Submarines are designed to operate completely submerged in water for long periods. Along with a periscope and torpedoes or missiles, they are equipped with damage-assessment systems; command, control, communications, computer, intelligence, surveillance, and reconnaissance (C4ISR) systems; and target recognition systems. Over time, submarines have become a vital component in a nation’s defense force. Currently, a number of companies, such as BAE Systems, Lockheed Martin Corporation, and Thales Group, have invested in submarines; this would significantly propel the growth of the gobal submarine market. The growing demand for unmanned underwater vehicles, increasing expenses on submarines, rapid modernization of submarine fleets, and a surge in the use of nuclear-powered submarines are the key factors driving the growth of the global submarine market. Furthermore, the advent of 3D printing technology and the US Navy’s Columbia-class submarine program are expected to create promising growth opportunities for the market players. However, the costs associated with the refit and maintenance of submarines and defense budget constraints are expected to hinder market growth to a certain extent.
The global submarine market is estimated to register a 4.24% CAGR during the forecast period from 2018 to 2023. In 2017, the global submarine market was led by North America with a 36.92% share, followed by Europe and Asia-Pacific with shares of 27.99% and 22.53%, respectively. Asia-Pacific is expected to be the fastest-growing market for submarines during the forecast period. The North American market dominates the global market and is likely to grow at a remarkable rate during the forecast period. The presence of key companies, such as Lockheed Martin Corporation, General Dynamics Corporation, and Huntington Ingalls Industries, results in the dominance of this region in the global market. Moreover, the increasing military expenses by the US Department of Defense (DoD), in recent years, has resulted in a significant surge in demand in this region.
BAE Systems (UK), Daewoo Shipbuilding & Marine Engineering Co. Ltd (South Korea), Fincantieri SpA. (Italy), General Dynamics Corporation (US), Huntington Ingalls Industries (US), Kawasaki Heavy Industries (Japan), Lockheed Martin Corporation (US), Mazagon Dock Shipbuilders Limited (India), Saab AB (Sweden), and Thales Group (France) are the key players profiled in this report. General Dynamics Corporation, Lockheed Martin Corporation and BAE Systems were the leading players, accounting for nearly 50% of the global submarine market in 2017.
Objectives of the Global Submarine Market Report Forecast till 2023
- To provide insights into the factors influencing market growth
- To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and key countries
- To provide historical and forecast revenue of the market segments based on type, application, platform, and region
- To provide strategic profiling of the key players in the market, comprehensively analyzing their market shares and core competencies, and drawing a competitive landscape for the market
- Naval and defense organizations
- Government and regulatory authorities
- Military end users
- Submarine manufacturers, service providers, and distributors
- Naval equipment manufacturers
- The global submarine market in this report has been segmented, based on type, into nuclear-powered submarine, diesel electric submarine, and ballistic missile submarine. The ballistic missile submarine segment is projected to register the highest CAGR of 4.89% during the forecast period.
- Based on application, the global submarine market has been segmented into surveillance, combat, scientific research, detection of oil resources, marine environmental monitoring, and others. The combat segment is projected to register the highest CAGR of 4.60% during the forecast period.
- The global submarine market in this report has been segmented, based on platform, into military and commercial. The military segment is projected to register the higher CAGR of 4.43% during the forecast period.
- North America would dominate the submarine market from 2018 to 2023. The regional market is expected to register a CAGR of 4.25%, during the forecast period, to reach a market size of USD 10,588.3 million by the end of 2023.
The regional analysis also includesNorth America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·Middle East & Africa
- ·Latin America