Global Fast Attack Craft Market Size 2024, Forecast To 2033
6 Mar, 2024
The fast attack craft market has exhibited robust growth, escalating from $5.22 billion in 2023 to $5.6 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 7.2% during the historic period. This growth is attributed to concerns related to maritime security, geopolitical tensions, the protection of exclusive economic zones (EEZ), the combatting of asymmetric threats, and the modernization of naval fleets. Looking into the future, the market is expected to sustain strong growth, reaching $7.16 billion in 2028 at a CAGR of 6.3%. Anticipated drivers for this growth include emerging naval threats, ongoing regional tensions, a focus on coastal defense, upgradation programs for naval fleets, and efforts towards naval force projection. Key trends in the forecast period encompass the increasing use of composite materials, the integration of next-generation sensors, a focus on multi-mission capabilities, collaboration and joint development programs, and initiatives emphasizing sustainability and fuel efficiency.
Global Fast Attack Craft Market Key Driver
A rise in maritime security is expected to propel the growth of the fast attack craft market going forward. Maritime security involves safeguarding vessels from crimes at sea, including piracy, terrorism, and illegal trafficking. Fast attack craft play a vital role in enhancing maritime security, particularly in areas vulnerable to such threats. According to the International Chamber of Commerce in June 2023, incidents of piracy and armed robbery against ships increased, with 65 recorded in the first half of 2023 compared to 58 incidents in the same period of 2022. This escalation in maritime security concerns drives the growth of the fast attack craft market, reflecting its market dynamics in 2023, 2024, and 2028.
Get A Free Sample Of The Global Fast Attack Craft Market ReportGlobal Fast Attack Craft Market Segments
The fast attack craft market covered in this report is segmented –
1) By Type: Missile Armed Fast Attack Craft (FAC), Non-Missile Armed Fast Attack Craft (FAC), Other Types
2) By Weapon: Missile, Torpedo, Gun, Other Weapons
3) By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
4) By Application: National Defense, Technical Research, Fighting, Other Applications
By Geography:The regions covered in the fast attack craft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the fast-attack craft market in 2023. The regions covered in the fast attack craft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Fast Attack Craft Industry Players
BAE Systems plc,Fr. Lurssen Werft GmbH,Navantia SA,CMN Group,China Shipbuilding And Offshore International Co. Ltd.,Garden Reach Shipbuilders and Engineers Ltd.,Damen Holding B.V.,Fincantieri S.p.A.,Goa Shipyard Limited,Hanjin Heavy Industries and Construction Holdings Co. Ltd.,Mitsubishi Heavy Industries Ltd.,Daewoo Shipbuilding and Marine Engineering Co. Ltd.,Fassmer GmbH and Co. KG,Kangnam Corporation,L&T Shipbuilding Limited,Northrop Grumman Corporation,Austal Limited,Huntington Ingalls Industries Inc.,Lockheed Martin Corporation,General Dynamics Corporation,Boustead Naval Shipyard Sdn. Bhd.,COTECMAR,EDGE PJSC Group,Israel Shipyards Ltd.,Hyundai Heavy Industries Co. Ltd.,Kawasaki Heavy Industries,Mazagon Dock Shipbuilders Limited,Swiftships LLC,ThyssenKrupp Marine Systems,United Shipbuilding Corporation,Karachi Shipyard & Engineering Works Limited,Thales Group
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Fast Attack Craft Market Overview
Fast-attack craft refers to a high-speed, multi-role warship equipped with anti-ship missiles, guns, and torpedoes, and can operate in both anti-air and surface combat situations and warfare activities. The fast attack craft's design uses modern stealth technologies to diminish infrared, radar, magnetized, and noise signatures, lowering the risks of discovery and increasing the ship's operating effectiveness.
Fast Attack Craft Global Market Report 2023 provides data on the global fast attack craft market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fast attack craft market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.