Fast Attack Craft Market by Type (Missile Armed Fast Attack Craft, Non-Missile Armed Fast Attack Craft, and Others), and by Application (National Defense, Technical Research, and Others) – Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The global Fast Attack Craft Market size was valued at USD 3.8 billion in 2023 and is predicted to reach USD 6.3 billion by 2030 with a CAGR of 7.5% from 2024-2030. A Fast Attack Craft (FAC) is a small and agile naval vessel designed for combat operations in coastal waters. These vessels are known for their high speed, maneuverability, and ability to navigate through shallow waters.

Equipped with various weapons systems such as guns, machine guns, and missiles, FACs are capable of engaging surface targets effectively. They are often used for tasks such as patrol, interception, and coastal defense. With their rapid response capabilities and ability to conduct surprise attacks, FACs play a vital role in modern naval warfare, offering navies a cost-effective means of projecting force in littoral environments where larger ships may face limitations.

Market Dynamics and Trends

The increasing focus on maritime security, coupled with the imperative for swift responses to emerging threats, has propelled a rising demand for fast attack craft (FACs). These vessels prove essential in fortifying maritime security, especially in coastal and littoral areas. As nations prioritize the safeguarding of maritime borders, the demand for FACs has consequently heightened, as they play a crucial role in addressing evolving challenges at sea.

Moreover, the rising geopolitical tensions and territorial disputes across various regions have resulted in a heightened demand for fast attack craft (FACs). This demand is driven by the necessity to reinforce naval forces and safeguard national interests. As nations face growing challenges to their maritime sovereignty, the role of FACs becomes increasingly crucial in bolstering defense capabilities and responding effectively to geopolitical uncertainties. Furthermore, the growing development and deployment of ship-based missile systems, which enhance the offensive capabilities of FACs and make them highly effective in naval operations is further accelerating the growth of the FACs market.

However, the high operational and maintenance costs along with FACs' poor defense against aerial threats are the major factors restraining the growth of the market. On the contrary, the introduction of unmanned FACs, such as unmanned surface vessels (USVs) coupled with the integration of advanced radar, sonar, and electro-optical systems to enhance situational awareness and target detection capabilities is expected to create ample opportunities in the growth of the FAC market in the coming years.

Market Segmentations and Scope of the Study

The fast attack craft market share is segmented based on type, application, and region. Based on type, the market is divided into missile-armed fast attack craft, non-missile-armed fast attack craft, and others. Based on application, the market is classified into national defense, technical research, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Geographical Analysis

Asia-Pacific holds the dominant share of the fast attack craft market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the increasing investment by the government for the development of the defense sector is driving the growth of the fast attack craft market. According to the latest report published by the World Bank, China’s military and defense expenditure reached USD 291.96 billion in 2022, an increase from USD 285.93 billion in 2021, for the development of advanced vehicles, weapons, and equipment, including fast attack crafts.

Moreover, the growing adoption of advanced navy warships by countries such as China, India, and South Korea to enhance their maritime capabilities while also addressing the evolving security challenges is further driving the growth of the fast attack craft market. For instance, in January 2023, the Chinese navy launched a new heavy-lift ship carrier for wartime transport and vessel support, including the deployment and support of fast attack crafts. Through this launch, the Chinese government aims to expand its naval capabilities and strengthen logistical support for various naval assets.

On the other hand, North America is expected to show steady growth in the fast-attack craft market. This is due to the presence of one of the largest military and defense sectors in North America, driven by substantial military expenditure to maintain a robust and capable naval force. According to the US Department of Defense, the U.S. invested USD 1.64 trillion in the military and defense sector in 2022 for the development of its military and defense sector while prioritizing the development of a robust naval force and ensuring maritime security.

Moreover, the government's initiatives including funding research projects for the development of FACs are further driving the growth of the market in this region. For instance, in May 2022, The U.S. Navy's Littoral Combat Ship (LCS) developed its first land attack missile exercise from FAC. This exercise demonstrates the LCS's ability to engage and neutralize land targets, further enhancing its role in supporting both maritime and land-based missions.

Competitive Landscape

Various market players operating in the fast attack craft industry include FINCANTIERI S.p.A., BAE Systems plc, Navantia S.A., Garden Reach Shipbuilders & Engineers Ltd. (GRSE), Goa Shipyard Limited, Damen Shipyards Group, China Shipbuilding & Offshore International Co., Ltd. (CSOC), Constructions Mécaniques de Normandie (CMN), Lürssen Werft GmbH & Co. KG, and Hanjin Heavy Industries & Construction Co. LTD among others. These market players are adopting various strategies such as collaboration to remain dominant in the FAC market. 

For instance, in June 2023, BAE Systems collaborated with the Royal Navy for the development of cutting-edge radar systems. The new radar systems aim to enhance situational awareness and strengthen the Royal Navy's ability to safeguard national waters. Moreover, in February 2023, Fincantieri collaborated with the Qatari Navy in delivering a state-of-the-art amphibious ship that perfectly addresses the nation's unique operational demands. The new vessel features advanced design and cutting-edge technologies to fulfill distinct defense needs and strengthen naval forces. Moreover, 

Key Benefits

• The report provides quantitative analysis and estimations of the fast attack craft market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the fast attack craft market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the fast-attack craft market is provided in the report. 

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Fast Attack Craft Market Key Segments

By Type 

• Missile Armed Fast Attack Craft

• Non-Missile Armed Fast Attack Craft

• Others

By Application 

• National Defense

• Technical Research

• Others

By Region

• North America    

  • The U.S.

  • Canada

  • Mexico

• Europe    

  • The U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)    

  • Latin America

  • Middle East 

  • Africa

REPORT SCOPE AND SEGMENTATION:

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