The India naval vessels and surface combatants market witnessed significant growth and is expected to grow at a CAGR of around 14.77% during the forecast period (2023-2031)
Naval vessels and surface combatants are the most technologically advanced warships used for fighting and monitoring at sea. These high-tech ships have sophisticated equipment, including launchers, communication tools, sensors, and other devices that allow them to function properly.
The Indian market for naval vessels and surface combatants is seeing rapid expansion and modernization. The Indian Navy is undertaking several projects to improve its marine capabilities and safeguard national security. Mazagon Dock Shipbuilders Limited, Garden Reach Shipbuilders and Engineers, and Bharat Electronics Limited are among the market's key participants.
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In recent years, India's emphasis on indigenous production and self-reliance in the naval vessels and surface combatants market has gained substantial traction. Domestic manufacturing capabilities are expanding due to the government's "Make in India" drive and several indigenous shipbuilding schemes. The construction of India's first indigenously built aircraft carrier, the INS Vikrant, illustrates the country's dedication to indigenous shipbuilding. The carrier was built in partnership with the Indian Navy, the Defense Research and Development Organization (DRDO), and many local shipbuilding businesses. This initiative exemplifies India's ambition to lessen its dependency on imported goods and improve its domestic manufacturing capabilities.
Cost constraints in the military sector can limit the country's capacity to invest in new naval assets, modernize current ones, and maintain a robust fleet. The delayed procurement and modernization of submarines exemplify fiscal restrictions in India's naval industry. Due to budgetary restrictions, the Indian Navy's Project 75, which sought to acquire six new submarines, has been delayed. The project, which intends to improve the Navy's undersea fighting capabilities, has encountered several financial adjustments and funding issues, resulting in procurement delays. According to SIPRI, India's defense spending in 2020 will amount to 2.9% of GDP. While this is a sizable defense budget, the deployment of expenditures among multiple defense sectors, such as naval vessels and surface combatants, may be hampered by conflicting objectives.
Mazagon Dock Shipbuilders Limited in India is building a series of guided-missile destroyers known as the Project 15B Visakhapatnam-class destroyers. These destroyers are outfitted with cutting-edge weaponry, including anti-aircraft missiles, anti-submarine warfare capability, and land-attack missiles. The development of these destroyers demonstrates India's commitment to improving its naval capability through domestic shipbuilding. The Project 15B Visakhapatnam-class destroyers are projected to be one of the largest destroyers in the Indian Navy's fleet, with a displacement of roughly 7,400 tons, according to the Indian Navy's official website. Under this initiative, the Indian Navy intends to induct four destroyers, bolstering its naval fleet.
The Indian naval vessel and surface fighter market offers multiple modernization and technical improvement opportunities. Mazagon Dock Shipbuilders Limited in India is building Project 15B Visakhapatnam-class destroyers. With a displacement of roughly 7,400 tons, these destroyers demonstrate India's commitment to upgrading its naval capabilities through domestic shipbuilding. The Indian Navy intends to add four destroyers to its fleet as part of this program. According to SIPRI, India's military budget has been regularly raised throughout the years, emphasizing upgrading its armed forces and strengthening indigenous defense manufacturing capabilities. The country's defense spending in 2020 is expected to be around $72.9 billion, indicating the country's commitment to self-sufficiency in defense production. Furthermore, India's effective indigenization activities are not limited to aircraft carriers. The commissioning of indigenously constructed ships such as destroyers, frigates, and corvettes, such as the INS Kolkata-class destroyers and INS Kamorta-class corvettes, demonstrates India's success in producing modern naval systems at home.
The Indian naval vessels and surface combatants market is segmented based on system platform, application, and country.
The market is segmented into Aircraft carriers, frigates, corvettes, destroyers, auxiliary vessels, and amphibious by platform. Aircraft carriers led the market and are expected to grow at a 15.18% CAGR during the forecast period. Aircraft carriers are the biggest and most potent weaponry in existence. They have a significant advantage over most other boat designs since they can transport several planes. Aircraft ships have many capabilities, including demonstrating force on land, providing air support for ground forces, and engaging in undersea warfare. Despite being smaller than aircraft carriers, frigates nonetheless have quite powerful armaments. They frequently possess various weaponry, including explosives, rifles, and rockets. Frigates are employed for various purposes, including patrolling the seas, battling on the surface, and engaging in underwater combat.
The market is further segmented into Marine Engine systems, weapon launching systems, control systems, communication systems, sensor systems, electrical systems, and auxiliary systems. Marine Engine systems contribute a major market share and are expected to grow at a CAGR of 13.58% during the forecast period. Marine engine systems are the systems that propel a ship. They typically have one or more major engines and auxiliary engines that power systems like the ship's electrical system. Marine engine systems are vital to a ship's operation and must be properly maintained to ensure their dependability. Weapons are launched from a ship using weapon launching systems. They frequently include missiles, guns, and torpedo launchers. Weapon launching systems must perform quickly and precisely to be successful.
The market is further segmented into Coastal surveillance, search, and rescue operations, combat operations, MCM operations, and others by application. Coastal surveillance holds a major market share and is expected to register a CAGR of 14.45% over the forecast period. Coastal surveillance is keeping a watch on the area's waterways to recognize and identify any potential hazards. Satellites, ships, and planes are regularly involved. Coastal surveillance protects vulnerable regions from terrorism, smuggling, and illegal immigration. Mine countermeasure (MCM) operations include mine detection, identification, and neutralization. Ships, aircraft, and divers are regularly utilized in MCM operations. MCM's main goal is to keep mines out of shipping lanes and coastal regions.