Fast Attack Craft Market By Type (Missile Boats, Torpedo Boats, Gunboats, Stealth FACs, Multi-Mission FACs); By Weapon Type (Anti-Ship Missiles, Torpedoes, Cannons, Machine Guns, Others); By Application (Coastal Defense, Maritime Security, Anti-Surface Warfare, Reconnaissance, Others); By End-User (Navies, Coast Guards, Special Operations Forces); By Geography, Segment revenue estimation, Forecast, 2024–2032.

The fast attack craft market by type globally was $12.6 billion in 2023 and will reach $18.5 billion in 2030 at a CAGR of 5.6% during the forecast period. This market is incremental due to increasing global politics, naval fleet upgrades, and the current requirement for smaller, easier-to-operate, and easier-to-maintain vessels for shallow waters and coastlines.

 

Fast Attack Craft (FAC) is a naval ship class where design prioritizes faster operation and is normally fitted with missiles, torpedoes, etc. These all-around craft are used in coastal security, patrol, and terror operations due to their speed, flexibility, and firepower. FACs are usually used in areas experiencing high tension in the naval forces or large stretches of coastline since they are portable, economical, and efficient.

 

The FACs are important in today’s naval planning because they are flexible and can perform multiple roles, such as reconnaissance, amphibious operations, anti-terrorism, and seaport security. Their significance is increasing due to ongoing trends in naval competition and asymmetric warfare.

 

Market Drivers

Increasing Geopolitical Tensions: Increased Geopolitical tensions and security in the maritime environment have led to the procurement of naval platforms, especially fast attack craft (FACs), for littoral warfare and quick reaction capabilities. Example: Disputes over the sovereignty of the South China Sea have forced countries such as Vietnam, the Philippines, and Malaysia, to name a few, to strengthen their coast guards by procuring FACs.

 

Cost-Effectiveness Compared to Larger Vessels: FACs have the advantage of being cheap to build and maintain for countries with small budgets. They still pack a big punch relative to the size of the ship and deliver most of the firepower of a frigate/destroyer at a fraction of the cost. For example, the navy increased its fleet by acquiring indigenously developed KCR-60 fast attack crafts to enhance maritime security for Indonesia.

 

Increased Focus on Coastal and Littoral Warfare: The increasing incidences of piracy and terrorism have led to the realization of the need for FACs by most global navies. Thus, they use their flexibility to patrol nearshore that seems suitable for the species. Example: This paper shows the Indian Navy’s enhancement of the challenge of enforcing the country’s coastal security through the purchase of INS Tarmugli class FACs.

 

Advancements in Naval Technologies: Advanced features such as weapon system integration, stealth features, and automated system features have improved the operational features of FACs. Example: Facing an intensive threat from Iran in particular, Israel possesses Sa’ar 4.5-class FACs equipped with the most advanced weaponry and radar systems available today.

 

Market Opportunities

Emerging Demand in Asia-Pacific: The Asia-Pacific region, with its long coastlines and current maritime tensions, provides ample growth prospects for FAC manufacturers. Examples: Such military and naval power developments in China include fast missile crafts to continue asserting power in the East and the South Sea.

 

Rising Investments in Indigenous Naval Programs: Governments worldwide are focusing on acquiring FACs by building their own shipbuilding industry. India’s Make in India initiative has led to the production of Shivalik-class vessels and FACs in Indian shipyards.

 

Integration of Unmanned Systems: New automated and semi-autonomous technologies have been integrated in FACs to improve the operational effectiveness of a navy and minimize risks pertaining to crew. Example: Currently, an unmanned surface vehicle is being considered to work hand in hand with fast attack crafts in aspects of reconnaissance as well as combat purposes.

 

Modernization of Existing Fleets: Increases in FAC fleets equipped with upgraded weapon systems, communication, and stealth technologies present a promising market to defense firms. For example, the Egyptian Navy upgraded its Ambassador MK III missile boats to increase their service life and combat effectiveness.

 

Market Restraints

Budget Constraints in Developing Nations: Large procurement and maintenance costs become a problem for market growth, specifically for developing countries with limited defense budgets. For example, achieving an optimal fleet size coupled with acquisition of other assets is difficult for smaller nations.

