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Fast Attack Craft Market Research Report By
Forecast To 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Fast Attack Craft Market Research Report - Forecast to 2023
Global Fast Attack Craft Market Information by Type (Missile armed FAC, Non-missile armed FAC) And
Region - Forecast To 2023
The global fast attack craft market is a very dynamic market and is expected to witness high growth over the forecast
period. The global fast attack craft market is majorly driven by the increasing emphasis on maritime security. Many
countries are in the process of augmenting their maritime security capabilities to ensure that illegal and hostile infiltration
do not take place into their territories. Owing to budgetary constraints, several nations are delaying or canceling a number
of development projects and procurement plans, especially in the case of expensive naval vessels. This is where the missile
boats or torpedo boats, which are relatively low-cost platforms, come into picture. These vessels/warships/fast attack crafts
are armed with anti-ship missiles and have been incorporated in the inventory of many navies, across the globe, which have
low military expenses. Moreover, increasing the potency of naval arms and weapons, requires the employment of larger
projectiles, which mandates larger naval guns and consequently, larger platforms or ships that would carry these guns, and
absorb their recoil. The increasing concerns related to the growth of sea based trade is also driving the growth of the
market.
However, the growth of this market will be hampered by the issues related to the maintenance of the vehicles. The global
fast attack craft market size is projected to grow at the ~2% CAGR during the forecast period.
Of all types, the missile-armed FAC segment is projected to account for the largest market share. Missile boats are
integrated with anti-ship missiles and are generally operated by the navies and the coast guards for anti-terrorist campaigns
and border patrol missions. These boats deter the entry of any illegal ships/hostile ships into the host country's territorial or
coastal waters. These boats generally support aircraft carriers and also thwart the hostile enemy boats, frigates, corvettes,
and the littoral combat ships. They can also pose a threat to the larger naval ships with their long-range missiles.
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Fast Attack Craft Market Research Report - Forecast to 2023
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Fast Attack Craft Market Research Report - Forecast to 2023
Fast Attack Craft Market – Segmentation
Of all regions, Asia-Pacific region is expected to dominate the global fast attack craft market. The countries in the APAC
region have been prone to piracy, extremist and insurgent threats, and territorial disputes. There were a number of
reported violent and hijacking incidents in the Bay of Bengal, Arabian Sea, Malaca Strait, Singapore Strait, North Yellow Sea,
South China Sea, Java Sea, and the Celebes Sea, in particular. As a result, the naval forces of the surrounding countries (such
as China, India, Japan, North Korea, and South Korea) are deploying a number of fast attack crafts in their territorial seas to
counter and respond to such occurrences. The region’s two major powers, India and China, have proliferated their naval
assets. With high investments into aircraft carriers, destroyer ships, and submarines, the two naval powers have taken
control of their coastlines and territorial waters.
Fast attack crafts (FACs) are small, fast, agile, and attack capable warships, which are armed with anti-ship missiles, guns, or
torpedoes. FACs are generally operated in the coastal regions as they lack the defensive capabilities to survive in the blue
waters. The major benefit of such ships over other warships, is their affordability and speed. These boats, when armed with
guided missiles, are capable of posing a threat to even large capital ships.
The key players of global fast attack craft market includes BAE Systems plc. (U.K.), Damen Shipyards Group (Netherlands),
Fincantieri - Cantieri Navali Italiani S.p.A. (Italy), Goa Shipyard Limited (GSL), Navantia (Spain), China Shipbuilding & Offshore
International Co Ltd (China), CMN Group(France), Garden Reach Shipbuilders and Engineers (India), Hanjin Heavy Industries
& Construction (South Korea), and Lürssen (Germany).
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