Market Highlights

The global fast attack craft market was valued at US$ 4.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2028, reaching US$ ~7.1 billion.

Fast Attack Craft Market CAGR

2022-2028

CAGR OF

7.2%

Fast Attack Craft Market

The COVID-19 scenario has caused lockdowns to be imposed globally and has disrupted the rapid attack craft (FAC) supply chain for replacement parts. Due to halted or reduced military operations, there are fewer opportunities for rapid attack craft companies, and their potential for commercial expansion is limited. As the world becomes older, there will be a significant increase in the need for rapid attack vessels that are equipped with missiles. Government military budget constraints have affected the fast attack craft market for missile-armed rapid attack craft since several scheduled orders have been postponed.
A fast attack vessel (FAC) is a compact, agile, rapid-moving, assault-capable warship. It is armed with anti-ship missiles, torpedoes, and artillery. Swift attack craft are used for anti-air, anti-surface, anti-surface, search and rescue, and anti-piracy operations, among other things. Quick assault ships are better suited along coasts than in the middle of the ocean because they lack defensive capabilities. They often appear in antagonistic poses. Rapid attack craft are capable of posing a major threat to even the largest capital ships when equipped with guided missiles. When combined with modern, very advanced combat technologies such as the virtual barrier, underwater acoustic missiles, multi-static antisubmarine (MACE), and integrated protection systems, FAC is incredibly powerful.
The global market for fast attack boats is driven by a number of factors, such as the increasing development of ship-based missile systems, ongoing technological breakthroughs, and increased maritime security among different nations. Furthermore, the growing focus of a country such as China on maritime dominance could facilitate the global fast attack craft market's rise throughout the projected period. An extremely large Exclusive Economic Zone measuring 2.01 million square kilometers and a long coastline measuring 7516 kilometers with 1197 offshore islands are features of a resource-rich country such as India. The Indian government requires a strong, contemporary navy to protect its maritime interests. Over the anticipated time frame, this might accelerate the global demand for rapid attack boats.

Fast Attack Craft Market

By Application

National Defense

Technical Research

Others

The Market will Grow

At the CAGR of:

7.2%

The Forecast Market

Size for 2028 in USD:

$7.1B

A fast attack craft is a warship that is maneuverable, small, fast, and equipped with cannons, torpedoes, and anti-ship missiles. (FAC). Rapid assault craft are utilized for many purposes, such as air and surface combat, anti-aircraft warfare, anti-piracy operations, and marine patrolling. Since fast attack boats (FACs) have limited defensive capabilities, they are usually preferred in coastal locations rather than the middle of the ocean. Usually, they take aggressive postures during playing. Equipped with guided missiles, the fast assault craft could potentially seriously jeopardize even the largest capital vessels. FAC becomes particularly potent when combined with new sophisticated combat technologies such as integrated security systems, underwater acoustic weapons, multi-static antisubmarine warfare capability enhancement (MACE), and virtual fencing.

Recent years have seen a number of directives and investments in the sector that should expand the fast attack craft market as a whole. Among them are: The Fast Attack Craft Market Trends present appealing opportunities for manufacturers and industry participants due to the growing demand for fast attack boats across different countries and the growing emphasis on marine security. Thus, the industry is employing new key players in order to maintain the growth of the global Fast Attack Craft Industry Trends in the upcoming years.

Market Segments Analysis

Fast Attack Craft Market

By Type

XX%

Missile Armed Fast Attack Craft (FAC)

Non-Missile Armed Fast Attack Craft (FAC)

4.5

Total Market Size

USD (Billion), 2022

7.2%

CAGR

2022 - 2028

Based on the sorts segment, the fast attack craft market has been divided into two segments: FACs without missiles and FACs with missiles. In 2020, the rapid attack craft segment that is fitted with missiles is anticipated to hold the biggest market share overall and continue to expand in the next year. Missile Armed Fast Attack Craft FACs are fast attack craft FACs that are equipped with anti-ship missile launchers. Ballistic and cruise missiles, which have incredibly quick and highly precise firepower, may be transported by FAs equipped with missiles.
The fast attack craft market is divided into four segments: application, national defense, combat, and technological research. Based on forecasts, the fast attack craft market share in 2020 will be dominated by the national defense industry. Furthermore, this category is expected to provide the highest compound annual growth rate (CAGR) during the research period because to the expansion of naval activities in regions such as Europe and the Asia-Pacific. The assistance of countries like the United States, China, Japan, and others is being used to safeguard important trade marine routes. As a result, several warships equipped with state-of-the-art armaments were stationed in the oceans. It is highly costly to deploy warships on such a vast scale. As a result of budgetary limitations, countries are focusing on reasonably priced systems that could achieve the objective. Because FACs are lightweight and compact, they are useful for anti-piracy and warfare missions. Rapid assault craft are sometimes thought of as low-cost, high-capacity platforms. As a result, fast assault vessels are becoming a significant threat to maritime security. Countries therefore prefer fast attack boats for maritime security, which is driving the fast attack craft market global expansion.

Fast Attack Craft Market

By Region

The Market will Grow

At the CAGR of:

7.2%

The Forecast Market

Size for 2028 in USD:

$7.1B

The growing emphasis on maritime security and the development of ship-based missile systems are two factors contributing to the growth of the fast attack craft market for fast attack vessels. Rapid assault craft are becoming more and more popular, but their hefty maintenance costs are holding them back. However, countries such as China that place more emphasis on seaborne superiority can encourage the fast attack craft (FAC) industry to grow even further.

Key Players

Within the fast attack craft market, there is fierce competition. The state of the sector and government assistance have a direct impact on the companies' growth. The quality and penetration of these organizations' swift assault craft in target and emerging markets set them apart. Additionally, a few recent large mergers and acquisitions in the sector have had a big impact on the competitive dynamics. As an illustration:
• PT Lundin launched KRIKlewang (model number X3K) for the Indonesian Navy on August 29, 2019.
• Organic growth activities, such as new product launches, product approvals, and other initiatives like patents and events, are becoming increasingly important to firms. Observations of the fast attack craft market revealed that acquisitions, partnerships, and collaborations were instances of inorganic growth techniques. Market participants can increase their revenue and clientele beyond geographic boundaries with all such initiatives. Market participants in the fast attack craft (FAC) market are anticipated to profit from appealing growth opportunities in the future due to the expanding demand for quick attack craft (FAC) in the global sector.
These mergers and acquisitions have had an impact on the competitive landscape as a whole. The leading companies in the fast attack craft market are as follows:
Hanjin Heavy Industries and Construction; BAE Systems; Lurssen; Navia; CMMN; CSOC; GRSE; Damen Shipyards Group; FICANTIERI S.p.A.; Goa Shipyard Limited.

Fast Attack Craft Market Scope: