Market Insights
The fast attack craft market was estimated at US$ 4.5 billion in 2021 and is expected to grow at a CAGR of 7.2% during 2022-2028 to reach US$ ~7.1 billion in 2028.
The COVID-19 scenario has led to declared lockdowns all across the world and has hampered the supply chain of replacement parts for missile-armed fast attack craft (FAC). The possibilities for quick attack craft firms have decreased, and their potential for commercial development has been hindered, due to military engagements that have been discontinued or curtailed. There will be a sharp rise in demand for missile-armed fast attack vessels in the near future as the globe advances. The market for missile-armed fast attack craft has been impacted by government defense budget cuts since some planned orders have been delayed.
A warship that is swift, small, nimble, and assault-capable is called a fast attack craft (FAC). It is equipped with weaponry, torpedoes, and anti-ship missiles. Swift attack craft is utilized for a number of tasks, including marine surveillance, anti-surface, anti-air, search and rescue, and anti-piracy operations. Because they lack defensive qualities, quick assault ships are preferred around coastlines rather than in the middle of the ocean. They frequently appear in hostile positions. When armed with guided missiles, rapid attack craft can seriously threaten even the biggest capital ships. FAC is very effective when used in conjunction with contemporary sophisticated warfare systems like the virtual barrier, underwater acoustic missiles, multi-static antisubmarine (MACE), and integrated protection systems.
Numerous growth drivers, including the growing development of ship-based missile systems, continual technical advancements, and rising maritime security among various countries, are what propel the worldwide market for fast attack boats. Additionally, a nation like China's increasing emphasis on seaborne domination may boost the expansion of the worldwide market throughout the anticipated time. A resource-rich nation like India has a very sizable Exclusive Economic Zone of 2.01 million square kilometers and a lengthy 7516-kilometer coastline with 1197 offshore islands. For the purpose of safeguarding its maritime interests, the Indian government needs a robust and modern navy. This may accelerate the market for quick attack craft globally throughout the projected period of time.
An agile, tiny, quick, and assault-capable warship carrying anti-ship missiles, torpedoes, and cannons is known as a fast attack craft (FAC). Fast attack vessels are employed in a number of tasks, including maritime patrol, anti-surface warfare, anti-air warfare, search and rescue efforts, and anti-piracy missions. Fast attack boats (FACs) are typically favored in coastal areas as opposed to the middle of the ocean due to their limited defensive capabilities. They typically play aggressive positions. The swift attack vessel may pose a serious danger to even enormous capital ships when armed with guided missiles. When combined with new sophisticated warfare technologies like the virtual fence, underwater acoustic weapons, multi-static antisubmarine warfare capability enhancement (MACE), and integrated security systems, FAC becomes extremely powerful.
Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:
- Due to rising demand for fast attack boats among various nations and rising emphasis on marine security, the Fast Attack Craft Market Trends offers attractive prospects for manufacturers and market players. In order to sustain the expansion of the worldwide Fast Attack Craft Industry Trends in the approaching years, the market is thus hiring new important players.
Segment Analysis
The fast attack craft market has been split into two categories based on the kinds segment: FACs without missiles and FACs with missiles. The sector of fast attack craft equipped with missiles is expected to have the largest market share overall in 2020 and is also expected to grow during the following year. Fast attack craft FACs that can launch anti-ship missiles are known as Missile Armed Fast Attack Craft FACs. The missile-armed FAs may transport ballistic and cruise missiles, which have extremely fast and highly precise weaponry.
The technological research, national defense, combat, and application segments make up the rapid attack craft market. According to projections, the national defense sector will have a significant portion of the fast attack craft market share in 2020. Furthermore, due to the expansion of naval activities in areas like Europe and the Asia-Pacific, this category is anticipated to yield the greatest CAGR for the research period. Major commercial maritime routes are being secured with the help of nations like the U.S., China, Japan, and others. Consequently, a number of warships with cutting-edge weaponry were deployed in the oceans. Such a large-scale deployment of warships is quite expensive. Therefore, because of financial constraints, nations are concentrating on affordable platforms that may fulfill the goal. FACs are advantageous for combat and anti-piracy missions since they are compact and lightweight. Additionally, quick attack craft is viewed as high-capability, low-cost platforms. Fast assault vessels have therefore become a serious rival for maritime security. As a result, nations favor fast attack boats for marine security, which is fueling the expansion of the fast attack craft market globally.
The market for rapid attack vessels is expanding as a result of many causes, including the increased focus on maritime security and the advancement of ship-based missile systems. The market for swift assault craft is expanding, however this is being constrained by the high maintenance costs of these vessels. On the other hand, a greater emphasis on seaborne supremacy by nations like China may help the market for fast attack craft (FAC) develop even more.
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Report – Features
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Market Segmentation
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3
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Regions Covered
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6
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Countries/Sub-Regions Covered
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14
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No. of Figures & Tables
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>150
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Company Profiles
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10
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Key Players
There is stiff competition in the fast attack craft market. The growth of the companies is directly dependent on the industry conditions and government support. These companies differentiate their fast attack craft based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics. For example:
- KRIKlewang (model number X3K) was launched by PT Lundin for the Indonesian Navy on August 29, 2019.
- Many businesses are putting an emphasis on organic growth initiatives, including new launches, product approvals, and others like patents and events. Acquisitions, partnerships, and collaborations were examples of inorganic growth tactics that were observed in the market. All such initiatives allows market participants to rise their revenue and client base across geograhies. With the growing demand for rapid attack craft (FAC) in the worldwide industry, market players in the fast attack craft (FAC) market are projected to benefit from attractive growth prospects in the future.
The overall competitive landscape has been affected due to these mergers and acquisitions. The following are the major players in the fast attack craft market:
- BAE Systems
- Lurssen
- Navantia
- CMN
- CSOC
- GRSE
- Damen Shipyards Group
- FINCANTIERI S.p.A.
- Goa Shipyard Limited
- Hanjin Heavy Industries and Construction
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
