NEW YORK, Aug. 23, 2017 /PRNewswire/ -- The economic downturn over the last decade has resulted in a number of cancellation, postponement, or downsizing of high-value defense programs. These actions have slowed down the induction of new ships into naval fleets. However, the requirement for strong naval assets is at a high amidst the political tensions in Central Asia, Eastern Europe, Southeast Asia, and other parts of the world.
Countries have to maintain a large number of operational naval assets in order to build deterrence, protect sovereignty, and secure Sea Lines of Communication (SLOC). Operators are initiating comprehensive midlife upgrades and life extension programs in order to field adequate operational assets. The naval ship modernization market will grow at a compound annual growth rate (CAGR) of 4.3% during 2016–2026 and result in a total valuation of $49.10 billion. The market will be dominated by upgrades for surface combatant and submarine segments (92.5% of the total market).
Through this research service, Frost & Sullivan provides an assessment of global naval ship modernization programs, opportunities, forecasts, and technology trends from a macro level and also from a comprehensive micro-level countrywise assessment.
Key Target Audience
The key target audience includes:
• Defense OEMs and Integrators (especially their marketing and sales teams)
• Tier 1/ Tier 2/Tier 3 Suppliers
• Defense Consultants and Researchers
• Educational Bodies
• Personnel Working with Ministry/Department of Defense
The market trends are analyzed for the study period 2016 to 2026, with the base year being 2016. The scope of the study is global, covering most nations which field a naval force.
The market is segmented across surface combatants, submarines, support ships, and patrol boats. Each segment is broken up into different vessel types and classes for granularity in information. Companies mentioned in the study include Lockheed Martin, Terma, Atlas Electronick, Raytheon, STM, TKMS, Kongsberg Marine, HII, and DCNS among others.
Country-specific modernization, life extension, and upgrade programs are arrived at using a combination of data including vessel acquisition and commissioning time frames, defense contract data, previous upgrades, defense spending patterns, and geopolitical exigencies.
Key Questions This Study Will Answer
• What are the committed, planned, and upcoming opportunities in the naval ship modernization market over the next 10 years?
• Which geographical markets and segments are growing?
• What are the key success factors that OEMs should consider in the market?
• What drives the need for modernizing naval ships in different nations and how do their procurement preferences and market dynamics differ?
• What are the major programs underway and planned within these markets and what opportunities do they open up for OEMs/contractors?
Read the full report: http://www.reportlinker.com/p05075872/Global-Naval-Ship-Modernization-Assessment-Forecast-to.html
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