Fast Attack Craft Market Size To Expand at a Notable CAGR Of 2% During 2020 - 2027

February, 2020/MRFR Press Release/- Market Research Future has published a report on the Global Fast Attack Craft Market.

Market Scenario

The global fast attack craft market is predicted expand at 2% CAGR during the forecast period (2020-2027) owing to the accelerating emphasis on maritime security, asserts Market Research Future (MRFR). Fast attack craft (FAC) are referred to as fast, small, agile, and attack-capable warships, armed with torpedoes, guns, or anti-ship missiles and are operated in the coastal areas as they lack defensive capabilities to survive in the water. Due to their affordability speed, such ships are preferred over other warships.

Drivers and Constraints Impacting the Market

The fast attack craft market is considered to be a very dynamic market and is expected to register high growth rate in the future. With the augmenting emphasis on maritime security, the global fast attack craft market is likely to propel during the assessment period. Several countries across the globe are improving their maritime security capabilities in order to ensure that no hostile and illegal infiltration takes place into their territories. Due to budgetary constraints, countries cancel or delay their procurement plans development projects, especially in the case of expensive naval vessels. This is where the torpedo boats or the missile boats, which are relatively low-cost, come into the picture. Such warships or vessels or fast attack crafts are armed with anti-ship missiles and are incorporated in the inventory of navies, across the globe. Additionally, with the increasing potency of weapons and naval arms, employment of large projectiles is required, which mandates naval guns, large ships, and platforms that can carry such guns and absorb their recoil. Moreover, the rising concern associated with the growth of sea-based trade is driving the market growth across the globe.

On the flip side, issues associated with the maintenance of such vehicles are considered to dampen the market growth throughout the appraisal period. Moreover, deployment of laser weapon systems against fast attack crafts are further estimated to impede the market growth.

Global Fast Attack Craft Market: Segmental Analysis

The global fast attack craft market has been segmented on the basis of type.

By mode of type, the global fast attack craft market has been segmented into missile armed FAC and non-missile armed FAC. Among these, the missile-armed FAC segment is considered to occupy the largest market share and is estimated to retain its dominance throughout the appraisal period. Missile boats are implemented with anti-missile ships and are operated by coast guards and navies for border patrol missions and anti-terrorist campaigns. Such boats further prevent the entry of any illegal or hostile ships into the host country's coastal or territorial waters. Such boats also support the aircraft carriers and also prevent the frigates, hostile enemy boats, the littoral combat ships, and corvettes.

Regional Insights

Geographically, the fast attack craft market span across regions namely, Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).

Among all the regions, the Asia Pacific region is considered to dominate the global market as economies in the Asia Pacific region are susceptible to extremist, piracy, territorial disputes, and insurgent threats. There were several violent and hijacking incidents reported in the Arabian Sea, Bay of Bengal, Singapore Strait, Malaca Strait, South China Sea, North Yellow Sea, the Celebes Sea, and the Java Sea in particular. Therefore, the naval forces of the surrounding countries are implementing fast attack crafts in their territorial seas in order to respond and counter to such occurrences. China and India being the two major regions, have proliferated their naval assets.

Industry Updates

January 22, 2019: The Indonesian Navy (TNI-AL) has recently ordered for four additional KCR-60M fast attack craft, built by PT PAL. These vessels will work in the fitted-for-but-not-with (FFBNW) configuration for all the combat effectors which will include sensors, weapons, and countermeasures.

Competitive Dashboard

The prominent players operating the global fast attack craft market are China Shipbuilding & Offshore International Co Ltd (China), Garden Reach Shipbuilders and Engineers (India), Hanjin Heavy Industries & Construction (South Korea), Damen Shipyards Group (Netherlands), CMN Group (France), Fincantieri - Cantieri Navali Italiani S.p.A. (Italy), BAE Systems Plc. (U.K.), Lürssen (Germany), Navantia (Spain), and Goa Shipyard Limited (GSL).