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Technological up Gradation and Increased Demand for Light and Faster Amphibious Landing Craft Market
The most important purposes of a fleet in war are to keep the coastline of its own nation free from attackers so that they can help in securing the nation from intruders and maintaining freedom of trade. It becomes imperative to maintain amphibious units who have the skills and competencies to carry out an amphibious assault when required. These requirements and specifications have driven the development of the amphibious landing craft market.
According to Nadeem Ahmad, research associate, Aerospace and Defense business unit at MarketsandMarkets, the global amphibious landing craft market is projected to be $10,750.20 million in 2014 and it is expected to reach t $10,878.80 million by 2019. The potential growth regions will be the Middle East followed by the APAC region. Countries such as Saudi Arabia, the United Arab Emirates, China, Russia and Japan will experience a significant growth in their market share.
The LCAC market holds higher market share as compared to LCM and LCU market. On the other hand, the LCM market is expected to experience a significant increase in its market share in the forecast period due to technological up gradation and increased demand for light and faster landing crafts which are categorized under the LCM segment.
The growth prospect for this market will be steady in the North American and European regions with no significant changes in market share due to decreasing revenues from military expenditure as the countries in these regions have decreased their military expenditure. However, the growth prospect for this particular market will be higher in APAC and Middle East region compared to other regions including North America and Europe. The reason for growth is increased spending by several defense forces in these regions on procuring and manufacturing landing crafts to enhance their amphibious competencies. The defense forces are undergoing a modernization phase, which would further help in strengthening their skills and capabilities.
Amphibious Landing Craft, Landing Craft, Air Cushion Market by Product types (Landing craft, air cushion, Landing Craft, Utility, Landing Craft, Mechanized), Applications (Military applications ,Commercial Application) & Geography - Trends and Forecasts to 2014 - 2019
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