Global Submarine Market to 2031

2021-03-30
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Published : Mar-2021
No. of Pages : 146
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Global Submarine Market to 2031

Summary

“Global Submarine Market to 2031” report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years. 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 market over the forecast period.

Navies across the globe are enhancing their undersea warfare capabilities by commissioning advanced submarines, primarily to maintain/gain asymmetric advantages over their opponents and to protect their territorial waters against any intrusion. 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. 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 will continue to grow across the globe over the forecast period.

The Nuclear-powered attack submarine (SSN) segment is expected to be the largest segment and accounts for 36.1% 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. Nuclear submarines derive their energy from the on-board nuclear reactor, thereby becoming air independent and eliminating the need to surface. Also, the huge amount of power generated by the nuclear reactor helps the SSNs to operate at high speed for longer durations. According to Chandan Nayak, Defense Analyst at GlobalData: “Various countries across the globe are focusing on the ongoing naval expansion initiatives, along with capability enhancement of existing submarine fleets in order counter adversary forces and to protect territorial waters, have resulted in the growth of submarine market over the next decade.”

North America region is expected to dominate the global submarine market from 2021 to 2031. 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. The country is presently undertaking multiple high-value programs to procure new-generation submarines. For instance, the multi-billion dollar Columbia-class procurement program to develop and deploy 12 SSBNs will significantly increase the country’s share of the global submarine market over the next decade.

Key Highlights

– The global submarine market is expected to grow at a CAGR of 4.36% 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 45.2%, followed by Europe and Asia-Pacific 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

In particular, the report provides an in-depth analysis of the following –
– Market size and drivers: Detailed analysis during 2021-2031, including highlights of 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 submarines projects 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 2021-2031.
– 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.

Reasons to Buy

– Determine prospective investment areas based on a detailed trend analysis of the global submarine over the next ten years
– Gain in-depth understanding about the underlying factors driving demand for different submarine segments in the top spending countries across the world and identify the opportunities offered by each of them
– Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
– Identify the major channels that are driving the global submarine market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
– Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global submarine market
– Make correct business decisions based on in-depth analysis of the competitive landscape consisting of detailed profiles of the top submarine solution providers around the world. The company profiles also includes information about the key products, alliances, recent contract awarded, and financial analysis, wherever available

Filed in: Automotive
Publisher : GlobalData
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