Global naval gun market expected to grow to USD 4.6 billion by 2033

From GlobeNewswire: 2024-06-19 10:00:00

The global naval gun market is projected to grow from USD 2.7 billion in 2023 to USD 4.6 billion by 2033, with a CAGR of 5.47%. Key drivers include increased defence budgets, modernization of naval fleets, geopolitical tensions, and demand for marine security. North America and Europe lead the market, with the Asia-Pacific region experiencing significant growth due to regional security concerns.

The naval gun market value chain involves raw material suppliers, manufacturers, technology suppliers, testing, and maintenance services. Collaboration between defence contractors, technology firms, and naval authorities is crucial for meeting security needs and maintaining competitiveness. The market is expected to see continued growth as governments seek to strengthen their naval forces and modernize weaponry.

The fully automatic segment dominates the naval gun market due to increased firepower, precision, and efficiency. These guns feature rapid-fire capabilities, advanced automation, and enhanced targeting integration. Large surface combatants, such as destroyers and cruisers, are driving market growth, requiring modern naval weapons to improve firepower and capabilities. Radar systems play a crucial role in modern naval warfare, providing real-time information for effective engagement.

North America is anticipated to lead the naval gun market from 2023 to 2033, with the United States investing significantly in modernizing its naval fleet. Asia-Pacific is experiencing rapid market growth, driven by countries like China, India, Japan, and South Korea increasing their naval capabilities. The region’s focus on modernizing fleets and coastal defence is fueling demand for advanced naval gun systems. Competitive analysis highlights key players like Bohemia Simulations, General Dynamics, and BAE Systems.

In recent market developments, the Ministry of Defence awarded a contract to Bharat Heavy Electricals Limited to supply the Indian Navy with upgraded Super Rapid Fire Gun Mounts. Market segmentation includes analysis of technology (fully automatic, semi-automatic), platform (large surface combatants, small surface combatants), and components (turret systems, radar systems, tracking systems, ammunition drums, others). Global regional analysis covers North America, Europe, Asia Pacific, South America, and Middle East & Africa.



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