Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Submarine Market Size and Trend Analysis by Segments (Nuclear-Powered Attack Submarine, Nuclear-Powered Ballistic Missile Submarine, Diesel Electric Submarine and Others), Key Programs, Competitive Landscape, Region and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The report covers industry analysis, including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for submarines over the forecast period.
Disputes over offshore territories and maritime boundaries, due to the need to exploit offshore resources, including unexplored oil and gas reserves and fertile fishing zones, are expected to be a major driver of the strengthening of submarine-based capabilities for many nations.
For instance, the countries in the Asia-Pacific region have increased their military activities as a result of the rising geopolitical tensions surrounding the South China Sea. Significant investments are being made by nations like China, India, South Korea, and Australia to acquire advanced submarine classes. In addition, the need to maintain a credible sea-based deterrent by worldwide nuclear-armed countries is expected to further drive investment in the procurement of submarines over 2023-2033.
With the evolution of sophisticated detection technologies, legacy fleets of submarines are gradually losing their relevance in terms of stealth. As a result, several navies around the world have begun programs to replace their aging submarine fleet, which will also influence the demand for submarines over the forecast period.
The nuclear-powered attack submarine (SSN) segment is expected to be the largest segment and account for 43.8% of the global submarine market over the forecast period. The SSN segment is expected to receive robust investment over the forecast period, owing to the advantages associated with SSNs compared to conventionally-powered submarines.
These nuclear-powered submarines are designed to remain submerged and undetected for extended periods due to their stealth capability, which allows them to operate at high speeds with minimal noise, further enhancing their operational flexibility. Nuclear-powered submarines are expected to experience strong demand over the forecast period as countries with nuclear arms look to improve their submarine-based nuclear capability to support their military strategy of a nuclear triad.
According to Kandlikar Venkatesh, Defense Analyst at the publisher, 'Various countries around the world are enhancing their underwater warfare capabilities by commissioning advanced submarines, primarily to gain asymmetric advantages over their opponents, counter adversary forces, and protect territorial waters against any intrusion, which has resulted in the submarine market's growth.'
North American region is expected to dominate the global submarine market between 2023 and 2033. The US accounts for the largest market for submarines in the North American region.
The US's dominance in the submarine market is influenced by the country's affinity for advanced military platforms in order to maintain an edge over its adversaries. In line with this objective, the US has several ongoing high-value procurement programs aimed at acquiring the next generation of submarines.
For instance, the Columbia-class submarine programme, which will replace the ageing Ohio-class submarines, is the US Navy's top procurement priority. This program will seek to develop and deploy 12 SSBNs, which will significantly increase the country's share in the global submarine market over the next decade.
Key Highlights
- The global submarine market is expected to grow at a CAGR of 4.3% over the forecast period
- The global submarine market is classified into five categories: Nuclear-Powered Attack Submarine (SSN), Nuclear-Powered Ballistic Missile Submarine (SSBN), Diesel AIP Submarine (SSP), Diesel Electric Submarine (SSK), and Midget Submarine (SSM)
- North America is expected to dominate the global submarine market over the forecast period with a market share of 44.9%, followed by Asia Pacific and European regions
- SSN is expected to be the largest segment among other submarine categories over the forecast period
Who Should Buy
- Defence Startup's, Original Equipment Manufacturers (OEMs), Defence Planners, Submarine Integrators, Venture Capital Firms, Government Agencies, Head of Marketing, Head of Sales, CEOs and Senior Executives
- The concerned stakeholders can utilize the report to identify high growth segments and customize their offerings to match the project requirements
- The Venture Capital Firms can utilize the project details, growth rate, and market size to identify and fund high potential startups
Scope
- Market size and drivers: Detailed analysis during 2023-2033, including the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: Insights into technological developments and a detailed analysis of the existing submarine being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2023-2033
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global submarine market. It provides an overview of key players, their strategic initiatives, and financial analysis
Key Topics Covered:
- Executive Summary
- Global Submarine Market: Overview
- Market Dynamics
- Demand Drivers
- Trends
- Technological Developments
- Key Challenges
- Global Submarine Market: Segment Analysis
- Segment Analysis: Nuclear - Powered Attack Submarine
- Segment Analysis: Nuclear - Powered Ballistic Missile Submarine
- Segment Analysis: Diesel AIP Submarine
- Segment Analysis: Diesel Electric Submarine
- Segment Analysis: Midget Submarine
- Global Submarine Market Regional Analysis
- Global Submarine - Regional Overview
- Regional Analysis: North America
- Supplier share analysis
- Leading countries in the region
- Regional volume share
- Regional Analysis: Asia Pacific
- Regional Analysis: Europe
- Regional Analysis: Middle East
- Regional Analysis: Latin America
- Regional Analysis: Africa
- Competitive Landscape and Key Programs
- Leading Market Players
- Key Programs
A selection of companies mentioned in this report includes
- General Dynamics Corp
- BAE Systems Plc
- Naval Group
- United Shipbuilding Corp
- China State Shipbuilding Corp
- Navantia SA
- Huntington Ingalls Industries Inc
- Fincantieri SpA
- Daewoo Shipbuilding & Marine Engineering Co Ltd
- Mitsubishi Heavy Industries Ltd
- Saab AB
- ThyssenKrupp AG
For more information about this report visit https://www.researchandmarkets.com/r/w0fvma
Source: GlobalData
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