According to a recently published report by Research Nester on “Submarine Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global submarine market in terms of market segmentation by engine type, by platform, by applications, and by regions.
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 into nuclear powered submarine, diesel electric submarine, ballistic missile submarine; by platform into commercial and military; by applications into detection of oil resources, surveillance and others and by regions. The global market is anticipated to record a CAGR of around 5% over the forecast period i.e. 2019-2027.
Submarines play more crucial roles such as surveillance and reconnaissance, intelligence gathering, and patrolling and securing maritime borders and trade routes. The market recorded a significant growth attributed to the modernization of the existing flotilla of several navies can enhance the overall defense of developing and developed nations. Moreover, the nuclear- powered submarines are gaining prominence on account of rising fossil fuel prices and scarcity of renewable energy sources.
The North America submarine market is anticipated to witness a fast growth over the forecast period. This growth is on the account of high military spending of the United States and the aggressive procurement of submarines, coupled with the increased focus on unmanned underwater vehicles. Moreover, the development of advanced submarines and the focus of the United States on procuring next-generation submarines are the main reasons for the high growth of the submarine market in this region.
Increasing investments by the military and defense sectors
The increasing investments by the military and defense sectors of different countries, to build a strong military base by adopting the advanced technologies is the major factor driving the growth of submarines market. The growing arms race among the countries of the world and increasing inclination towards modernizing their naval bases, are also driving the market growth. There is a need to provide naval forces with increased capabilities pertaining to maritime security. All these factors contribute to drive the growth of submarine market.
Rising transnational terrorism and growing arms race among countries are the primary factors driving the growth of the global submarine market. With the growing number of conflicts involving maritime borders and trade routes, more and more countries are trying to improve their underwater combat skills. To obtain military supremacy, countries are increasingly focusing on developing high end submarines using the latest technologies, which subsequently drive the market growth. The growth of submarine market is restricted by the costs associated with the refit and maintenance and proliferation of nuclear weapons.
This report also provides the existing competitive scenario of some of the key players of the global submarine market which includes company profiling of Daewoo Shipbuilding & Marine Engineering Co. Ltd., General Dynamics, Huntington Ingalls Industries, Mazagon Dock Shipbuilders Limited, Fincantieri S.p.A., Lockheed Martin Corporation, Thales Group, Kawasaki Heavy Industries Ltd., BAE Systems, Saab AB and Other Prominent Players. The profiling 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 will 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.