A fast attack craft (FAC) is an agile, small, fast, & attack capable warships which is equipped with anti-ship missiles, torpedoes, and guns. The fast attack crafts are used in various operations such as maritime patrol, anti-surface warfare, anti-air warfare, search & rescue operations, and in anti-piracy missions. FACs are generally preferred in coastal regions rather than in middle of ocean, as fast attack craft lacks in defensive capabilities. They are mostly used for attacking roles. When loaded with guided missiles, the fast attack crafts can become big threat to even large capital ships. FAC becomes very effective when used parallel with new advanced warfare systems such as virtual fence, underwater acoustic weapons, multi-static antisubmarine warfare capability enhancement (MACE), and integrated security systems.
Major Market Players:
BAE Systems., Goa Shipyard Ltd., Damen Shipyards Group, FINCANTIERI S.p.A., Navantia, Hanjin Heavy Industries & Construction Co. LTD, GRSE., CMN, CSOC, and Lürssen
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Increase in emphasis on maritime security and rise in development of ship-based missile systems are some of the factors that drive the growth of the fast attack craft market. However, high maintenance cost of such vessels is hampering the growth of the fast attack craft market. On the contrary, increase in focus on seaborne dominance by countries such as China, may contribute further in the growth of fast attack craft (FAC) market.
Increasing emphasis on maritime security by countries
Countries such as the U.S., China, Japan, and others are focusing on ensuring security of major trade sea routes. Thus, deploying several warships equipped with advanced armaments in the oceans. Such deployment of warships in a large number are very costly. Therefore, due to budgetary limitations, countries are focusing on low cost platforms which can serve the purpose. Since, FACs are lightweight and can be used effectively against anti-piracy as well as for combat missions. Moreover, fast attack crafts are considered as low-cost platform with high capabilities. Hence, fast attack crafts have emerged as a strong contender for the maritime security. Therefore, countries are preferring fast attack crafts for maritime security; hence, driving the growth of the global fast attack craft market.
COVID-19 Scenario analysis:
• Due to COVID-19 situation, the supply chain of spare parts of fast attack craft (FAC) has been hampered, owing to the declared lockdowns across the globe.
• Suspension or decrease in military activities have reduced the opportunities for fast attack craft industries and their business development potential has been negatively impacted.
• There will be considerable rise in demand in fast attack craft market in near future as world is moving toward normalcy and countries have already started to resume domestic flights.
• Reduction in defense spending by governments has been also impacting the fast attack craft market as several expected orders are on hold.
• The economies of countries across the globe has been negatively impacted, which may result in cancellation or delaying of defense projects. Such consequences will directly affect the global fast attack craft (FAC) market.
Key benefits of the report:
• This study presents the analytical depiction of the fast attack craft (FAC) industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global fast attack craft (FAC) market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global fast attack craft (FAC) market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global fast attack craft (FAC) market analysis based on competitive intensity and how the competition will take shape in coming years.
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