Submarine Market Research Report - Global Forecast To 2023
Global Submarine market Information by Type (SSN, SSBN, SSK) And Region - Forecast To 2023 Industry Highlights: 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 antisubmarine 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 NonProliferation 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. 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). Scope of the report This study provides an overview of the global submarine market, tracking one market segment across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market