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High Speed Vessels Market Segmented By product type such as destroyers, corvettes, frigates, submarines with service type such as new sales and modernization/upgrade
Over the past few years, the border relationships between various countries have deteriorated sharply, which is expected to sanction the need of modernization as well as rearmament of the vessels which in turn is expected to drive the growth of the high speed vessels market. Naval vessels are damage resilient military ships which are armed with weapon systems along with the troops.
However, due to reduction in the defense budget by many countries, the smaller vessels that can serve multiple purposes are expected to gain traction in the near future. Due to this reason, corvettes vessels are expected to dominate the high speed vessels market based on product type during the forecast period. Based on service type, modernization or upgrade of segment is anticipated to dominate the high speed vessels market.
The inconstancy in the maritime warfare is expected to encourage the governments across the globe to invest in high speed vessels. Various rearmament programs in the Middle East & Africa and Asia Pacific region is expected to drive the growth of high speed vessels market over the forecast period.
Increasing need for maritime surveillance is one of the major factors driving the growth of the high speed vessels market. Moreover, rising concerns of the government toward humanitarian relief, combating terrorism, piracy, and smuggling is expected to propel the growth of high speed vessels market during the forecast period.
Additionally, continuous advancement in the technology by the manufacturers of vessels is expected to fuel the growth of high speed vessels market. These features include strategic sea lift coupled with capability of amphibious operations.
One of the major factors, which is expected to hamper the growth of the global high speed vessels market is its high cost of maintenance. According to a government source, from the entire cost of a vessel, 80% cost goes for the maintenance of the vessel. Furthermore, reduction in the defense budget by many countries is expected to restrain the growth of the high speed vessels market.
The global high speed vessels market can be segmented on the basis of product type, displacement, service type, and regions. On the basis of product type, the market can be further segmented into destroyers, corvettes, frigates, submarines, and others. On the basis of displacement, the global high speed vessels market can be further segmented into 500 – 2500 tonnes, 2500 – 5000 tonnes, and 5000 tonnes and above.
On the basis of service type, the market can be segmented into new sales and modernization/upgrade. On the basis of regions, the global high speed vessels market can be segmented into North America, Asia Pacific, Latin America, Europe, and Middle East & Africa.
On the basis of regions, North America is expected to dominate the high speed vessels market. However, this region is expected to exhibit sluggish growth during the forecast period due to cut down in the defense budget. Asia Pacific, led by China and India is expected to be one of the fastest growing markets for high speed vessels.
Additionally, increasing shipyards in China and South Korea coupled with low cost and more advanced solutions are expected to upsurge the demand for high speed vessels in Asia Pacific region over the forecast period. Europe is expected to witness steady growth in the high speed vessels market due to the economic crisis in the region. On the other hand, Middle East & Africa is projected to witness significant growth in the high speed vessels market over the forecast period.
Examples of some of the prominent participants identified in the global high speed vessels market are as mentioned below:
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