Overview and Scope
A submarine is a naval vessel capable of self-propulsion under the water and the water’s surface. Submarines can be used for civilian as well as defense purposes.
Sizing and Forecast
The submarines market size has grown strongly in recent years. It will grow from $19.35 billion in 2023 to $20.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to geopolitical tensions and security concerns, modernization and fleet recapitalization, deterrence and strategic posturing, maritime security and anti-piracy operations, undersea surveillance and intelligence gathering.
The submarines market size is expected to see steady growth in the next few years. It will grow to $24.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to growing naval force modernization programs, emergence of new maritime threats, arctic exploration and presence, rising focus on underwater unmanned systems, collaborative naval defense initiatives. Major trends in the forecast period include development of submarine-launched ballistic missile (slbm) capabilities, increased emphasis on environmental adaptation, enhanced modular payload systems, collaboration in submarine technology development, application of 3d printing and advanced materials.
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The submarines market covered in this report is segmented –
1) By Type: Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile Submarine
2) By Platform: Commercial, Military
3) By Application: Surveillance, Combat, Marine Environmental Monitoring, Others
North America was the largest region in the submarines market in 2023. North America is expected to be the fastest-growing region in the global submarines market during the forecast period. The regions covered in the submarines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising investment in submarines is expected to propel the growth of the submarine market in the forecast period. A submarine is a type of vessel that can move both above and below sea level. Governments across the world are investing in submarines to improve local shipyard capacities and fill holes in the Navy’s underwater war force. For instance, in September 2021, the United Kingdom government announced a £170 million investment in the next generation of Royal Navy submarines. BAE Systems and Rolls-Royce were each awarded contracts worth £85 million to deliver design and concept work for a future class of Royal Navy submarine. Therefore, the rising investment in submarines drives the submarine market growth.
Key Industry Players
Major companies operating in the submarines market report are SAIC Motor Corporation Limited, Lockheed Martin Corporation, Hyundai Heavy Industries Co. Ltd., General Dynamics Corporation, Mitsubishi Heavy Industries Ltd., Northrop Grumman Corporation, BAE Systems plc, Larsen & Toubro Limited, Kawasaki Heavy Industries Ltd., Huntington Ingalls Industries Inc., Fincantieri, ThyssenKrupp Marine Systems GmbH, Santos Dumont S.A., China Shipbuilding Industry Corporation, Babcock International Group, United Shipbuilding Corporation, Saab AB, Kongsberg Gruppen ASA, Damen Shipyards Group, Naval Group, Rubin Design Bureau, Navantia S.A., Mazagon Dock Shipbuilders Limited, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Naviris, OSK-ShipTech A/S, Leonardo – Fincantieri S.p.A., Australian Submarine Corporation Pty Ltd, Howaldtswerke-Deutsche Werft GmbH, TKMS Blohm + Voss
The submarines market report table of contents includes:
1. Executive Summary
2. Submarines Market Characteristics
3. Submarines Market Trends And Strategies
4. Submarines Market – Macro Economic Scenario
5. Global Submarines Market Size and Growth
…..
32. Global Submarines Market Competitive Benchmarking
33. Global Submarines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Submarines Market
35. Submarines Market Future Outlook and Potential Analysis
36. Appendix
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