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Warships and Naval Vessels Global Market Opportunities and Strategies Report 2023 with General Dynamics Dominating with 15.24% Market Share, Followed by Huntington Ingalls Industries
Warships and Naval Vessels Global Market Opportunities and Strategies Report 2023 with General Dynamics Dominating with 15.24% Market Share, Followed by Huntington Ingalls Industries
PR Newswire
DUBLIN, March 7, 2023
DUBLIN, March 7, 2023 /PRNewswi…
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Warships and Naval Vessels Global Market Opportunities and Strategies Report 2023 with General Dynamics Dominating with 15.24% Market Share, Followed by Huntington Ingalls Industries
PR Newswire
DUBLIN, March 7, 2023
DUBLIN, March 7, 2023 /PRNewswire/ -- The "Warships and Naval Vessels Global Market Opportunities and Strategies to 2031" report has been added to ResearchAndMarkets.com's offering.
The warships and naval vessels market reached a value of nearly $54,352.0 million in 2021, having grown at a compound annual growth rate (CAGR) of 3.9% since 2016. The market is expected to grow from $54,352.0 million in 2021 to $60,273.9 million in 2026 at a rate of 11.0%. The market is then expected to grow at a CAGR of 10.2% from 2026 and reach $149,168.3 million in 2031.
Growth in the historic period resulted from increased maritime disputes and conflicts between nations, increased military expenditure, low-interest rates and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were high manufacturing and maintenance costs, COVID-19 impact, defense budget reductions in developed nations, political uncertainties, fluctuating raw material prices and geopolitical tensions.
Going forward, increasing global defense expenditure, labor shortage and faster economic growth will drive the growth. Factors that could hinder the growth of the warships and naval vessels market in the future include Russia-Ukraine war, stringent regulations, increasing cyber-attacks and low funding and budgets.
The warships and naval vessels market is segmented by type into warships, submarines, aircraft carriers and others types. The warships market was the largest segment of the warships and naval vessels market segmented by type, accounting for 58.1% of the total in 2021. Going forward, the warships segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by type, at a CAGR of 11.6% during 2021-2026.
The warships and naval vessels market is also segmented by operation into surface fleet and undersea fleet. The surface fleet market was the largest segment of the warships and naval vessels market segmented by operation, accounting for 87.0% of the total in 2021. Going forward, the surface fleet segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by operation, at a CAGR of 11.1% during 2021-2026.
The warships and naval vessels market is also segmented by application into rescue, defense and other applications. The defense market was the largest segment of the warships and naval vessels market segmented by application, accounting for 71.3% of the total in 2021. Going forward, the defense segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by application, at a CAGR of 11.3% during 2021-2026.
The warships and naval vessels market is also segmented by end-use into destroyer, frigate and other end uses. The destroyer market was the largest segment of the warships and naval vessels market segmented by end-use, accounting for 25.3% of the total in 2021. Going forward, the frigate segment is expected to be the fastest growing segment in the warships and naval vessels market segmented by end-use, at a CAGR of 12.9% during 2021-2026.
North America was the largest region in the warships and naval vessels market, accounting for 32.7% of the total in 2021. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the warships and naval vessels market will be Asia Pacific and Eastern Europe where growth will be at CAGRs of 13.1% and 10.7% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 10.3% and 10.2% respectively.
The warships and naval vessels market is consolidated, with a few large players. The top ten competitors in the market made up to 46.12% of the total market in 2021. The market is expected to be change in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies.
General Dynamics Corporation was the largest competitor with 15.24% of the market, followed by Huntington Ingalls Industries Inc with 11.62%, BAE Systems plc with 4.28%, Lockheed Martin Corporation with 3.86%, Fincantieri S.p.A with 3.75%, ThyssenKrupp AG with 1.86%, Hyundai Heavy Industries Co., Ltd with 1.61%, Mitsubishi Heavy Industries with 1.44%, Daewoo Shipbuilding & Marine Engineering Co. Ltd with 1.39%, and Austal with 1.07%.
The top opportunities in the warships and naval vessels market segmented by type will arise in the warships segment, which will gain $23,180.0 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by operation will arise in the surface fleet segment, which will gain $32,601.5 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by application will arise in the defense segment, which will gain $27,405.0 million of global annual sales by 2026.
The top opportunities in the warships and naval vessels market segmented by end-use will arise in the frigate segment, which will gain $10,606.3 million of global annual sales by 2026. The warships and naval vessels market size will gain the most in USA at $9,997.0 million.
