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Global Submarine Market was Valued at US$ 22.2 Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 3.6% During the Forecast Period.
Rising technological advancements coupled with growth in transnational terrorism are the major growth factors for the global submarine market. The replacement of the existing fleet of submarines and regional rivalries among countries are some other major factors expected to enhance the market growth over the forecast period. Surge in defence budgets across the globe is another factors anticipated to drive the global market over the forecast period.
The rise in demand for submarine and push for modernization of naval units are some of the major factors enhancing the market growth over the forecast period. Increased maritime threat is one of the key factors for market growth in years to come. The surge in the arms race among countries accompanied by multi-operational capabilities of submarines are major factors for the market growth in years to come. The developed and developing economies are spending huge amounts of money to obtain military supremacy, owing to which the focus on developing high-end submarines has increased that is expected to surge the market growth over the upcoming years.
In addition to this, the increased use of nuclear energy and surge in demand for unmanned underwater vehicles across the globe are some other major factors expected to enhance the market growth in years to come. However, high maintenance costs and lack of skilled labor are some major challenges anticipated to hinder the market demand during the forecast period.
By Type, Nuclear Powered Submarine Expected To Continue Its Dominance In The Global Submarine Market
Nuclear Powered submarine accounted for the largest share of XX% in the Global Submarine Market in 2019.The aforementioned segment had the highest share due to surge in high-value procurement programs across the globe such as the Indian Navy’s SSN program, French Navy’s Barracuda-class procurement program, US Navy’s Virginia-class procurement, Chinese Type 095 program, and others. The numerous benefits of nuclear-powered submarines are more efficient, longer endurance, faster, and others are further expected to support the segment growth during the forecast period. As a result of the above-mentioned factors, the nuclear-powered submarine segment is anticipated to continue its dominance throughout the forecast period.
By Platform, Military & Defense Segment Anticipated Continuing Its Dominance In The Global Submarine Market
The military & defense segment was dominant in the global submarine market in 2019 owing to increased investments in the defense industry worldwide coupled with rising transnational terrorism. The surge in the sea and territorial disputes are some other factors anticipated to enhance the segment growth over the forecast period. The surge in demand for submarines from Asian countries (such as India, China, and others) defense industry is another major factor presumed to drive the segment growth in years to come. Hence, the military & defense segment is expected to continue its dominant position in the global submarine market during the forecast period.
Asia Pacific Region Is Projected To Expand At Rapid Pace during the Forecast Period
Asia Pacific is expected to expand with the fastest CAGR throughout the forecast period owing to the surge in government investments on the defense budget and increased territorial disputes among countries. Growing procurement programs in the region is another major factor expected to enhance regional growth during the forecast period.
High military spending and aggressive submarine procurement in the countries such as the U.S. has led to key share held by North America region in 2018. The surge in demand for unmanned underwater vehicles in the region is another major factor for the regional growth over the forecast period. The development of advanced submarines and the presence of major market players in the region are some other key factors responsible for regional dominance.
Key players operating in the Global Submarine Market are Saab AB, General Dynamics, BAE Systems, Huntington Ingalls Industries, Kawasaki Heavy Industries Ltd., Mazagon Dock Shipbuilders Limited, Thales Group, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Lockheed Martin Corporation, and FINCANTIERI S.P.A.
Submarine Market Segmentation
Submarine Market By Type
- Nuclear Powered Submarine
- Diesel Electric Submarine
- Ballistic Missile Submarine
Submarine Market By Platform
- Military & Defense
Submarine Market By Application
- Marine Environmental Monitoring
- Detection of Oil Resources
- Scientific Research
Submarine Market By Region
- North America
- Latin America
- Asia Pacific
- Middle East and Africa