2018: The military frigates market is expected to register a CAGR of more than 4% during 2018 - 2023, as per a new report published by Mordor Intelligence, LLP. The market is expected to grow mainly due to the growing demand for advanced frigates by countries to strengthen the naval powers.
Frigates and corvettes play a vital role in most navies. Frigates are multi-purpose guided-missile warships. Modern surface combatants like cruisers, frigates, destroyers, and Corvettes are the workhorses of the fleet. Asia-Pacific region seems to be busy and interested in buying Western frigates off-the-shelf. Few Asian countries are working with Western companies to build ships in-house. Navies are also simultaneously investing in a range of ASW capabilities, from sonar to helicopters to torpedoes to strengthen their existing naval vessels. The desire to secure territorial and resource interests is also propelling a significant focus on advanced frigates. In February 2018, the US Navy selected five shipbuilders for the conceptual design of the frigates and will compete in the Navy’s bid for 20 next-generation guided-missile frigates (FFG(X)). General Dynamics Bath Iron Works, Austal USA, Lockheed Martin, Fincantieri Marine, and Huntington Ingalls Industries were each awarded USD 15 million contracts for the work. The final contract is expected to be awarded after evaluation by 2020. In June 2018, Australia selected BAE Systems under a deal worth USD 26 billion. Under the deal, BAE Systems will develop nine high-end anti-submarine warfare frigates. A version of BAE Systems’ City-class Type 26 ASW frigate currently under construction will be acquired under Australia’s SEA 5000 Phase 1 project, known as the Future Frigate Project.
Development of stealth technology has also resulted in its application in frigates. It was introduced in modern frigate design by the French La Fayette class. New frigate ships are designed to offer a minimal radar cross-section, which also lends them good air penetration.
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Key Insights from the Military Frigates Market Report:
Mordor Intelligence, LLP has segmented the military frigates market based on regional coverage.
Military Frigates Market by Geography
The Middle East and Africa
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