Global Submarine Market witnesses a constant growth. The market growth attributes to the rising demand for submarines used in warships, imperative in combat, surveillance, counter-surveillance, and other underwater missions. Submarines are equipped with a range of weapons, and a self-propelled underwater missile known as a torpedo is their primary weapon. Moreover, substantial investments by the government to strengthen the marine forces escalate the market growth to furthered height. According to Market Research Future (MRFR), the global submarine market is estimated to grow at approximately 7% CAGR throughout the anticipated period (2019 – 2025). Substantial funding in modernization and upgrades of submarines drives the growth of the market. Armed forces are the strength of a nation, and naval force being a vital part of the armed force, even in the tough economic context; governments continue to spend considerable sums on maintaining capable warships.
Additionally, the growing demand for advanced autonomous submarine and increased need for marine surveillance substantiate the market growth. Besides, complexities in inspection & monitoring of remote and discrete systems in a military operation create huge market demand. Furthermore, increased demand for maritime surveillance due to the rising terrorism and the growing uptake of submarines due to their efficacy in underwater surveillance, etc. bolster the market growth. On the flipside, design challenges and operational & technological difficulties are the factors expected to impede the growth of the market. Also, economic recession and restricted defense budgets in some underdeveloped countries restrict market growth. Nevertheless, growing demand for UUVs due to the geopolitical disputes would support the market growth throughout the assessment period. Moreover, improvements in 3D printing or additive manufacturing contribute to the growth of the market.
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Highly competitive, the Submarine Market appears fragmented due to the presence of several well-established players. Industry players make substantial investments locally as well as in the emerging countries to expand their production capacity, distribution network, and supply chain. In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Players leading the Global Submarine Market include General Dynamics (US), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), Huntington Ingalls Industries (US), FINCANTIERI S.p.A. (Italy), Mazagon Dock Shipbuilders Limited (India), Lockheed Martin Corporation (US), Kawasaki Heavy Industries Ltd. (Japan), Thales Group (France), BAE Systems (UK), and Saab AB (Sweden) among others.
Industry/ Innovation/ Related News
June 30, 2020 – Russia releases its new nuclear submarine “Prince Vladimir” in the White Sea. Prince Vladimir Submarine is a strategic cruiser aiming at changing bases. The nuclear submarine is equipped with Intercontinental ballistic missile “Bulava” and other efficient weapons. It heads the cruiser of the upgraded project 955A “Borey” and refers to the fourth generation.
June 29, 2020 – The Nato Allied Maritime Command-led (MARCOM) launched the Dynamic Mongoose 2020 anti-submarine warfare (ASW) exercise at the coast of Iceland exclusively at sea. Iceland is the exercise’s host nation, offering logistical support in Reykjavik.
It sees the participation of vessels, submarines, aircraft, and personnel from six allied nations collaborate in the northern Atlantic Ocean. This exercise is a unique opportunity to advance naval forces’ war-fighting skills in all dimensions of warfare in a multinational and multi-threat environment.
Asia Pacific dominates the Global Submarine Market. The largest market share attributes to the increasing naval investments by the government of various countries in the region. Besides, increasing military budgets drive regional market growth. Moreover, growing investments in various military and commercial submarine applications foster regional market growth. The APAC submarine market is anticipated to retain its dominance over the global market throughout the forecast period.
North America accounts for the second-largest share in the global submarine market. The market is driven by the huge demand for nuclear-powered submarines and advanced combat technologies. Moreover, the modernization of naval fleets undertaken by the Canadian government boosts the growth of the regional market. The US accounts for the largest share in the regional market due to its fleet of several ballistic missile submarines ready at sea, capable of striking back and avenging a surprise attack.
Europe is the fastest-growing market for submarines globally. Factors such as large budgets of nations such as the UK to improve the technology of dreadnoughts foster the demand in the submarine market. The UK, France, and Germany are significant markets for submarines in the region. The European submarine market is expected to grow at an impressive CAGR over the forecast period.
The Middle East and Africa submarine market witnesses a massive demand from the oil & gas sectors in these regions. Countries such as Israel and Iran are promising markets as these regions require submarines to strengthen their defense sector.
The report is segmented into four dynamics.
By Type : Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile Submarine, and others.
By Application: Marine Environmental Monitoring, Detection of Oil Resources, Scientific Research, Surveillance & Combat, and others.
By Platform: Commercial and Military.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
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