APAC Naval Vessels Market Size and Trend Analysis, 2022-2032
- Maritime trade constitutes more than 90% of overall global trade routes. Ensuring the safety of commercial vessels passing on maritime trade routes is a key responsibility of major economies around the world
- The Asia-Pacific naval vessels and surface combatants' market is valued at $10.8 billion in 2022
- Trends in the sector are to focus on indigenous development and modularity in naval vessels to reduce lifecycle costs of naval vessels
APAC Naval Vessels Market Size
As per GlobalData’s Naval Vessels and Surface Combatants 2022-2032 report, The Asia-Pacific naval vessels and surface combatants' market is valued at $10.8 billion in 2022 and is projected to grow at a CAGR of 3.39% to reach $15 billion by 2032. Over the forecast period, the region will cumulatively spend $156.4 billion on the naval vessels and surface combatant's market.
The Asia-Pacific naval vessels and surface combatants' market is primarily driven by the procurement strategies adopted by key economies such as China, India, and Australia, and a steady expansion of maritime security assets by countries such as South Korea, Vietnam, Malaysia, Taiwan, and Singapore. Furthermore, the ongoing dispute over the South China Sea and disputes with Japan over the Senkaku Islands, will act as major influencing factors for China’s expenditure on the market over the forecast period. With 23.4%, China is the largest market in the Asia-Pacific region.
Major navies in the region are expected to procure a wide range of naval platforms, including aircraft carriers, destroyers, frigates, amphibious ships, light combat vessels, auxiliary vessels and corvettes over the next decade. Smaller countries such as Taiwan, Malaysia, Indonesia and others are anticipated to gradually increase their spending in this market, primarily to counter China’s naval presence in the region.
Trends in the Sector
Various countries across the globe are focusing on the indigenous development and maintenance of their naval vessels to reduce their dependency on imports. Indigenously built ships can be customized, maintained, repaired and overhauled in a domestic facility without depending on a foreign supplier for spare parts and other accessories.
Navies are focusing on the design and construction of naval vessels capable of changing their primary role by swapping modular mission packages. This approach has enabled navies to significantly reduce the acquisition, maintenance, and operational costs of naval platforms over their life cycle. Therefore, the majority of key global manufacturers are now designing their products based on the concept of modularity, allowing for easy modifications
Access the report here.
Related Data & Insights
Related Companies
Still looking?
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Explorer
Access more premium companies when you subscribe to Explorer
Get in touch about GlobalData Company reports
Contact the team or request a demo to find out how our data can drive your business forward