Major players in the battle force ships market are BAE Systems, Lockheed Martin Corp, General Dynamics Corporation, Huntington Ingalls Industries, Abu Dhabi Ship Building, Austal, Damen Schelde Naval Shipbuilding (DSNS), Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Mazagon Docks Limited.
The global battle force ships (aircraft carriers, frigates, destroyers, corvettes, torpedo boats, support crafts) market is expected to grow from $11.64 billion in 2020 to $11.98 billion in 2021 at a compound annual growth rate (CAGR) of 2.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.93 billion in 2025 at a CAGR of 3.8%.
The battle force ships market consists of sales of battle force ships by entities (organizations, sole traders and partnerships) that manufacture battle force ships including aircraft carriers, frigates, destroyers, corvettes, torpedo boats and support crafts. Only goods and services traded between entities or sold to end consumers are included.
The rise in the use of 3D printing technology for shipbuilding is gradually increasing in the battle force ship which is likely to be an emerging trend in the market. 3D printing is a computer-controlled process in which materials are layered consecutively to form objects. The shipbuilding industry is increasingly adopting this 3D printing technology to improve efficiencies and quality of the manufactured part. Direct Metal Laser Sintering (DMLS) and Fused Deposition Modelling (FDM) are two main applications of 3D printing in shipbuilding. For instance, in May 2018, Newport News Shipbuilding, a division of Huntington Ingalls Industries, has partnered with 3D Systems to develop metal additive manufacturing technologies for nuclear-powered naval warship. It has delivered the first metal 3D printed part to a USA Navy aircraft carrier, in February 2019.
The battle force ships market covered in this report is segmented by vessel type into frigates, corvettes, destroyers, aircraft carriers, torpedo boats, support crafts, others. It is also segmented by application into search and rescue, combat operations, mcm operations, coastal surveillance, others.
In March 2020, Huntington Ingalls Industries, a US-based shipbuilding company, acquired Hydroid Inc. for $350 million. The deal will help Huntington Ingalls Industries to expand its strategic capabilities and growth in the autonomous and unmanned maritime systems market. It will also help Hydroid to provide leading edge autonomous unmanned underwater vehicles (“UUVs”) to the U.S Government and key allies. Hydroid Inc. is a maritime company specializing in unmanned underwater vehicles and autonomous underwater vehicles.
A rise in maritime security investment will anticipate the growth of the battle force ships market.Maritime security basically deals with safety and security concerned with the prevention of intentional damage through sabotage, subversion, or terrorism.
According to reports from the Ghana Ports and Harbours Authority, in 2020, Ghana’s Maritime Security is buckling up for increasing investments to enhance security to protect Ghana’s territorial waters following rising maritime insecurity threats across the West African sub-region. Thus, increase investment in maritime security is expected to boost the growth of the battle force ships market.
Economic slowdown due to Covid-19 impact is expected to limit the growth of the battle force ships market.The covid-19 outbreak has led to restrictive containment measures which involved closures of economic activities across the world and their revival would be a serious challenge.
In many countries, to cope with declining economy, there are costs cuts in budget for many sectors. For instance, in India, the defense budget is expected to be slashed by 20% to 40%, which is between $5.36 billion to $10.71 billion (INR 40,000 crore to INR 80,000 crore). Due to low budgets, the navy had to redo its plan of having 200 warships by 2027. Therefore, economic slowdown has resulted in low budget allocation in the defense sector and the low budget can hamper the growth of the battle force ships market during the period.
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