The global fast attack craft market was valued at more than USD 2 billion in 2016 and is expected to surpass USD 3 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global fast attack craft market, under its defense portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like BAE Systems, Damen Shipyards Group, Fincantieri, Goa Shipyard Limited (GSL), and Navantia.
According to Moutushi Saha, a lead analyst for defense research at Technavio, “The emergence of missile boats or torpedo boats, which are low-cost options will fuel the growth in the global market. Navy vessels, warships, and FACs are armed with anti-ship missiles and have been incorporated in the inventory of many navies that have low military expenses. These missiles don’t hinder the mobility of the vessel or craft and are fitted with adequate firepower to counter any attacks.”
The ability of FAC to deploy anti-ship guided self-propelled warheads partially eradicate the need for additional deployment of the larger ships. These advantages also help in increasing the potency of naval arms and weapons. The vendors across the globe are investing in the development of advanced swarm boats that can be used to attack other naval vessels in the heavily disputed littoral waters.
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Advanced naval warfare systems
Various countries are investing in the research and development of new technologies that has resulted in the evolution of advanced warfare systems. Some of the new technology introduced in the market includes virtual fence, underwater acoustic weapons, fences, electro-optic detection systems, multi-static anti- submarine warfare capability enhancement (MACE), and integrated security system. The new systems are designed to enhance safety and efficiency in naval operations and integration of advanced radar systems, electro-optic technologies, infrared technologies, and underwater weapons will revolutionize the market.
Biodiesel-powered naval vessels
The increase in greenhouse gas emissions and water pollution due to the use of diesel fuel and crude oil for naval operations is encouraging vendors to explore the use of biofuel in these operations. The pollution control mandates issued by various government bodies across the globe will further promote the use of biofuels in maritime vessels. In 2016, India unveiled a biodiesel-powered FAC at the International Fleet Review meet that was part of the go-green program in India. This program was initiated by the Defense Institute of Bio-Energy Research, in collaboration with the Indian Navy.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Fast Attack Craft Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Submarine-launched Missile Market 2017-2021
- Global Submarine Payload and Launch Systems Market 2016-2020
- Global Naval Vessels MRO Market 2016-2020
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