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Global Fast Attack Craft Market Trends, Demand and Forecast to 2023
Market Research Future added New Report Named "Global Fast Attack Craft Market Research Report- Forecast 2023" to its Database
The global fast attack craft market is a very dynamic market and is expected to witness high growth over the forecast period. The global fast attack craft market is majorly driven by the increasing emphasis on maritime security. Many countries are in the process of augmenting their maritime security capabilities to ensure that illegal and hostile infiltration do not take place into their territories. Owing to budgetary constraints, several nations are delaying or canceling a number of development projects and procurement plans, especially in the case of expensive naval vessels. This is where the missile boats or torpedo boats, which are relatively low-cost platforms, come into picture. These vessels/warships/fast attack crafts are armed with anti-ship missiles and have been incorporated in the inventory of many navies, across the globe, which have low military expenses. Moreover, increasing the potency of naval arms and weapons, requires the employment of larger projectiles, which mandates larger naval guns and consequently, larger platforms or ships that would carry these guns, and absorb their recoil. The increasing concerns related to the growth of sea based trade is also driving the growth of the market.
However, the growth of this market will be hampered by the issues related to the maintenance of the vehicles. The global fast attack craft market size is projected to grow at the ~2% CAGR during the forecast period.
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Of all types, the missile-armed FAC segment is projected to account for the largest market share. Missile boats are integrated with anti-ship missiles and are generally operated by the navies and the coast guards for anti-terrorist campaigns and border patrol missions. These boats deter the entry of any illegal ships/hostile ships into the host country's territorial or coastal waters. These boats generally support aircraft carriers and also thwart the hostile enemy boats, frigates, corvettes, and the littoral combat ships. They can also pose a threat to the larger naval ships with their long-range missiles.
Of all regions, Asia-Pacific region is expected to dominate the global fast attack craft market. The countries in the APAC region have been prone to piracy, extremist and insurgent threats, and territorial disputes. There were a number of reported violent and hijacking incidents in the Bay of Bengal, Arabian Sea, Malaca Strait, Singapore Strait, North Yellow Sea, South China Sea, Java Sea, and the Celebes Sea, in particular. As a result, the naval forces of the surrounding countries (such as China, India, Japan, North Korea, and South Korea) are deploying a number of fast attack crafts in their territorial seas to counter and respond to such occurrences. The region’s two major powers, India and China, have proliferated their naval assets. With high investments into aircraft carriers, destroyer ships, and submarines, the two naval powers have taken control of their coastlines and territorial waters.
Fast attack crafts (FACs) are small, fast, agile, and attack capable warships, which are armed with anti-ship missiles, guns, or torpedoes. FACs are generally operated in the coastal regions as they lack the defensive capabilities to survive in the blue waters. The major benefit of such ships over other warships, is their affordability and speed. These boats, when armed with guided missiles, are capable of posing a threat to even large capital ships.
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The key players of global fast attack craft market includes BAE Systems plc. (U.K.), Damen Shipyards Group (Netherlands), Fincantieri - Cantieri Navali Italiani S.p.A. (Italy), Goa Shipyard Limited (GSL), Navantia (Spain), China Shipbuilding & Offshore International Co Ltd (China), CMN Group(France), Garden Reach Shipbuilders and Engineers (India), Hanjin Heavy Industries & Construction (South Korea), and Lürssen (Germany).
Scope of Report
The report for Global Fast attack craft market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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