Naval Surface Vessels Market
Frequently Asked Questions of Naval Surface Vessels Market
Naval vessels and surface combatants are warships that are technologically advanced and used for battlefield sea-based operations. Naval surface warfare ships are equipped with weapon launch systems such as torpedo launching systems, vertical missile launchers, anti-submarine rocket launchers, and rocket launchers. Naval ships and surface combatants are classified based on their platform as destroyers, amphibious ships, auxiliary vessels, aircraft carriers, corvettes, and frigates. The factors that are anticipated to drive the naval surface vessels market size are ICT (incorporation of information, communication, and technology) in the naval ship.
In addition, there is an increasing number of naval exercises, which is expected to boost the naval surface vessels market size. The opportunities of the market are initiatives for the development of advanced autonomous warships and marine industry digitization. There is always a need for changing and replacing the conventional system due to rapidly changing technology in sensor systems and weapon launch systems, which acts as an important factor that drives the naval surface vessels market growth. Nevertheless, the high cost of building naval vessels and surface combatants is the restraint of the naval surface vessels market growth.
Major factors driving Naval Surface Vessels Market Growth
More than 90% of overall globe trade routes are constituted by maritime trade. The key responsibility of major economies around the world is to ensure the safety of commercial vessels that passes on the maritime trade route. Some of the maritime routes in the following areas such as The Coasts of Benin, Nigeria, Cameroon, Malacca, and Gulf of Aden, and Congo-Brazzaville are prone to piracy highly. Similarly, the maritime routes are also used for illegal immigration, terrorist attacks, and smuggling. Thus, many countries to protect their key maritime trade routes, investing in procurement and modernization of naval vessels.
Across the globe, many countries are focusing on the indigenous maintenance and development of their naval ships to reduce the dependency on imports from other country. The ships that are built indigenously can be maintained, overhauled, customized, and repaired domestically without depending on other country’s accessories and spare parts. Naval surface vessels market forecast, the government will be able to provide jobs in the shipbuilding sector, which in turn will contribute to the overall country’s economy. The indigenous shipbuilding also facilitates the advent of a stronger industrial ecosystem. Throughout the entire lifespan of the vessel, local enterprises can integrate new functionality and weapon system.
Trends influencing the Naval Surface Vessels Market Size
There is an increase in the adoption of integrated electric propulsion technology. In terms of integrated propulsion technology, diesel generators and gas turbines are used to generate three- phase electricity. The electricity that is generated by diesel generators and gas turbines is provided to electric power motors to turn the propellers.
Navel surface vessels market trends, Instead of mechanical transmission, electric transmission is used in integrated electric propulsion technology. This technology helps to reduce the weight of the overall naval ship and also reduces the noise created by marine engines. Hence, the electric propulsion system is being adopted by the future surface combatant. naval surface vessels market trends, the integrated electric propulsion technology is adopted by HMS Queen Elizabeth of the Royal Army and Zumwalt class destroyers of the US army.
Naval Surface Vessels Market Forecast & Dynamics
Safe and efficient maritime operations are provided by new technologies in naval vessels and surface combatants. Naval surface vessels market analysis, to carry out the following activities heavy lifting, painting, welding, blasting, and other tasks in the shipyards shipbuilding robots are used. Geoji shipyard based in South Korea is launching around 30 ships per year. Using a robotic system 67% of their work is being completed. Thus, the robotic system increases the production rate of the shipbuilding industry.
Naval surface vessels market reports, Mini welding robots are developed by Hyundai Heavy industries. The increasing demand for robot technology in shipbuilding is enhancing the naval vessels and surface combatant’s growth in the market. The development cost of naval vessels and surface combatants restraint the market growth. This acts as one of the main factor that restraint market growth. Naval vessels and surface combatants have highly expensive sensor system, communication system, combat management system, weapon launch systems, and auxiliary systems. Naval shipbuilding contracts are long-term contracts. There is an increase in naval ship and combatant program costs due to delays in shipbuilding production phases. Naval surface vessels market analysis, a market restraint with the high cost associated with the building of naval warships.
Naval Surface Vessels Market Analysis for Recent Developments
Naval surface vessels market reports, Hyundai heavy industries received a contract worth USD 554.8 million from the Philippine department of national defense to construct two new corvettes. This contract was awarded under the Navy’s CAP (Corvette acquisition program). By 2035, The Ukraine government announced to build a three-phase, a new fleet. The first stage is anticipated to complete in the year 2024, the second phase by 2030, and the final phase by 2035.