Submarine Market anticipated to reach at 4.24% during Forecast Period 2018-2023, Submarine Market to obtain USD 28.6 Billion Revenue forecast period 2018-2023 | Submarine Industry - News and Updates
The global Submarine Market is poised to touch a valuation of USD 28,656.3 million by 2023, as per the latest report by Market Research Future (MRFR). Submarines make up an important resource in the defensive strategy of various nations. It can complement the strategies of other armed forces owing to its multi-operational capabilities.
Border tensions among nations is one of the major factors driving the market growth. The increased defense budget of nations such as South Korea, China, and others modernizing their naval power can effectively benefit the submarine market. Furthermore, demand for unmanned underwater vehicles and the surge witnessed in nuclear powered submarines are other factors which can thrust the market demand from 2018 to 2023 (forecast period). But retrofitting and maintenance costs can pose a challenge to the market.
The submarine market can be segmented by type, application, and platform.
By type, the market comprises nuclear powered, diesel electric, and ballistic missile submarines. The nuclear powered segment accounted for close to 51% share of the submarine market in 2018. It can accrue significant revenue at 4.48% CAGR over the forecast period. The diesel electric segment assumed the second position in 2018 with a valuation of USD 7,031.3 million. It can experience 3.42% CAGR during the assessment period. But the ballistic missile submarine segment is touted to grow at a robust pace owing to technological advances and upgradation of underwater naval vessels.
By application, the market is segmented into marine environmental monitoring, detection of oil resources, scientific research, surveillance, combat, and others. The surveillance segment accounted for close to 36% share of the submarine market in 2017 with a valuation of USD 8,051 million. It can experience 4.53% CAGR during the forecast period. But the combat segment is predicted to enjoy 4.60% CAGR within the same assessment period.
By platform, the market is divided into military and commercial. The military segment was valued at USD 14,588 million in 2018 and can garner significant earnings at 4.43% CAGR over the forecast period. On the other hand, the commercial segment can reach a valuation of USD 10,535.4 million by 2023 owing to numerous opportunities in Asia Pacific.
The submarine market covers the latest trends and opportunities across North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America accounted for nearly 37% share in 2018. This region is predicted to dominate the global market till 2023. High demand for nuclear powered submarines and heavy warfare technologies are likely to assist this region in sustaining its position in the submarine market till the end of the forecast period.
Europe managed to capture close to 28% share in 2018. The rollout of various submarine programs which commenced the production of Yasen and Borei classes of underwater naval vessels in 2013. Furthermore, the extended defense budget of nations such as the U.K. to expedite the production and design of new models of submarines can bolster the regional market size to USD 7,963 million by 2023.
APAC had 22.53% share in 2017. This region is touted to be highly lucrative for the submarine market owing to high demand for underwater naval vessels by South Korea, India, and China. It can experience the highest CAGR of 4.58% during the assessment period.
Prominent players operating in the submarine market include Thales Group (France), Lockheed Martin Corporation (U.S.), Kawasaki Heavy Industries Ltd. (Japan), General Dynamics (U.S.), Saab AB (Sweden), Huntington Ingalls Industries (U.S.), FINCANTIERI S.p.A. (Italy), BAE Systems (U.K.), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), and Mazagon Dock Shipbuilders Limited (India).
Patents filed by these players to protect their intellectual properties is expected to witness a sharp rise in the coming years. This is exemplified by the recent patent filed by ThyssenKrupp in 2018 for an underwater rapid unloading system.
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