Key Questions Answered in this Report:
- What are the expected major driving forces that tend to increase the demand for the global undersea warfare systems market during the forecast period, 2019-2024?
- What are the expected major challenges inhibiting the growth of the global undersea warfare systems?
- Who are the key players in the global undersea warfare systems, and what are their respective competitive benchmarking?
- What is the expected revenue to be generated by the global undersea warfare systems by system type, and what are the estimates by 2024?
- How is each segment of the global undersea warfare systems expected to grow during the forecast period, and what is the expected revenue to be generated by each of the segments by the end of 2024?
- What are the expected trends in the global undersea warfare systems across different regions, the expected market value in 2019, and market estimates by 2024?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
Global Undersea Warfare Systems Market Forecast, 2019-2024
The Undersea Warfare Systems Industry Analysis projects the market to grow at a significant CAGR of 6.92% during the forecast period of 2019 to 2024. North America is the most prominent region for the growth of the undersea warfare systems market with the U.S. acquiring the highest market share in 2019. Major European countries such as the U.K., Germany, France, Spain, and Italy, are the most prominent countries after North America for growth of the undersea warfare systems market.
The global undersea warfare systems market has gained widespread significance in naval applications including anti-submarine warfare, mine countermeasures, and anti-torpedo activities, among others. Undersea warfare systems manufacturers have received multiple contracts from various naval forces for the development of undersea warfare systems. The ongoing development activities and increasing threats from underwater weapon systems are likely to propel the demand for undersea warfare systems during the forecast period, 2019-2024.
Expert Quote on the Global Undersea Warfare Systems Market
“Asia-Pacific (APAC) undersea warfare systems market is expected to witness the fastest growth throughout the forecast period. The increase in the demand for undersea warfare systems in Asia-Pacific is due to the rising tensions between the neighboring countries and increase in defense spending. According to the analysis, China, Japan, South Korea, and India are majorly contributing to the growth of the market in the Asia-Pacific region. Europe and Asia-Pacific are the prominent regions for the development of undersea warfare systems market. Moreover, owing to a less number of manufacturing companies in the Asia-Pacific region, there is a vast scope of opportunities for both new and already established market players."
Scope of the Market Intelligence on Global Undersea Warfare Systems Market
The undersea warfare systems market research provides detailed market information for undersea warfare systems and covers global industry outlook, and futuristic outlook for undersea warfare systems The purpose of this market analysis is to examine the undersea warfare systems market outlook in terms of factors driving the market, trends, technological developments, and funding scenario, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market. The undersea warfare systems market report is a compilation of different segments including market breakdown by system type and region.
The undersea warfare systems market (on the basis of system type) is further segmented into weapons and countermeasures, sensors and sonars, communication systems, unmanned systems, and airborne detection systems. The weapons and countermeasures market acquired the highest market share in 2018 and is expected to maintain its leading position during the forecast period, 2019-2024. Furthermore, the weapons and countermeasures market is expected to acquire ~36.54% of the global undersea warfare systems market by 2024. The highest procurement of weapons and countermeasure systems is influenced by the need for protecting the country from growing undersea threats.
The undersea warfare systems market is segregated by region under four major geographies, namely North America, Europe, APAC, and Rest-of-the-World. Data for each of these regions (by country) is also provided.
Key Companies in the Global Undersea Warfare Systems Industry
The key market players in the global undersea warfare systems market include Raytheon Inc., BAE Systems, Northrop Grumman, SAAB, Harris Corporation, Kongsberg Gruppen, Saab AB, Thales Group, Boeing, Atlas Electronik GmbH, ECA Group, General Dynamics and Ultra Electronics, among others.