 

Fast Attack Craft Market Segmentation

By Type

• Missile Boats

• Torpedo Boats

• Gunboats

• Stealth FACs

• Multi-Mission FACs

 

By Weapon Type

• Anti-Ship Missiles

• Torpedoes

• Cannons

• Machine Guns

• Others

 

By Application

• Coastal Defense

• Maritime Security

• Anti-Surface Warfare

• Reconnaissance

• Others

 

By End-User

• Navies

• Coast Guards

• Special Operations Forces

 

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

 

Segment Analysis of the Fast Attack Craft (FAC) Market

By Type:

Leading Segment: Missile Boats

Missile boats represent the largest segment in the fast attack craft market due to their specialized capabilities in anti-ship warfare. These vessels are designed to carry & launch surface-to-surface missiles, providing high strike capabilities in coastal defense & maritime operations. They are particularly useful for asymmetric naval tactics, allowing smaller fleets to target larger ships. The demand for missile boats is driven by nations focusing on enhancing their naval defense capabilities, particularly in regions with tense geopolitical conditions. Major users include the naval forces of countries like India, Russia, and China, which operate advanced missile boats as part of their naval strategies.

Fastest-Growing Segment: Stealth FACs

Stealth fast attack crafts (FACs) are the fastest-growing segment due to the increasing need for vessels that can evade detection while executing covert operations. The development of stealth technology in naval warfare allows FACs to operate undetected in hostile environments, making them highly attractive to modern navies. The growing emphasis on reducing radar visibility & enhancing the survivability of small attack craft is contributing to the expansion of this segment. The rise of asymmetric warfare, where smaller, stealthy vessels can engage larger targets, is fueling the demand for stealth FACs. Countries like the United States & Israel are at the forefront of integrating stealth features into their naval fleets.

 

By Weapon Type:

Leading Segment: Anti-Ship Missiles

Anti-ship missiles are the leading weapon type in the fast attack craft market due to their primary role in offensive naval operations. These missiles are integral to missile boats and stealth FACs, providing the ability to target & neutralize enemy ships from a significant distance. The widespread adoption of advanced anti-ship missile systems, such as the Harpoon and Exocet, by naval forces worldwide, underpins the dominance of this segment. Increasing investments in missile defense systems and the growing threat perception in maritime territories drive this segment’s large share in the market.

Fastest-Growing Segment: Machine Guns

Machine guns are the fastest-growing weapon type in the fast attack craft market. Though smaller in destructive power compared to missiles and torpedoes, machine guns offer versatility and rapid response in a wide variety of engagements, particularly in maritime security and anti-piracy operations. Their increasing adoption is driven by the need for high-frequency, low-cost engagement in less critical operations. Coastal defense forces, coast guards & special operations units are incorporating machine guns as part of their small craft, contributing to the growing demand for this weapon type.

 

By Application:

Leading Segment: Coastal Defense

Coastal defense remains the largest application for fast attack craft. These vessels are often employed to protect territorial waters & defend strategic coastal locations against potential threats. The fast & maneuverable nature of FACs makes them ideal for this role, allowing them to counter intrusions from enemy vessels & protect national interests in the sea. The demand for coastal defense is driven by the rising importance of securing maritime borders & controlling exclusive economic zones (EEZs). Countries like the United States, China, and India are investing heavily in FACs for coastal defense.

Fastest-Growing Segment: Maritime Security

Maritime security is the fastest-growing application segment, driven by increasing threats of piracy, smuggling & illegal fishing. Fast attack crafts are ideally suited for quick, agile responses to these threats, allowing coast guards and security forces to patrol vast maritime areas efficiently. As piracy incidents rise, especially in regions like the Gulf of Aden & Southeast Asia, the demand for FACs equipped for maritime security has surged. Additionally, international efforts to combat organized crime & protect shipping lanes are driving the market for FACs in maritime security.

 

By End-User:

Leading Segment: Navies

Navies are the largest end-users of fast attack crafts, utilizing these vessels for a variety of roles, including coastal defense, reconnaissance, anti-surface warfare, and special operations. The demand for FACs in naval operations is driven by the need for fast, high-mobility vessels capable of performing critical roles in both peacetime and conflict scenarios. Navies worldwide are modernizing their fleets and incorporating advanced FACs, as seen in countries like the United States, Russia, and China. The increasing complexity of naval operations in contested waters is reinforcing the central role of fast attack crafts in naval strategies.

