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Frost & Sullivan: Asian Shipyards Move Into Military Naval Vessels Market

Frost & Sullivan: Asian Shipyards Move Into Military Naval Vessels Market - top government contractors - best government contracting event

market researchJapan, South Korea and China are emerging as new manufacturing hubs for military naval vessels, a new report from Frost & Sullivan revealed.

The analyst said Thursday that shipbuilding would remain a domain of Western Europe, the United States and Russia but that Asia-Pacific countries are tightening their hold on the market as they slowly start to leverage their capabilities as original equipment manufacturers.

Frost & Sullivan expects total global expenditure for new platforms, led by North America, to hit $376 billion by 2023, with a year-over-year growth of 1 percent from 2014.

The report said demand will be spurred by rising security threats in the Middle East, Russia, and Asia-Pacific, and it forecast a spike in orders for frigates because of their multirole versatility.

“Military vessels based on the multimission modular vessel design will be more common and affordable for end users,“ said Dominik Kimla, aerospace and defence industry analyst at Frost & Sullivan.

“Additionally, Frost & Sullivan expects more standardisation among various MMMV designs across naval companies. This will translate to long-term cost efficiency on the procurement and support-in-service of MMMV vessels.“

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