Global Fast Attack Craft Market 2017-2021
Overview of the global fast attack craft (FAC) market
Market research analysts at Technavio predict that the global FAC market will grow steadily during the next four years and post an impressive revenue of more than USD 3 billion by 2021. This market research analysis identifies the increased development of ship-based missiles as one of the primary growth factors for this market. It has been observed that a number of countries across the globe have delayed or canceled several development projects and procurement plans due to budgetary constraints. This led to the increased adoption of missile boats or torpedo boats, which are relatively low-cost platforms. These vessels or FAC are armed with anti-ship missiles and have mainly been incorporated in the navy inventories of countries that have low military expenses. Despite being fitted with firepower, these boats offer swift mobility. Moreover, these ships also have the ability to deploy anti-ship guided self-propelled warheads, which eliminates the need for the additional deployment of larger ships.
One of the major trends that will gain traction in this market is the development of biodiesel-powered naval vessels. The rise in usage of diesel fuel and crude oil has resulted in the increasing focus of countries across the globe to reduce greenhouse gas emissions in naval operations. Countries in the EU and the US have introduced regulations that mandate that usage of biofuel as an alternative fuel for crude oil. The US Navy has already set a goal of procuring 336 million gallons of advanced alternative fuels annually by 2020.
Competitive landscape and key vendors
The market consists of a number of global, regional, and local vendors. Since all the players compete to gain significant market shares, the market is highly competitive. Vendors mainly compete on major factors such as cost, product quality, reliability, and aftermarket service. Vendors who have an enhanced geographical presence, in-house manufacturing capabilities, a wide product portfolio, and make constant R&D investments will have a competitive edge over the other market players. Focusing on strengthening their presence in the market landscape, the international players will start acquiring other vendors in the coming years. An increase in technological innovations, product or service extensions, and mergers and acquisitions will intensify the market’s competitive environment. To sustain the competition and in this highly competitive market, vendors have the need to provide cost-effective and high-quality FAC.
The leading vendors in the market are -
- BAE Systems
- Damen Shipyards Group
- Goa Shipyard Limited (GSL)
The other prominent vendors in the market are China Shipbuilding and Offshore Company, CMN Group, Garden Reach Shipbuilders and Engineers, Hanjin Heavy Industries & Construction, and Lürssen.
Segmentation by type and analysis of the FAC market
- Missile armed FAC
- Non-missile armed FAC
During 2016, the missile armed FAC segment accounted for the major shares and dominated this market. The low cost of these boats allows defense authorities to deploy a larger base of missile-armed FAC in their coastlines. The rising arms race and increasing sea-border threats that is inducing countries such as Iran, North Korea, Egypt, China, and India to add such fast attack ships to their naval inventories will drive market growth in the coming years.
Geographical segmentation and analysis of the FAC market
This market study estimates that in terms of geographical regions, EMEA will be the major revenue contributor to the market throughout the forecast period. The growing security threats through maritime routes that induces several countries in EMEA to deploy fast attack boats in the neighboring seas to ensure immediate action during attacks, will boost the market’s growth prospects in this region during the predicted period.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global fast attack craft market?
- What are the key market trends impacting the growth of the global fast attack craft market?
- What are the challenges to market growth?
- Who are the key vendors in the global fast attack craft market?
- What are the market opportunities and threats faced by the vendors in the global fast attack craft market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global fast attack craft market?
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