The global submarine market is expected to witness high growth over the forecast period. The market is majorly driven by the increasing demand for UUV’s for naval intelligence; mine countermeasures (MCM) operations; intelligence, surveillance, and reconnaissance roles; and anti-submarine warfare missions. Many countries are modernizing their naval defense units by manufacturing submarines, surface- mine countermeasure unmanned underwater vehicles, and other combat and tactical UUVs, which is driving the growth of the global submarine market.
However, the growth of this market will be hampered, due to the costs associated with refit & maintenance and proliferation of nuclear weapons.
The global submarine market is projected to grow at ~4% CAGR during the forecast period.
Of all types, the SSN segment is projected to account for the largest market share. Unlike the SSKs, these submarines do not have to surface periodically for air, which preserves their stealth characteristic. Such advantages will drive the demand for SSNs globally during the forecast period. Although many countries refuse to accept nuclear-powered vessels, due to the nuclear Non-Proliferation Treaty (NPT), SSNs have a high demand due to their advantages (longer endurance, higher speeds, and better efficiency) over the traditionally powered SSKs.
Of all regions, the Asia-Pacific region is expected to dominate the global submarine market. With the increasing defense budgets and spending, defense authorities of all the nations of the region extensively invest into submarines and other underwater vehicles. The rapid modernization of China’s submarine fleet has also impelled the demand in countries such as India, Japan, Taiwan, Australia, and Vietnam. The growth is significantly driven by major countries such as China, India, Australia, and South Korea, due to the rising number of maritime conflicts in the Indian Ocean and the South China Sea. As a result, these countries are developing their naval capabilities.
Submarines form the centerpieces of naval fleets, owing to their multi-operational capabilities and the ability to complement other strategic resources. The global submarine market dropped drastically toward the end of the Cold War in 1991. Since then, Brazil, Russia, India, China (BRIC nations) and other developing countries of the Asia-Pacific region are investing in the market with an effort to strengthen their naval capabilities.
Moreover, regional disputes between nations such as India and Pakistan or China and Japan have triggered the demand for nuclear submarines. Globally, many nations are modernizing their fleets due to their unstable security situations. Submarines are used for electronic warfare and as force multipliers; command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems; target recognition systems; and damage-assessment systems.
The key players of global submarine market include BAE Systems AB (U.K.), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), General Dynamics Electric Boat (U.S.), Huntington Ingalls Industries (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Fincantieri - Cantieri Navali Italiani S.p.A. (Italy), Lockheed Martin (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Saab group (Sweden) and Thales Group (France).
The report for Global Submarine market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions
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