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The fast attack craft (FAC) market is dynamic due to strategic, technological, and economic considerations. Fast attack vessels, or patrol boats, are crucial to naval operations in littoral and coastal environments. Maritime dangers, regional security concerns, and naval technology improvements affect market dynamics.
The fast assault craft industry revolves around maritime security. Nations buy these fast, nimble vessels to protect coastal waters, monitor marine traffic, and respond quickly to threats. As non-traditional security threats like piracy, smuggling, and illicit fishing proliferate, fast attack vessels are in demand for their flexible and cost-effective patrolling and protection of coastal zones.
To improve naval weapons, heavier projectiles require larger naval guns and platforms or ships to carry and absorb their recoil. Growing concerns about sea-based trade are also driving industry growth.
The market for fast attack craft is significantly influenced by geopolitics, with states carefully deploying these ships to dominate maritime areas. The demand for fast assault boats is rising as a result of coastal disputes, territorial conflicts, and the necessity to respond quickly to new threats. Countries want contemporary, adaptable patrol vessels in the South China Sea, Persian Gulf, and Mediterranean.
Developments in technology shape the fast attack craft industry. Advanced sensors, communication systems, and armament improve these warships' surveillance and engagement capabilities. Unmanned surface vessels (USVs) and autonomous patrol boats are expanding the market by offering surveillance and reconnaissance options.
Economic factors also matter in fast attack craft sales. These warships are cheaper than bigger naval assets, making them appealing to budget-conscious nations. Some nations create their own fast assault ships, boosting shipbuilding and local industries. Collaboration and cooperative programs across nations are frequent ways to share costs and pool resources, affecting market dynamics.
Maintenance, modifications, and modernization are major parts of the fast attack craft aftermarket. Patrol boats need regular maintenance to stay effective. This allows military contractors and maintenance providers to provide their services, affecting the fast attack craft market.
Environmental factors are increasingly affecting market dynamics. Green propulsion technologies for fast attack boats are becoming more popular as governments decrease their carbon footprint and satisfy environmental standards. Sustainable technologies support global environmental goals and enable naval vessel design innovation.
Fast Attack Craft Market Highlights:
Fast Attack Craft Market Overview
The global fast attack craft market is registered to generate a higher CAGR for the forecast timeframe of 2020 to 2027. It is a small, agile, fast, and offensive warship armed with anti-ship missiles, guns, or torpedoes. In 2020, the North American global market was dominated, generating a higher market share of 36.68%. In addition, the European market is registered to account for 25.33% market share, and the Asia-Pacific market is projected to meet at 20.11% market share for the year 2020.
A fast attack craft is a fast, small, and agile warship armed with torpedoes, missiles, anti-ship, and guns. The main advantage of fast attack craft is its affordability as compared to the other warship types. Nowadays, many countries like China, the U.S., Japan, and others emphasize maritime security because of the naval ships procurement plans, delaying many countries' developmental projects and budgetary limitations. This increases the demand for the fast attack craft and the growing demand of the fast attack craft market. Moreover, the companies like China Shipbuilding & Offshore International Co. Ltd and BAE Systems PLC are engaged in developing and designing torpedo boats or missile boats, which are considered platforms with low-cost prices. This is driving the Fast Attack Craft Market Growth for the assessment period.
According to the Fast Attack Craft Market Analysis report, the intended audiences of the global market are OEMs, consultancy firms, potential investors, equipment or system suppliers, government institutions, key executive and strategy growth managers, technology investors, and end-users. These intended audiences are present in all the regional parts of the world, supporting the growth of the global fast attack craft market.
Covid-19 Impact Analysis
The Covid-19 pandemic has been hampered the supply chain and manufacturing chain of spare parts of missiles armed fast attack craft (FAC) along with the growth of the fast attack craft market due to the lockdown across various countries. Also, the reduction in Governmental defense spending has been witnessed, which has impacted the global market. This has led to fewer opportunities and less business development potential in the fast attack craft market.
As the world is moving towards the unlock phase, the global market has expected to see a considerable increase in the Fast Attack Craft Market Revenue in the upcoming years. Even the market players and manufacturing industries adopt various safety measures to develop the demand for the fast attack craft product.
Market Dynamics
- Major Drivers of the Market
The fast attack craft global market is driven by many growth factors, such as the increased development of ship-based missile systems, consistent technological developments, and increasing maritime security among various countries. Moreover, the growing focus on seaborne dominance by a country like China can fuel the growth of the global market in the forecast period.
A country like India has a very large 2.01 million sqkm Exclusive Economic Zone and a large coastline of 7516 kms with 1197 offshore islands, rich in its resources. Thus, the Indian Government requires a modern and strong Navy to protect its maritime interests. This can enhance the growth of the global fast attack craft market for the forecast period.