Fastest-Growing Segment: Coast Guards

The coast guard sector is the fastest-growing end-user of fast attack crafts, driven by the rising demand for maritime law enforcement and security. FACs are becoming critical for coast guards tasked with combating illegal activities such as piracy, human trafficking, and drug smuggling. With an emphasis on coastal and offshore security, many countries are expanding their coast guard capabilities and increasing investments in high-performance fast attack crafts. The rapid growth of this segment is largely attributed to the global push for improving maritime security and protecting national economic interests.

 

By Region:

Leading Region: Asia-Pacific

Asia-Pacific dominates the fast attack craft market, driven by significant investments from regional powers such as China, India, Japan, and South Korea. The strategic importance of the South China Sea, as well as ongoing territorial disputes, has accelerated the demand for advanced naval assets, including fast attack crafts. Additionally, the region’s large naval forces & the increasing threats posed by maritime piracy and territorial conflicts contribute to Asia-Pacific’s leadership in the FAC market. The growth of naval budgets and modernization efforts in several countries further reinforces this region's dominance.

Fastest-Growing Region: Middle East & Africa

The Middle East & Africa region is the fastest-growing market for fast attack crafts, driven by geopolitical tensions, maritime security needs, and increased defense spending. Countries like Saudi Arabia, the UAE, & Egypt are investing heavily in enhancing their naval capabilities to safeguard their coasts and maritime interests, especially in the context of regional conflicts and the security of vital shipping routes such as the Red Sea and the Gulf of Aden. The rising demand for maritime security and defense against piracy is fueling the growth of the FAC market in this region.

 

Fast Attack Craft Market Key Players

• BAE Systems

• Lockheed Martin Corporation

• Israel Aerospace Industries (IAI)

• Saab AB

• Austal Limited

• Damen Shipyards Group

• Thyssenkrupp Marine Systems

• Abu Dhabi Ship Building (ADSB)

• GRSE (Garden Reach Shipbuilders & Engineers)

• Navantia

 

Fast Attack Craft Market Report Coverage

Report Attribute	Details
Forecast Period	2023 – 2030
Market Size Value in 2023	USD 12.6 billion
Revenue Forecast in 2030	USD 18.5 billion
Overall Growth Rate	CAGR of 5.6%
Base Year for Estimation	2022
Historical Data	2017 – 2021
Unit	USD Billion, CAGR (2023 - 2030)
Segmentation	By Type, By Weapon Type, By Application, By End-User, By Region
By Type	Missile Boats, Torpedo Boats, Gunboats, Stealth FACs, Multi-Mission FACs
By Weapon Type	Anti-Ship Missiles, Torpedoes, Cannons, Machine Guns, Others
By Application	Coastal Defense, Maritime Security, Anti-Surface Warfare, Reconnaissance, Others
By End-User	Navies, Coast Guards, Special Operations Forces
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Country Scope	US, Canada, Germany, UK, France, China, Japan, India, etc.
Key Market Drivers	Increasing geopolitical tensions, naval fleet upgrades, and the current requirement for smaller, easier-to-operate, and easier-to-maintain vessels for shallow waters and coastlines.
Major Players	BAE Systems, Damen Shipyards Group, Fincantieri S.p.A., Navantia, Austal Limited, Goa Shipyard Limited, China Shipbuilding Industry Corporation, Israel Shipyards Ltd., Lürssen Werft GmbH & Co. KG, Swiftships, LLC.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

 

Future Outlook

The fast attack craft market has bright prospects in the forecast period, thanks to the growing demand for innovative vehicles to complement naval fleets. In thirty years, FACs will expand their operational area as a nodal naval power asset, depending on stealth, autonomous vehicles, and weapon systems.

 

The Asia-Pacific region will continue to be the largest and fastest-growing market, with large investments in domestic shipbuilding and fleet acquisition. At the same time, Europe and North America will remain the leaders in sales of high-value FACs with integrated electronic warfare and missile systems.

 

The fast attack craft sector is of significant importance as part of global navy modernization. Based on the current trends in security and operations, innovative, sustainable, and affordable manufacturers will shape the market.