The global naval gun market size was USD 2.41 billion in 2022. The market is slated to rise from USD 2.56 billion in 2023 to USD 4.45 billion by 2030, exhibiting a CAGR of 8.2% over the forecast period.

Naval guns offer several advantages, including short reaction time and deployment versatility against coastal, sea, and aerial targets. The rising incorporation of high-energy laser weapons into naval equipment is set to augur well for the market, driving its expansion over the coming years.

Fortune Business Insights™ provides this information in its research report, titled “Naval Gun Market, 2023-2030”.

Informational Source:

https://www.fortunebusinessinsights.com/naval-gun-market-108353

List of Key Players Mentioned in the Report:

  • BAE Systems (U.K.)
  • Bharat Heavy Electricals Limited (BHEL) (India)
  • Leonardo S.p.A. (Italy)
  • Lockheed Martin Corporation (U.S.)
  • MBDA (France)
  • Northrop Grumman Corporation (U.S.)
  • Raytheon Technologies Corporation (U.S.)
  • Rheinmetall AG (U.S.)
  • SAAB AB (Sweden)
  • Thales Group (France)

Russia-Ukraine War Impact:

Rising Development of New Technologies to Boost Market Growth

The Russia-Ukraine war led to the development of new weapon systems and technologies. For instance, Russia has been working on developing new systems such as unmanned underwater vehicles, guns, and hypersonic missiles. While these aspects have helped fuel the market expansion, the enforcement of sanctions on Russia did affect the defense sector of the country through an impact on the supply chain.

Segmentation:

Fully Automatic Segment to Surge at the Fastest Pace Driven by Rising Product Demand

On the basis of technology, the market for naval guns is subdivided into semi-automatic and fully automatic. The fully automatic segment is poised to exhibit the fastest growth over the forecast period. The guns based on fully automatic technology are in high demand across numerous applications. The mounting demand is estimated to drive the segmental expansion.

50-100 mm Segment Recorded the Largest Share Owing to Increasing Number of Technological Advancements  

By caliber, the market is classified into below 50 mm, 50 – 100 mm, and above 100 mm. The 50-100 mm segment registered the largest market share in 2022 due to increase in the number of technological advancements such as armor piercing, heavy explosions, and more. This helps in the adoption of new ammunitions for advance naval guns.  

Large Surface Combatants Segment Registers Dominating Share Due to Demand for Robust Ships

On the basis of platform, the market for naval guns is subdivided into small surface combatants and large surface combatants. The large surface combatants segment accounts for a dominating share in the market due to demand for lethal and technologically robust ships.  

Tracking Systems Segment to Register the Fastest Growth Owing to Rising Awareness About Accurate Target Tracking

By component, the market is subdivided into radar systems, tracking systems, turret systems, ammunition drums, and others. The tracking systems segment is slated to grow at the fastest rate over the study period. The expansion can be credited to the increasing awareness about the accurate tracking of surface or air targets.

Based on geography, the market for naval guns has been studied across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.

Report Coverage:

The report gives an account of the major factors slated to favor industry expansion over the forthcoming years. It further delves into the pivotal trends in the market. Some of the other aspects of the report include an account of the market dynamics and the analysis of the industry based on numerous segments.

Drivers and Restraints:

Industry Value to Surge Driven by Escalating Electromagnetic Railgun Demand

There has been an increase in initiatives focused on the development of electromagnetic railguns. These initiatives are being adopted by research institutions and manufacturers across the globe. The growing need for high speed weapons offering improved lethal efficiency is propelling the adoption of these steps, further driving naval gun market growth.

However, high costs are involved in handling these guns, which increases the cost of naval exercises. This may hamper the industry expansion to some extent.

Regional Insights:

Asia Pacific Market to Grow at the Fastest Rate Owing to Surging Procurement of Various Naval Vessels

Asia Pacific naval gun market share is set to expand at the fastest pace over the study period. This can be attributed to the growing procurement of various naval vessels by countries such as India. These vessels are being procured for numerous maritime applications.

Europe is touted to emerge as the second-fastest growing regional segment. This can be credited to the soaring investments from private firms focused on the construction of weapon systems and naval vessels.

Competitive Landscape:

Industry Participants Adopt Numerous Strategies to Enhance Business Prospects

Industry players are deploying a series of strategies to strengthen their market positions. These steps comprise the development of naval weapons and the introduction of advanced gun technologies. Some of the major companies in the market include BHEL (Bharat Heavy Electricals Limited) and Leonardo S.p.A.

Key Industry Development:

  • February 2022 – Leonardo launched the OTO 76/62 Super Rapido. The lightweight naval gun satisfies the strict operational requirements associated with anti-surface and air defense.