Global Military Shipbuilding & Submarines
Over the five years to 2018, the Global Military Shipbuilding and Submarines industry has slowly expanded, tempered by pressured defense spending in Europe and the United States during the initial half of the period. Western governments make up the largest market for industry operators, which design, build, repair, maintain and overhaul naval vessels ranging from aircraft carriers to submarines. However, as western governments dealt with the fiscal consequences of the global economic slowdown they in turn cut back on naval spending, which has only recently begun to recover. In particular, European states reduced spending on naval vessels as the full impact of slow economic growth and the Euro Crisis took their toll. Over the five years to 2023, industry revenue is forecast to grow strongly. Together, continued economic growth and geopolitical tensions in Asia are anticipated to encourage more countries in the region to spend on industry products. At the same time, despite overall defense budget pressure, the United States is also expected to increase spending on new ships, as it pivots its Navy toward the more maritime-focused Asia, while also modernizing its fleet.
Operators in this industry operate shipyards or boatyards. Shipyards are fixed facilities with dry docks and fabrication equipment capable of building a naval ship. These establishments manufacture frigates, destroyers, cruisers, amphibious transport ships, aircraft carriers, patrol ships and submarines. They also provide naval ship repair and conversion activities. Boat manufacturers build boats, cabin cruisers, dinghies, jet boats, patrol boats and rowboats for navies and coast guards.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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