A new report by Research and Markets predicts the global warship and naval vessels market to climb in value through 2019 at a compound annual growth rate of 1.7 percent.
The market research firm said Monday demand for naval vessels in the emerging markets of Africa, Asia and South America will drive growth.
According to the report, challenges include the U.S. defense budget cuts, the slowdown of the European economy and the lack of maintenance facilities and spare parts supply in emerging markets.
Research and Markets listed the following key vendors in the warship and naval vessels market:
- Babcock International Group
- General Dynamics
- Kawasaki Heavy Industries
- Lockheed Martin
- Mitsubishi Heavy Industries