Description
According to the Market Statsville Group, the global submarine market size is expected to grow from USD 22.5 billion in 2021 to USD 88.6 billion by 2030, at a CAGR of 18.7% from 2022 to 2030. A submarine is a watercraft that is capable of operating independently underwater. Submarines are the centerpieces of naval fleets due to their ability to complement other strategic resources and multi-operational capabilities. There are submarines with different capabilities, such as nuclear powered submarines, ballistic missile submarines, and others, to meet different demands.
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The global submarine market witnesses significant demand from the military segment. In addition, the demand for the submarine is gradually growing from the commercial sector, which, in turn, is anticipated to fuel the growth of the global submarine market.
Submarine performance has steadily improved as sophisticated detection technologies have evolved. In addition, several naval forces around the world have upgraded their existing systems to keep up with the ever-changing battlefield environment. Furthermore, rising geopolitical tensions are creating a pressing need for improved underwater combat capabilities, which is expected to drive demand for the global submarine market. On the other hand, the high cost of manufacturing submarines is expected to hamper the market growth during the forecast period.
Global Submarine Market Dynamics
The naval defense segment is one of the most popular for undermining national security, driving submarine demand. Submarines are human-crewed ships that operate underwater and are commonly used for surveillance, monitoring, and combat. As a result, there is a pressing need to modernize existing military systems. Furthermore, older and obsolete submarines have a high maintenance cost, which drives up demand for new submarines with a reliable mechanism. Furthermore, various government organisations are increasing their defense investments to strengthen their military status. As a result, the global submarine market is expected to grow over the next few years.
Technological improvements are critical in enhancing a country’s military systems. The application of submarines in the naval military segment is boosted by technological integration. Furthermore, new demand for submarines is projected to emerge from the business sector, including freight transfers and other applications.
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Scope of the Global Submarine Market
The study categorizes the submarine market based on type, application, and platform at the regional and global levels.
By Type Outlook
- Ballistic missile submarines
- Cruise missile submarines
- Nuclear-powered attack submarines
- Non-nuclear attack submarines with air-independent propulsion (AIP)
- Diesel-electric attack submarines
- Others
By Application Outlook
- Surveillance
- Combat
- Marine Environmental Monitoring
- Detection of Oil Resources
- Scientific Research
- Others
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By Platform Outlook
- Commercial
- Military
By Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- the Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of Latin America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Key Market Players in the Global Submarine Market
Major companies in the market are:
- General Dynamics
- FINCANTIERI S.p.A.
- Huntington Ingalls Industries
- BAE Systems
- Mazagon Dock Shipbuilders Limited
- Daewoo Shipbuilding & Marine Engineering Co. Ltd.
- Lockheed Martin Corporation
- Thales Group
- Kawasaki Heavy Industries Ltd.
- Saab AB
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