Industry Background:
The emerging economies are focusing on developing the most sophisticated and high-end military operations platform in order to sustain the increasing conflicts and gain military supremacy, which in turn is propelling the development of the global submarine market. The increasing adoption of unmanned underwater vehicles (UUVs) will help to boost the global submarine market in the forecasted period. the UUVs have various applications including naval intelligence, surveillance, mine countermeasures operations, and reconnaissance, and anti-submarine warfare missions. UUVs are primarily designed for underwater surveillance, hull inspection, dock inspections, and underwater mines deactivation. Additionally, these UUVs are fitted with high-definition cameras that send visual data from the UUV to the operator.
According to AMA Research, the market for Submarine is expected to register a CAGR of 4.5% during the forecast period to 2028. This growth is primarily driven by High Military Spending
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | Unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Marine sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as BAE Systems AB (United Kingdom), Lockheed Martin (United States), Daewoo Shipbuilding & Marine Engineering Co. Ltd (South Korea), General Dynamics Electric Boat (United States), Huntington Ingalls Industries (United States), Fincantieri – Cantieri Navali Italiani S.p.A. (Italy), Kawasaki Heavy Industries Ltd. (Japan), Mitsubishi Heavy Industries Ltd. (Japan), Saab Group (Sweden) and Thales Group (France), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2022, The Israeli Ministry of Defense has signed a contract with ThyssenKrupp Marine Systems to purchase three Darker-class diesel submarines for the Israeli Navy, worth EURO 3 billion (USD 3.4 billion). The new submarines are expected to replace three older Dolphin-class submarines, the first with delivery scheduled for 2031. and On 10th April 2019, Capgemini has announced a five-year contract with BAE Systems Maritime Submarines, the branch of the British defense, security, and aerospace company responsible for the design and manufacture of submarines. Under the terms of the deal, Capgemini in the UK will take over the provision of a broad spectrum of IT services, including service orchestration, networking, hosting, end-user computing, DevOps, reporting and analytics, automation, and a digital service desk.
In 2022, PT PAL Indonesia has signed a Memorandum of Understanding (MOU) with the Naval Group to collaborate on the research and development of submarines that will strengthen Indonesia's maritime defenses., In 2022, The US Navy received its 20th Virginia-class submarine USS Oregon (SSN 793) from the General Dynamics Electric Boat. The submarine is the second Block IV component submarine delivered to the Navy. and On 11th March 2019, Hyundai Heavy Industries (HHI) Group and Korea Development Bank (KDB) have signed a definitive agreement for the acquisition of Daewoo Shipbuilding & Marine Engineering (DSME).
Influencing Trend:
Increasing Usage in Unmanned Vehicles for the Electronic attack as well as Communication Transfer and The Growing Arms Race among The Countries of The World
Market Growth Drivers:
High Military Spending and Increasing Focus the Virginia-class Submarine Program
Challenges:
High skilled Professionals Require to Operate Submarines System
Restraints:
High Cost Associated with the Refitting and Maintenance of Submarines
Opportunities:
Increasing Inclination towards Modernizing their Naval Bases and Growing Investment in Advanced Technologies by the Military and defense sector
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Submarine Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Submarine Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Submarine players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Submarine Study Sheds Light on
The Submarine Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Submarine industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Submarine industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.