Global naval vessels and surface combatants and related MRO market is valued at US$50.6 billion in 2018, and will grow at a CAGR of 3.29%, to a value of US$69.9 billion by 2028. The cumulative market for global naval vessels and surface combatants and related MRO is anticipated to value US$653.2 billion over the forecast period. The demand for naval vessels and surface combatants and related MRO is anticipated to be driven by high levels of expenditure by emerging economies in the Asia Pacific region, such as India and China. The North American region is expected to maintain its leading position, exhibiting a steady pace of growth over the forecast period.
Global naval warfare has witnessed a paradigm shift, and there is an increasing trend towards the decentralization of naval attacks, whereby capabilities are distributed around smaller vessels in addition to larger platforms such as aircraft carriers and destroyers so as to make them more secure against an enemy attack. This has motivated governments around the world to spend on smaller surface combatants capable of operating in littoral waters, and advanced weapons and communication systems to enable these ships to perform multiple missions.
Moreover, providing humanitarian relief, emergency medical care, and combating smuggling, piracy, and terrorism, has resulted in the continuous evolution of the role of naval vessels and surface combatants. The changing trend has motivated manufacturers to develop more vessels with strategic sea-lift and amphibious operations capabilities, enabling a number of vessels to serve more than one role..