Aviation Industry

Submarine Market Latest Innovation & Upcoming Trends Research Report By MRFR

Submarine Market Research Report: Information by Type (Nuclear Powered Submarine, Diesel Electric Submarine and Ballistic Missile Submarine), Application (Surveillance, Combat, Marine Environmental Monitoring, Detection of Oil Resources, Scientific Research and others), Platform (Commercial and Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) – Forecast till 2027

The increasing geopolitical conflicts among the developing and developed countries is inducing demand for a stronger and well-equipped defense forces. The need for improvement in the underwater combat capabilities by the different countries of the world owing to the increased conflicts regarding maritime borders and trade routes is inducing demand for submarines in the global market, leading to the noteworthy growth of the global submarine market.

The rise in demand for unmanned undersea vehicles (UUV) for naval intelligence, mine countermeasures (MCM) operations, anti-submarine warfare missions, and surveillance and reconnaissance roles are driving the expansion of the global submarine market.

The emerging economies are focusing on developing the most sophisticated and high-end military operations platform in order to sustain the increasing conflicts and gain military supremacy, which in turn is propelling the expansion of the global submarine market. The crucial role of submarines in patrolling and securing maritime borders and trade routes, intelligence gathering, and surveillance and reconnaissance are driving the expansion of the global submarine market during the forecast period.

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The increasing investment by the military and defense sectors of different countries to build a strong military base by adopting the advanced technologies is another major factor that is driving the expansion of the global submarine market towards higher verticals. The growing arms race among the countries of the world and increasing inclination towards modernizing their naval bases are fueling the growth of the global submarine market during the forecast period. However, the high cost associated with the refitting and maintenance of submarines are likely to act as restraints on the expansion of the global submarine market during the forecast period.

Global Submarine Market: Competitive Analysis

The players in the global submarine market are increasing their investment for advancement in their products, new product launch, and the expansion of their business through strategic mergers and acquisitions.

On 15th January 2018, the BAE Systems for the Royal Navy has announced the first dive of the fourth astute class submarine, Audacious, along with the successful testing of her onboard systems and safety and stability of the 97 meter-long, 7,400- ton attack submarine.

Some of the leading players of the global submarine market are BAE Systems AB (U.K.), Lockheed Martin (U.S.), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), General Dynamics Electric Boat (U.S.), Huntington Ingalls Industries (U.S.), Fincantieri – Cantieri Navali Italiani S.p.A. (Italy), Kawasaki Heavy Industries Ltd. (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), Saab group (Sweden) and Thales Group (France).

Global Submarine Market: Segmental Analysis

The global submarine market has been segmented on the basis of types which include SSN submarines, SSBN submarines, and SSK submarines. Among these types, the SSN segment accounts for the largest market share in the global submarine market. The SSN submarines can stay underwater for longer time as they do not have to resurface periodically for air, unlike SSK, resulting in the preservation of their stealth characteristic along with the other advantages such as high endurance, faster speed, ability to host powerful nuclear weapons and sensors, and enhanced operational efficiency over the traditional SSK submarines, these factors are driving the expansion of the SSN submarines segment in the global submarine market.

Global Submarine Market: Regional Analysis

The global submarine market has been regionally segmented into four major regions such as North America, Europe, Asia Pacific (APAC), and the rest of the world. Among these, the Asia Pacific region is dominating the global submarine market. The market in this region is driven by the increased investments and spending to strengthen the defense sector. The rapid modernization of China’s submarine fleet due to the increased maritime conflicts has impelled the demand for advanced underwater vessels in other countries such as India, Taiwan, Japan, Australia, and others in order to sustain in the increasing territorial conflicts.

The increasing investment in advanced technologies by the military and defense sector in the U.S. is propelling the expansion of the submarine market in the North America region. However, according to the non-proliferating treaty (NPT) agreement between different countries, many countries of the world are refrained from possessing nuclear weapons.

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