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Warship and naval vessels are a key component of a nation’s naval force and are designed to carry ammunitions, crew, essential supplies for the crew and weapons. Primary objective of Warships and naval vessels is to serve in war. In addition to serving in war warships provide more maneuverability, enhanced safety and rapid transportation. Warship and naval vessels belong to navy albeit they are also operated by corporations, individuals, and cooperatives.
COVID-19 scenario analysis:
Due to the lockdowns and restrictions imposed by governments in several countries warship and naval vessels market observed a negative growth.
Manufacturers of warships and naval vessels downturn in manufacturing and operational efficiency of operating units globally owing to the disruptions in supply chain.
COVID-19 pandemic caused cash crunch and liquidity issues around the world, as the defense industry is capital intensive in nature short-term sustainability concerns emerged in front of the market leaders.
COVID-19 outbreak shifted the focus of government spending from defense toward healthcare industry.
Rise in regional conflicts and maritime disputes, upswing in piracy, terrorism and smuggling and increase in global defense expenditure are the factors that drive the warship and naval market. However, high manufacturing cost restricts the market growth. Globally, extensive fund disbursement is done for expansion and upgradation of present naval fleet. In addition to offensive operations warships and naval vessels are also utilized in case of disaster relief and humanitarian assistance operations.
The warship and naval vessel market trends are as follows:
Disputed borders and misinformation regarding limit for maritime limit leads to regional conflicts and maritime disputes. Disputes among third world countries often are not resolved through agreement or settlement which in turn results in war, to avoid these situations countries build up their defenses in order to be at a position of negotiation or in worst case scenario retaliation. For instance, since 1947 Ladakh (Indian administered union territory) is the subject of dispute between India, Pakistan and China. To overcome these disputes nations, focus on expansion of defense which in turn accelerates the market growth for warship and naval vessel market.
Escalation in threats against nation and its citizens makes it necessary for countries to increase defense expenditure to tackle or prevent any such situation from happening. Globally, for maintaining peace and order defense spending has increased significantly. For instance, in 2019, global military spending was 2.2% of the global gross domestic product (GDP) which when simplified is equal to $249 per person throughout the world. Top 5 countries namely United States, China, India, Russia and Saudi Arabia accounted for 62% of the global military spending. High income and economic growth also uplifts the defense industry and thus expands the business of warship and naval vessel market.
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Questions answered in the warship and naval vessels market research report:
Key Market Segments
Key Market Players