(MENAFN- America News Hour) The asia-pacific naval vessels market is expected to exhibit a CAGR of more than 5% during the forecast period (2023-2033).
– The increasing terrorism, maritime border security tensions between countries, piracy, and trafficking in the Indian Ocean, South China Sea, Arabian Sea, and South Pacific Ocean is prompting countries to deploy more naval vessels and coast guard patrol boats in the region.
– Increased defense spending and budget allocation for naval forces are supporting the growth of the naval vessels market in this region, as countries look to modernize its naval vessels fleet.
– Countries such as Japan and China are heavily integrating technologies such as robotics and automation and Information Technology to develop a more cohesive naval force that can work simultaneously with army and air force, thus enhancing situational awareness and battle management. This factor will further propel the growth of the naval vessels market in the Asia-Pacific region.
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Key Market Trends
Destroyers to Exhibit the Highest Growth Rate During the Forecast Period
Escalating tensions in the South China sea has resulted in several countries in that region to strengthen their naval capabilities. This has also resulted in countries increasing their investment in the construction of destroyers. Many small nations with limited capabilities in naval shipbuilding are purchasing destroyers from other markets such as Europe, the United States, China, Japan, and South Korea. In May 2019, Philippine Navy announced its plans to buy 25-30 warships including destroyers to modernize and increase its existing fleet by 2030. Indian Navy also has four 7300 tons destroyers under construction at Mazagon Docks in Mumbai. The destroyers are being built under Project 15-B and the Indian government has signed a deal to acquire advanced sensor and weapon systems package for under-construction warships for nearly USD 800 million. In January 2020, China launched its first fourth-generation guided-missile destroyer“Nanchang” that will be used in operations such as escorting aircraft carriers. In December 2019, China also launched two guided-missile Sixth Type 055 and 23rd Type 052D destroyers that will be ready for battle service by 2021. Japan in March 2020, commissioned its first Maya class destroyer JS Maya that is equipped with the Aegis defense system and exhibits ballistic missile defense capability. The second Maya class destroyer was launched in 2019 and it is expected to be commissioned in a few months. Australia also conculded its Air Warfare Destroyer program by commissioning the Hobart Class guided missile Aegis capable HMAS Sydney V destroyer in May 2020. Australia is expected to purchase defense systems and other technological support worth billions to support the upgradation of the latest fleet.
China to Exhibit the Highest Growth Rate During the Forecast Period
Over the course of the last two decades, China has significantly stepped up its naval capabilities through huge investments and advancement in engineering and technology. China has significantly developed its capability to develop destroyers, frigates, submarines, and aircraft carriers. In 2019, China launched 24 warships and plans to build 10 more aircraft carriers by 2049. China has a fleet of more than 300 naval vessels, making it bigger than the fleet of the United States. China also emerged as a major defense supplier to countries such as Myanmar, Thailand, etc. According to China's CSSC, China will build an amphibious transport dock ship for Thailand, which is the largest the country has built for any foreign customer. While, the COVID-19 outbreak of 2023 has impacted the defense industry globally, China will continue to build amphibious assault ships to strengthen its naval capabilities.
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Competitive Landscape
The naval vessel market in the Asia-Pacific region is highly competitive and the market is heavily dominated by national corporations such as China's CSSC, Japan's JMU (Japan Marine United Corporation), etc. These corporations own a large number of shipbuilding docks for naval vessel developments while collaborates with privately-owned companies for technological and project management assistance. Other key players in the region include Hyundai Heavy Industries, Mitsubishi Heavy Industries, L&T Shipbuilding, ASC Pty Ltd., etc. The key players in the region generate revenue by completing orders largely from national governments. European naval shipbuilders also have a presence in the region in the form of joint ventures and collaboration.
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