Submarine Market Size and Statistics, Examining the CAGR Status by 2030
Submarine Market
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 Research 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 Report 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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