A new Research and Markets report predicts the worldwide market for surface combatants and naval vessels will be worth $47.2 billion in the next 10 years.
The market research firm said Friday the market is poised to grow from $35.9 billion in 2015 at a compound annual growth rate of 2.79 percent by 2025.
The study predicts U.S. spending on surface combatants and naval ships will reach $157.3 billion and that corvettes will represent 27 percent of the global market in the next decade, followed by destroyers, aircraft carriers and frigates.
The report listed the following key market players:
- Abu Dhabi Ship Building
- ASC Pty Ltd.
- BAE Systems
- Daewoo Shipbuilding and Marine Engineering
- Damen Schelde Naval Shipbuilding
- General Dynamics
- Huntington Ingalls Industries
- Hyundai Heavy Industries
- Lockheed Martin
- Mazagon Docks Limited
- PO Sevmash
- ThyssenKrupp Marine Systems AG