Underwater Expendables Market Size to Reach US$ 0.5 Billion in 2025, Says Stratview Research
DETROIT, June 10, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new market research report on Underwater Expendables Market by Product Type (Sonobuoy [Active, Passive, and Special Purpose] and Acoustic Countermeasures), by Platform Type (Defense and Commercial), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's underwater expendables market realities and future possibilities for the forecast period of 2020 to 2025. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Underwater Expendables Market: Highlights
Underwater expendables are among the key technologies used in maritime defense. The expendable sonar and countermeasure systems used for conducting anti-submarine warfare, underwater acoustic research, and torpedo defense countermeasures can be termed as underwater expendables. Underwater expendables mainly include sonobuoy and acoustic countermeasures deployed from maritime aircraft, helicopters, surface ships, and submarines. The primary sonobuoy for the anti-submarine warfare was invented during the World War-II for the detection and localization of submarines. With the increasing SSBN and SSN submarine fleet, every country is gradually increasing its anti-submarine capabilities including sonobuoys and acoustic countermeasures.
The Great Recession (2008-2009) had an overall marginal impact on defense spending. Military spending of the major military expenditure countries, such as the USA, China, Russia, and India, is a long-term strategic preference. The outbreak of COVID-19 crippled the supply chain of the entire defense industry, making it difficult for manufacturers to continue production which resulted in the delay of major programs. However, the industry is trying hard to get up in their feet with an aim to fulfill all the previously made commitments. It is anticipated that the outbreak of COVID-19 will have a marginal impact on defense spending, particularly when the tension between many economies is at its peak.
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The market for underwater expendables is anticipated to follow the defense industry with minimal decline in the year 2020, taking the market close to the 2018-level, followed by a gradual recovery from 2021 onwards, ultimately driving the market with healthy long-term growth across regions. The increasing demand for underwater expendables is supported by various factors including rapidly growing submarine fleet, increasing focus towards underwater warfare systems, increasing focus towards enhancing anti-submarine warfare capabilities, rising Chinese navy movements in the South China Sea, introduction of new UAV platforms, and increasing innovations in acoustic countermeasures, asserting a positive comeback in the demand from 2021. The global market for underwater expendables is expected to reach US$ 0.5 billion in 2025.
The market is segmented based on the product type as sonobuoy and acoustic countermeasures. Sonobuoy is further sub-segmented into active, passive, and special-purpose system. Sonobuoy is expected to remain the larger segment of the market during the forecast period. It is also anticipated that the segment will recover quickly post a minor decline in 2020, maintaining its tag of the faster-growing segment. Strong demand from the U.S. Navy and innovations in sonobuoys targeting future UAVs are likely to create a healthy demand for sonobuoys.
Based on the platform type, defense is expected to remain the dominant platform type in the market during the forecast period, propelled by increasing anti-submarine warfare missions and increasing focus of major powers towards advanced underwater warfare systems.
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In terms of region, North America is estimated to register marginal losses due to the pandemic. The USA is projected to remain the growth engine for underwater expendables in years to come. The country has the world's largest navy budget and it keeps upgrading its existing capabilities to maintain its supremacy in the world. Every year the U.S. Navy generates strong demand for at least 204,000 sonobuoys to conduct anti-submarine warfare missions. To cater to this huge demand, all major players have strong foothold in the region.
Asia-Pacific is estimated to maintain its growth momentum in the long run with few bumps in 2020. Increase in Chinese submarine fleet and Chinese Navy movements in the South China Sea has led neighboring countries to increase their anti-submarine warfare capability. China, India, South Korea, and Japan are key countries in the region that are generating a considerable market demand.
The supply chain of this market comprises component manufacturers, underwater expendable manufacturers, defense companies, defense departments, navies, commercial companies, etc. Key players in the market are Ultra Electronics Holdings plc; Sparton Corporation; Thales Group; Lockheed Martin Corporation; Naval Group; Rafael Advanced Defense Systems Ltd; Leonardo S.p.A.; ATLAS ELEKTRONIK GmbH; L3Harris Technologies, Inc; and General Dynamics Corporation. All the major underwater expendable suppliers have different growth strategies based on their synergies, product portfolio, market reach, geographical presence, and market positioning. However, high level of integration, new product development, and strategic alliances are some of the key strategies adopted by major players to gain a competitive edge in the market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the underwater expendables market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Underwater Expendables Market, by Product Type
- Sonobuoy
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Function Type: Active, Passive, and Special Purpose)
- Acoustic Countermeasures (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Underwater Expendables Market, by Platform Type
- Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Underwater Expendables Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Stratview Research has number of high value market reports in the global aerospace & defense industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html
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