Fast Attack Craft Global Market Report 2024

The primary categories of fast-attack crafts include missile-armed fast attack craft (FAC), non-missile-armed fast attack craft (FAC), and others. Missile-armed fast attack craft (FAC) pertains to a guided airborne weapon with the capability of independent takeoff and landing, often utilizing a jet engine or rocket motor. The craft is armed with missiles, torpedoes, guns, and other weaponry, distributed through both OEM (original equipment manufacturer) and aftermarket channels. These crafts find applications in national defense, technical research, combat, and various other scenarios.

The fast-attack craft market research report provides fast-attack craft market statistics, including the fast-attack craft industry global market size, regional shares, competitors with a fast-attack craft market share, detailed fast-attack craft market segments, market trends, and opportunities, and any further data you may need to thrive in the fast-attack craft industry. This fast-attack craft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fast attack craft market has grown strongly in recent years. It will grow from $5.22 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%.The expansion observed in the historical period can be ascribed to concerns regarding maritime security, heightened geopolitical tensions, safeguarding exclusive economic zones (EEZ), addressing asymmetric threats, and the modernization of naval fleets.

The fast attack craft market is expected to see strong growth in the next few years. It will grow to $7.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
The anticipated growth in the forecast period can be linked to the emergence of naval threats, persistent regional tensions, a heightened focus on coastal defense, ongoing upgrade programs, and efforts towards naval force projection. Key trends expected in the forecast period encompass the growing utilization of composite materials, the integration of next-generation sensors, emphasis on multi-mission capabilities, collaborative and joint development programs, as well as initiatives promoting sustainability and fuel efficiency.

The expected rise in maritime security is set to drive the growth of the fast attack craft market in the future. Maritime security involves safeguarding vessels and ensuring protection from crimes at sea. Fast attack craft contributes to maritime security in areas requiring protection from various threats such as terrorism, robbery, piracy, and illicit trafficking of goods and people during maritime operations. For example, as of June 2023, the International Chamber of Commerce reported an increase in the number of piracy and armed robbery incidents against ships, with 65 recorded in the first half of 2023 compared to 58 incidents during the corresponding period in 2022. Consequently, the surge in maritime security is fueling the expansion of the fast attack craft market.

The prospective growth of the fast attack craft market is further driven by the increased defense spending by emerging economies. Defense spending denotes the financial resources a country allocates to build and maintain its armed forces or support other defense-related activities. This spending significantly impacts the fast attack craft market, as higher defense budgets by governments stimulate the demand for warships and other naval vessels. As reported by the Stockholm International Peace Research Institute (SIPRI) in April 2022, global military spending is expected to increase by 0.7% from $1,981 billion in 2020 to $2,113 billion in 2021. Notably, China augmented its military spending by 4.7% in 2021, reaching an estimated $293 billion. Hence, the growth in defense spending by emerging economies propels the fast attack craft market forward.

Product innovation stands out as a prominent trend in the fast-attack craft market. Major players in the market are dedicated to developing cutting-edge and high-quality attack crafts to maintain their competitive positions. One illustrative example comes from North Sea Boats, an Indonesian boat-building company that introduced the KRI Golok, a stealth trimaran fast attack craft designed for the Indonesian Navy. This fast attack craft (FAC) features a modern Wave Piercing design, utilizing a greater beam for inherent stability and efficient wave navigation. The incorporation of stealth design elements reduces detection by minimizing Radar, Infrared, Acoustic, and Magnetic signatures, ensuring enhanced operational effectiveness.

Leading companies in the fast-attack craft market are increasingly emphasizing the introduction of advanced vessels such as the Shaldag Mk. V to gain a strategic advantage. The Shaldag Mk. V is a state-of-the-art and versatile fast-attack craft tailored for maritime security, coastal defense, and anti-terrorism operations. This vessel boasts cutting-edge technology, formidable armament capabilities, and exceptional high-speed performance. In a notable instance, Israel Shipyards, an Israeli shipbuilding company, launched two Fast Attack Interdiction Craft (FAIC) platforms, known as the Shaldag Mk. V, for the Philippine Navy in June 2022. These vessels, named PG906 and PG907, contribute to the FAIC Acquisition Project under the Revised AFP Modernization Program, enhancing the maritime capabilities of the Philippine Navy.

In July 2022, Embraer S.A., a Brazilian aerospace company, entered into a partnership with BAE Systems plc for an undisclosed amount. This collaboration aims to expand the global presence of both companies in the defense sector. The strategic collaboration involves engaging in regions where BAE Systems has a significant presence, such as selected Middle Eastern markets such as the Kingdom of Saudi Arabia. Additionally, the partnership intends to form a joint venture to manufacture a defense derivative of Eve's electrical vertical take-off and landing (VTOL) vehicle. BAE Systems plc, a UK-based multinational company specializing in arms, security, and aerospace, is actively involved in the fast-attack craft market.

Major companies operating in the fast attack craft market report are BAE Systems plc,Fr. Lurssen Werft GmbH,Navantia SA,CMN Group,China Shipbuilding And Offshore International Co. Ltd.,Garden Reach Shipbuilders and Engineers Ltd.,Damen Holding B.V.,Fincantieri S.p.A.,Goa Shipyard Limited,Hanjin Heavy Industries and Construction Holdings Co. Ltd.,Mitsubishi Heavy Industries Ltd.,Daewoo Shipbuilding and Marine Engineering Co. Ltd.,Fassmer GmbH and Co. KG,Kangnam Corporation,L&T Shipbuilding Limited,Northrop Grumman Corporation,Austal Limited,Huntington Ingalls Industries Inc.,Lockheed Martin Corporation,General Dynamics Corporation,Boustead Naval Shipyard Sdn. Bhd.,COTECMAR,EDGE PJSC Group,Israel Shipyards Ltd.,Hyundai Heavy Industries Co. Ltd.,Kawasaki Heavy Industries,Mazagon Dock Shipbuilders Limited,Swiftships LLC,ThyssenKrupp Marine Systems,United Shipbuilding Corporation,Karachi Shipyard & Engineering Works Limited,Thales Group.

Asia-Pacific was the largest region in the fast-attack craft market in 2023. The regions covered in the fast attack craft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the fast attack craft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fast-attack craft market consists of sales of gunboats, torpedo boats, missile boats, and patrol boats. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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