Selbyville, Delaware, March 18, 2020 (GLOBE NEWSWIRE) --
According to latest report “Submarine Combat Systems Market by Submarine Type (SSK [Diesel Electric Submarine], SSN [Nuclear-Powered Submarine], SSBN [Nuclear-Powered Ballistic Missile Submarine], SSGN [Nuclear-Powered Guided Missile Submarine]), Weapon System (Electronic Warfare, Torpedoes, Ballistic Missiles, Cruise Missiles, Mines), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of submarine combat systems will reach $8 billion by 2026.
The market growth can be attributed to increasing defense expenditure and shift in investment trends of the defense budget. Replacement of aging submarines and upgrading of existing submarine fleet with cruises missile platforms will further escalate the submarine combat systems market size. Increasing deployment of new generation submarines with the incorporation of advanced surveillance & navigation systems will further propel the market share.
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The SSK segment in the submarine combat systems market crossed USD 2 billion revenue in 2019 and will expand at over 6% till 2026 due to national concerns to secure sea lines of communication. The SSKs are applicable for both Anti-Submarine (ASW) and Anti-Surface (ASUW) warfare activities, thus supporting the market growth. SSKs also facilitate small form factor, lower noise, and agility with enhanced features such as enabled minimum acoustic signature and difficulty to detect underwater.
The torpedoes weapons will demonstrate significant market growth of 7% through 2026. In the past years, government & defense organizations across the globe significantly invested in the procurement of submarine but the shift in political insurgencies will promote development in the capability of torpedoes. Currently, political insurgencies between the U.S., Russia, China, India, Saudi Arabia, and Iran will require a strong submarine fleet with advanced weapon systems to safeguard their territory from neighboring nations.
North America submarine combat systems market is set to witness a lucrative growth of over 7% from 2020 to 2026 owing to presence of major industry players and defense manufacturers in the region. Significant defense expenditure and the need to upgrade weapon systems, such as electronic warfare systems and torpedoes, will also accelerate the market demand.
Various industry players in the region are gaining contracts from government organizations in Asia Pacific that help in enhancing their revenue share. The increasing demand for advanced equipment for submarines in developed and developing regions including North America & Asia Pacific is driving the market, making it more competitive.
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Some major findings of the submarine combat systems market report include:
- The changing trend in defense budget allocation where significant importance is given to acquisition and upgrading of weapon systems along with investments in enhancing the submarine fleet is supporting market growth.
- Requirement to replace and upgrade existing torpedoes and electronic warfare system to eliminate future threats will provide a positive outlook.
- Design, modification, and technological advancements in submarine type and weapon systems pose the requirement for upgraded submarine combat systems that can be integrated with modern submarines.
- Collaborations among industry participants and the defense sector of countries backed up by government organizations for the development of new submarine are one of the major market trends.
- Incorporation of advanced submarine combat systems will significantly enhance maritime mission capabilities and weapon control configurations, accelerating the industry size.
- Major industry players are engaged in the development of advanced weapon systems with enhanced capabilities such as high-altitude precision delivery and advanced Intelligence, Surveillance & Reconnaissance (ISR) systems.
- Major industry players in the market are Lockheed Martin Corporation, Atlas Elektronik GmbH, Thales Group, Saab AB, Raytheon Company, BAE Systems Plc, Kongsberg, Naval Group, Leonardo S.p.A, HAVELSAN Inc., Safran, General Dynamics, and ThyssenKrupp Marine Systems.
Table of Contents (ToC) of the report:
Chapter 3. Submarine Combat Systems Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Market evolution
3.5. Industry ecosystem analysis
3.6. Technology & innovation landscape
3.6.1. Anti-Torpedo countermeasure
3.6.2. Supercavitation technology
3.7. Regulatory landscape
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis, 2019
3.10. Porter’s analysis
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/submarine-combat-system-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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