Maritime Security to Stimulate the Global Fast Attack Craft Market During the Forecast Period (2017-2023).
Fast Attack Craft Market Overview
According to a new report by Market Research Future (MRFR), the global fast attack craft market is expected to grow at 2 % CAGR during the assessment period (2017-2023) owing to the growing emphasis on maritime security.
Fast attack craft (FAC) is fast, small, agile, and attack-capable warships which are armed with guns, anti-ship missiles, and torpedoes and are usually operated in the coastal regions since they lack defensive capabilities to survive in the blue water. When such boats are armed with guided missiles, they are capable of posing threats to large capital ships.
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Future Drivers and Constraints Impacting the Market Growth
The global fast attack craft market is dynamic and is expected to showcase a staggering growth rate during the assessment period. The market is driven by the growing emphasis on maritime security. For instance, several countries are augmenting their maritime security capabilities to ensure that hostile and illegal infiltration does not take place into the territories. Due to budgetary restraints, several countries are either delaying or canceling procurement plans and development projects, in the case of expensive naval vessel. This is where torpedo boats or missile boats come into the scene and are gaining importance as they are relatively low in cost. Furthermore, increasing concern associated with the growth of sea-based trades is also expected to spur the market growth over the assessment period.
On the flip of the coin, issues related to the maintenance of the vehicles is expected to restrain the market growth over the assessment period. Moreover, the deployment of laser weapon systems against fast attack crafts is also anticipated to hinder the market growth in the years to come.
Indonesia has removed missile launchers from its second KCR-60M fast attack craft and has replaced these with Chinese-made naval gun. The vessel has been equipped with Chinese-made fire-control sensors and a combat management system. Tombak is the second-known KCR-60M vessel that has been modified to carry the six-barrelled weapon system.
Some of the players operating the global market for fast attack craft are
- Fincantieri – Cantieri Navali Italiani S.p.A. (Italy)
- Garden Reach Shipbuilders and Engineers (India)
- Hanjin Heavy Industries & Construction (South Korea)
- CMN Group (France)
- Lürssen (Germany)
- Damen Shipyards Group (Netherlands)
- Goa Shipyard Limited (GSL)
- BAE Systems Plc. (U.K.)
- Navantia (Spain)
- China Shipbuilding & Offshore International Co Ltd (China)
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Global Fast Attack Craft Market Segmentation
Globally, the market for fast attack craft has been segmented on the basis of type and region.
By type: The global market for fast attack craft has been segmented into missile armed FAC and non-missile armed FAC. Among these, the missile-armed FAC has been projected to hold the largest market share. Integrated with anti-ship missiles, missile boats are operated by the coast guards and navies for border patrol missions and anti-terrorist campaigns. These boats prevent the entry of hostile and illegal ships into the country’s coastal waters or the territory. These ships can also pose a threat to large naval ships with long-range missiles.
Fast Attack Craft Market Regional Analysis : Asia Pacific Predicted to Dominate the Market
Geographically, the market for fast attack craft has been spanned across North America, Europe, Asia Pacific, and Rest-of-the-World. Asia Pacific is anticipated to dominate the market since countries in the APAC region is prone to extremist, piracy, territorial dispute, and insurgent threats. There has been a number of incidents of hijacking and violence in the Arabian Sea, North Yellow Sea, South China Sea, Java Sea, Malaca Strait, Celebes Sea, Singapore Strait, and the Bay of Bengal. As a result, the naval forces are deploying fast attack crafts in their territorial seas to respond and counter to such occurrences. Moreover, China and India have proliferated their naval assets. With high investment into destroyer ships, aircraft carriers, and submarines, the two naval powers have taken control of their territorial and coastline waters.
Scope of Report
The report for Global Fast attack craft market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Table Of Contents
1… Executive Summary
2… Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3… Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
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