Submarine Market size to grow by USD 8.99 billion from 2022 to 2027, 39% of Market Growth is Expected in APAC, Technavio

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Feb 21, 2024, 20:12 ET

NEW YORK, Feb. 21, 2024 /PRNewswire/ -- The submarine market size is estimated to increase by USD 8,990.05 million from 2022 to 2027, with a CAGR of 5.45%, according to a recent study by Technavio. The market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. An analysis of key leading countries has been included. APAC will account for 39% of the global growth. With the presence of leading revenue-generating countries such as China, Japan, Korea, and India, APAC is the fastest-growing region. Factors including maritime border disputes and the need to attain naval supremacy drive the growth of the region. Owing to the growing pressure along the South China Sea and the British-Indian Ocean Territory, the governments of Japan, Australia, China, and India are focusing on increasing the fleet of silent patrolling submarines. Hence, such factors drive the growth of the submarine market in APAC during the forecast period. For Insights on the market dynamics & segmentations VIEW PDF SAMPLE !

Technavio has announced its latest market research report titled Global Submarine Market 2023-2027

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view o f favorability. This report also offers a 5-year historical (2017-2021) data projection of size, segmentation, and region. Discover some insights on size before buying the full report - Request a sample report

Company Analysis-

Anschutz, ASC Pty Ltd., BAE Systems Plc, Daewoo Shipbuilding and Marine Engineering Co. Ltd., Fincantieri Spa, General Dynamics Corp., Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Lockheed Martin Corp., Mazagon Dock Shipbuilders Ltd., Mitsubishi Heavy Industries Ltd., NauticExpo, Naval Group, Navantia SA, Saab AB, Submarine Manufacturing and Products Ltd., The Boeing Co., ThyssenKrupp AG, Triton Submarines LLC, and United Shipbuilding Corp. Download a Sample

This market is segmented by-

Type (SSN, SSBN, and SSK), Application (Military and Commercial), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)

The SSN segment will be significant during the forecast period. SSN is a type of attack submarine that operates on a nuclear propulsion system that works independently of air, helping in minimizing the need for the vessel to reach the surface often. For example, the first nuclear-powered attack submarine was the US Navy's USS Nautilus. SNNs are used to perform multiple other functions such as intelligence gathering as well as insertion and extraction of special forces. Hence, due to such factors, the SNN segment is estimated to grow during the forecast period. To procure the data - Buy report!

One of the Key Drivers is-

Fleet replacement programs drive the growth. There is a growing need for submarines to be replaced since most of the submarines in countries are nearing the end of their service life. Furthermore, the replacement offers multiple advantages in terms of high performance and efficiency and is also considered a cost-effective measure for governments in the long run. Hence, such factors drive the growth during the forecast period.

Multi-mission submarines are an emerging trend.
Limitations in submarine-building capabilities challenge the growth. Download a Sample

Analyst Review-

The industry encompasses a wide array of sectors, ranging from defense applications to commercial endeavors. Both nuclear and non-nuclear submarines play crucial roles in various realms, from military operations and scientific research to marine weather monitoring and tourism. They serve diverse purposes, including oil basin exploration, recreational activities, and even marine tourism. Throughout their product life cycle, submarines require maintenance, repair, and overhaul (MRO) services, along with part upgrades and modification contracts. The segmentation is into different types, including ballistic missile submarines (SSBN), nuclear-powered attack submarines (SSN), and diesel-electric submarines. Geopolitical tensions and concerns over terrorism activities heavily influence defense budget allocations for submarine programs, reflecting the significance of submarines in global security.

The industry is a vital component of naval activities worldwide, driven by extensive research and development efforts, often spearheaded by governments and DRDO agencies. Security concerns, maritime border disputes, and political conflicts underscore the importance of robust anti-submarine warfare (ASW) capabilities. Modern submarines are equipped with advanced technologies like AIP systems, Magnetic Anomaly Detectors (MAD), and passive and active sonar sensors for stealth and detection. Radar, high-resolution satellite imagery, and commercial satellite imagery enhance surveillance, while Synthetic Aperture Radar (SAR) and hydro-acoustic sensors bolster reconnaissance capabilities. Organizations such as the Naval Sea Systems Command drive innovation, collaborating with open-source researchers to optimize submarine fleets amid evolving military budgets and strategic imperatives. VIEW PDF SAMPLE !

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SOURCE Infiniti Research, Inc.