Market-trend-based strategies for the warships and naval vessels market include environment-friendly materials, artificial intelligence, unmanned warships and naval vessels, internet of things (IoT), strategic partnership and investments.
Player-adopted strategies in the warships and naval vessels market includes strengthening business operations through securing new contracts and delivering critical capabilities to the Navy and the nation through strategic partnerships.
To take advantage of the opportunities, the report recommends the warship and naval vessels companies to focus on use of environment-friendly materials, focus on unmanned warships and naval vessels, focus on artificial intelligence, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, offer competitive pricing, participate in trade shows and events, continue to target fast-growing applications.
Competitive Landscape And Company Profiles
Company Profiles
- General Dynamics Corporation
- Huntington Ingalls Industries Inc
- BAE Systems plc
- Lockheed Martin Corporation
- Fincantieri S.p.A
Key Mergers And Acquisitions
- Hanwha Group Acquired DSME
- Navios Maritime Partners Acquired Navios Maritime Holdings
- Babcock International Group PLC Acquired Naval Ship Management Pty Ltd
- ABL Group Acquired Damen Shipyard Group
- Leidos Acquired Gibbs & Cox
- Mitsubishi Heavy Industries Acquired Mitsui E&S Holdings
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Warships And Naval Vessels Market Definition and Segmentations
6.4. Market Segmentation By Type
6.4.1. Warships
6.4.2. Submarines
6.4.3. Aircraft Carriers
6.4.4. Other Types
6.5. Market Segmentation By Operation
6.5.1. Surface Fleet
6.5.2. Undersea Fleet
6.6. Market Segmentation By Application
6.6.1. Rescue
6.6.2. Defense
6.6.3. Other Applications
6.7. Market Segmentation By End Use
6.7.1. Destroyer
6.7.2. Frigate
6.7.3. Other End Uses
7. Major Trends And Strategies
7.1. Environment-Friendly Materials
7.2. Artificial Intelligence
7.3. Unmanned Warships And Naval Vessels
7.4. Internet Of Things (IoT)
7.5. Strategic Partnership
7.6. Investments
8. Global Market Size And Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 - 2021, Value ($ Million)
8.2.1. Market Drivers 2016 - 2021
8.2.2. Market Restraints 2016 - 2021
8.3. Forecast Market Growth, 2021 - 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 - 2026
8.3.2. Market Restraints 2021 - 2026
9. Global Market Segmentation
9.1. Global Warships And Naval Vessels Market, Segmentation By Type, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Warships And Naval Vessels Market, Segmentation By Operation, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Warships And Naval Vessels Market, Segmentation By Application, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
9.4. Global Warships And Naval Vessels Market, Segmentation By End-Use, Historic And Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
10. Global Market, Regional And Country Analysis
10.1. Global Warships And Naval Vessels Market, By Region, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Warships And Naval Vessels Market, By Country, Historic and Forecast, 2016 - 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/81y5gr
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One city held a mass passport-getting event
A New Orleans congressman organized a way for people to apply for their passports en masse.
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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.
Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic.
Related: Here is why it is (still) taking forever to get a passport
To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.
'Come apply for your passport, no appointment is required'
"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."
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The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.
These are the countries with the highest-ranking passports in 2024
According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).
While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.
Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.
In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.
A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.
stocks pandemic covid-19 grantsUncategorized
Fast-food chain closes restaurants after Chapter 11 bankruptcy
Several major fast-food chains recently have struggled to keep restaurants open.
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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home.
Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems.
It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.
Related: Wendy's menu drops a fan favorite item, adds something new
Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.
RBI also stepped in and purchased one of its key franchisees.
"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states."
The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.
Image source: Chen Jianli/Xinhua via Getty
Another fast-food chain faces bankruptcy problems
Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.
"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."
Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.
Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.
That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.
Bojangles has a messy bankruptcy situation
Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.
The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.
"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."
Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.
Bojangles sent the station a comment on the situation.
"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."
Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.
bankruptcy pandemicUncategorized
Industrial Production Increased 0.1% in February
From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…
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Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.Click on graph for larger image.
emphasis added
This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).
Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022. This was below consensus expectations.
Note: y-axis doesn't start at zero to better show the change.
The second graph shows industrial production since 1967.Industrial production increased to 102.3. This is above the pre-pandemic level.
Industrial production was above consensus expectations.
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