Submarine Market Overview, Applications and Future Prospects Details for Business Development, 2030
Submarine
Market Size was valued at USD 23.5 billion in 2022. The Submarine market
industry is projected to grow from USD 24.252 Billion in 2023 to USD 29.2971
billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.20%
during the forecast period (2023 - 2030).
Many
countries' increasing emphasis on modernizing their naval defense units, such
as unmanned underwater vehicles, surface-mine countermeasures, submarines, and
other combat and tactical UUVs, is expected to drive the Submarine Market Overview in the coming years. The militaries
face a challenge as maritime threats such as sea-based terrorism and other
illegal activities become more prevalent. Submarines are used for surveillance
and undersea attack to counteract this. The growing race among countries will
provide enormous growth opportunities, but submarine-building capabilities will
limit market participants' ability to expand. Market vendors should prioritize
expansion prospects in fast-growing segments to capitalize on the most
promising opportunities while maintaining their positions in slow-growing
segments.
Furthermore,
Lithium-ion batteries can hold up to 100% more energy than lead-acid batteries
and charge more quickly. Even at low charge levels, the performance of these
batteries is consistent. In addition, these batteries can be recharged while
snorkeling at sea and require little maintenance. This, in turn, will lead to
the integration of lithium-ion batteries in submarines, which will be one of
the main trends in the submarine market growth in the coming years.
The
COVID-19 pandemic had a significant effect on the global submarine market.
During the early months of the pandemic, market participants faced supply chain
and manpower issues, which were resolved over time and allowed the companies to
continue manufacturing activities seamlessly.
The growing
maritime threats, such as sea-based terrorism and other illegal activities, as
well as the growing maritime disputes among various countries, have resulted in
increased investments in naval capabilities. In addition, as part of the
modernization, the countries are replacing their aging submarine fleet by
integrating advanced military equipment on board the existing submarine fleet.
Such military initiatives are expected to drive the submarine market's growth
during the forecast period.
Key
Players
MRFR
recognizes the following companies in the Submarine market Players: BAE Systems
(UK), Daewoo Shipbuilding & Marine Engineering Co Ltd (South Korea),
Fincantieri SpA (Italy), General Dynamics Corporation (US), Huntington Ingalls
Industries (US), Kawasaki Heavy Industries, Ltd. (Japan), Lockheed Martin
Corporation (US), Mazagon Dock Shipbuilders Limited (India), Saab AB (Sweden),
and Thales Group (France).
Market
segmentation:
The global Submarine Market Size is segmented by platform, type, and
application.
According
to the platform:
• Military
• Commercial
According
to the type:
• Diesel Electric Submarine
• Nuclear Powered Submarine
• Ballistic Missile Submarine
According
to the application:
• Surveillance
• Marine Environmental Monitoring
• Combat
• Others
Regional
analysis:
The Global
Submarine Market is divided into Asia-Pacific, Europe, North America, and the
Rest of the World based on the regional analysis.
North
America currently dominates the market and is expected to maintain its
dominance during the forecast period, owing to the United States' global
military spending. With Russia and China posing a growing threat, the US
Department of Defense is working to improve its naval capabilities by
introducing new surface ships and submarines. During the forecast period, such
robust procurement plans are expected to drive regional market growth. Because
of the growing emphasis on developing indigenous defense manufacturing
capabilities, Africa, the Middle East, and Asia-Pacific regions are expected to
open new doors for market participants.
Recent
developments:
• In January 2022, the Israeli
Defense Ministry signed a contract with ThyssenKrupp Marine Systems for three
Darker class diesel submarines worth EUR 3 billion (USD 3.4 billion). The new
submarines are expected to replace three aging Dolphin-class submarines, with
the first scheduled to arrive in 2031.
• The US Navy received the 20th
Virginia class submarine, the USS Oregon (SSN 793), from General Dynamics
Electric Boat in February 2022. The submarine is the Navy's second Block IV
configuration submarine.
Submarine Market Information by Type
(Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile
Submarine), Application (Surveillance, Combat, Scientific Research, Detection
of Oil Resources, Marine Environmental Monitoring, Others), End User (Military,
Commercial), and Region (North America, Europe, Asia-Pacific, Middle East &
Africa, and South America)—Forecast till 2030
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