Jun 08, 2020, 12:49 EST
New York, United States, Jun 08, 2020, 12:49 /Comserve / -- The global submarine market is anticipated to expand at a CAGR of around 5% during the forecast period i.e. 2019-2027. Submarines are a vital part of navy fleets imperative in combat, surveillance, counter-surveillance, and other missions.
According to a recently published report by Research Nester on “Global Submarine Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global submarine market in terms of market segmentation by product type, application, platform and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global submarine market is segmented by type, application, platform and regions. Based on type, the market is segmented into nuclear powered submarine, diesel electric submarine and ballistic missile submarine. The market is further segmented by application into intelligence gathering, detection of oil resources, surveillance & reconnaissance, patrolling and others; by platform into commercial and military. Submarines are a vital part of navy fleets imperative in combat, surveillance, counter-surveillance, and other missions.
The global submarine market is anticipated to expand at a CAGR of around 5% during the forecast period i.e. 2019-2027. Modernization and upgradation of naval fleets by replacing legacy naval vessels is anticipated to drive the market growth. This is supported by socio-political tensions among countries. The recent surge of the acquisition of nuclear powered submarines by developed nations will propel the market demand. Hefty defense budget of prominent nations is an impetus to submarine market.
By region, the global submarine market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa, out of which, North America dominated the submarine market. Factors, like high military spending of the United States and the aggressive procurement of submarines, coupled with increased focus on unmanned underwater vehicles, are the drivers for the high stake of the region. Additionally, the revenues from North America are projected to register the highest CAGR during the forecast period. Development of advanced submarines and the focus of the United States on procuring next-generation submarines are the main reasons for the high anticipated growth of the market in the region. Moreover, increasing focus on the Virginia-class submarines that are being built by the US, may contribute to the strong growth of the market in the region in the years to come.
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Environmental Monitoring and Exploration of Oil Resources Remain Among Profitable Applications
Underwater communication held a large chunk of the market and is estimated to expand at a higher growth rate. Applications of underwater sensors in marine environment monitoring and detection of hydrocarbon resources is anticipated to register high CAGR.
R&D and Investments in Submarine Market
The necessity to provide naval forces with increased capabilities pertaining to maritime security is expected to spur the submarine market. The threat from neighboring nations and the need for long endurance submarines is anticipated to be the major factor contributing to the increasing demand for submarines. Furthermore, the large base of existing inventory, as well as new procurements throughout the next decade, the need for servicing and maintenance activities is projected to fuel the submarine and MRO market.
However, high cost of maintenance, lack of skilled labor and high costs involved with replacing existing fleet of submarines are few factors restraining the growth of submarine market.
This report also provides the existing competitive scenario of some of the key players of the global submarine market which includes company profiling of key companies such as BAE Systems Plc, Daewoo Shipbuilding and Marine Engineering, General Dynamics Electric Boat, Huntington Ingalls Industries, Kawasaki Heavy Industries, Lockheed Martin, Mitsubishi Heavy Industries, ThyssenKrupp Marine Systems, Mazagon Dock, Fincantieri SpA, Navantia SA and Saab Kockums. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global submarine market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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