SOURCE: MarketResearch.com

MarketResearch.com

April 18, 2013 03:08 ET

Market Research Report -- Global Naval Vessels and Surface Combatants Market to Reach $29.3 Billion by 2023

ROCKVILLE, MD--(Marketwired - Apr 18, 2013) - MarketResearch.com has announced the addition of the market research report "The Global Naval Vessels and Surface Combatants Market 2013-2023" to their product offering.

The global naval vessels and surface combatants market is estimated to value US$28.9 billion in 2013. The market consists of corvettes, frigates, destroyers, amphibious ships, and aircraft carriers, and is expected to witness a marginal increase during the forecast period, primarily due to the modernization initiatives planned in the Asia Pacific and North American region. The market is expected to increase at a CAGR of 0.2% during the forecast period, to reach US$29.3 billion by 2023. Destroyers are expected to account for the majority of the global naval and surface combatants market, followed by corvettes, frigates, and aircraft carriers. During the forecast period, cumulative global expenditure on naval vessels and surface combatants is expected to reach US$300.7 billion.

Despite its high fiscal deficit, North America is expected to account for the largest share of the naval vessels and surface combatants market during the forecast period, with a share of 35%. Strong economic growth, territorial disputes, domestic unrest, and modernization programs will create a significant demand for naval vessels and surface combatants in Asia, making it the second most attractive market, with a share of 27.4% during the forecast period. Europe has borne the main brunt of the economic crisis, with countries currently facing deep fiscal deficits, which is expected to result in an expected decline in the market during the forecast period.

This has forced European countries to postpone long-term modernization plans and focus on urgent operational requirements; however, Russia is expected to be the only country in the European market that is set to register a positive CAGR, driven by the wide-ranging military reform program initiated in 2008. South American countries are also expected to modernize their naval fleets over the forecast period, with countries such as Brazil, Chile, Venezuela, and Colombia locked in an arms race to establish military supremacy in the region. The aggressive modernization strategy being pursued by Latin American countries is expected to result in the region recording a CAGR of 4.1% during the forecast period. Demand in Middle East region is expected to witness a marginal decline during the forecast period, with the region representing only 5.2% of the total market size.

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