- Opportunities of the global market
The Fast Attack Craft Market Trends has lucrative opportunities for the manufacturers and market leaders due to the increasing demand for fast attack craft among various countries and increasing emphasis on maritime security.
Thus, the global market is employing new key players to thrive the growth of the global Fast Attack Craft Market Trends in the upcoming years.
- Market Restraints
This market might experience restraints due to its poor defense against aerial threats, poor seagoing qualities, and cramped quarters. Moreover, the high-cost maintenance of the fast attack craft can be another major restraint for the global market. Additionally, the ongoing Covid-19 pandemic can be a major obstacle as it has affected the growth of the global market.
Therefore, the market restraints require to handle properly by the market players to enhance the global market for the upcoming years.
- Market Growth challenges
The high cost and upgrade can be the major challenge for the fast attack craft global market. In addition, the backlogs in the delivery of naval systems can be another biggest challenge for the global market.
As per the Fast Attack Craft Market Forecast report, these challenges can be solved with the collective efforts of the market leaders. That's why the global market is involving new market players in the industry to combat these issues.
Cumulative growth Analysis
The fast attack craft global market is currently showing significant market growth and is predicted to generate a higher market share during the forecast period.
As per the Fast Attack Craft Market Forecast report, the regions like North America and the Asia Pacific are playing an important role in the growth of the global market.
Market Segment Overview
This classified based on types and applications.
- By Types:
Based on the types segment, the fast attack craft market has been divided into the non-missile armed FAC and missile-armed FAC.
Out of all, the missile-armed FAC segment is registered to meet the 61.44% Fast Attack Craft Market Share for 2018 and is further predicted to generate a higher market share over the upcoming years.
- By Applications:
The fast attack craft market has been divided into technical research, national defense, fighting, and the application segment.
The national defense segment is projected to account for 77.51% of Fast Attack Craft Market Share for 2018. Further, this segment is expected to generate the highest CAGR for the research period due to the increasing naval operations in the regions such as Europe and Asia-Pacific.
Regional Analysis
The global market has been segregated into various geographical locations such as:
- Europe (France, Germany, UK, Russia, Italy, Spain, and the rest of Europe)
- The Middle East and Africa (Saudi Arabia, South Africa, UAE, Egypt, and the rest of MEA)
- North America (Mexico, U.S., and Canada)
- South America (Peru, Argentina, Brazil, and Chile)
- Asia-Pacific (South Korea, India, China, Japan, and the rest of Asia-Pacific).
Among these, the Asia-Pacific market is considered the lucrative region for its naval laser defense eyewear firms. This is because of the increasing demand for naval systems among various countries (Japan, South Korea, China, and India) and the modernization of naval systems. Moreover, the North American region is projected to generate a higher Fast Attack Craft Market Size for the forecast period due to advanced naval systems and components adoption in combat operations.
Competitive landscape Analysis
As per the Fast Attack Craft Market Analysis, the global market has witnessed significant market growth due to the collective efforts of the key leaders. These key leaders are:
- China Shipbuilding & Offshore International Co Ltd (China),
- Garden Reach Shipbuilders and Engineers (India),
- BAE Systems PLC (U.K.),
- Hanjin Heavy Industries & Construction (South Korea),
- CMN Group (France),
- Damen Shipyards Group (Netherlands),
- Navantia (Spain),
- Fincantieri - CantieriNavaliItalianiSpA (Italy),
- Goa Shipyard Limited (GSL).
These key leaders are adopting regional strategies, promotional ideas, and new product launches to boost the Fast Attack Craft Market Growth in the upcoming years. Moreover, these players are also focusing more on the research and development of the new product to serve better secure and safe products across the countries.
Recent Developments
- On 29 August 2012, KRIKlewang (model number X3K) was launched by PT Lundin for the Indonesian Navy.
Report Overview
The Fast Attack Craft Market Outlook report includes primary interviews, secondary research, validation, and data triangulation. Secondary sources like journals, annual reports, SEC filings, aerospace & defense magazines, government associations, corporate presentations, white papers, paid databases, and company websites have been involved. Moreover, the primary sources involved the interviews of the industry stakeholders like directors, marketing executives, CEOs, and V.P.s in obtaining the key important information related to the global market.
According to the Fast Attack Craft Global Market Outlook report, this report has focused on the market segments, regional classifications, recent developments, and market dynamics to measure the performance of the global market. Furthermore, the report has also highlighted the key strategies of the market leaders that can enhance the Fast Attack Craft Market Size for the research period.
Segmental Table:
By Types:
- non-missile armed FAC
- missile-armed FAC
By Applications:
- technical research,
- national defense,
- fighting
- others
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