Submarine Market Research Study including Growth Factors, Types and Application by regions 2025
According to a new report published by Reports Monitor titled, Global Submarine Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the Global Submarine market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Submarine market is concerned with naval defense system. Nowadays many countries are trying to strengthen their naval defense force, leading to technological advancement in this market is advancing rapidly.
The prominent players of global submarine market include BAE Systems AB (U.K.), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), General Dynamics Electric Boat (U.S.), Huntington Ingalls Industries (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Fincantieri - Cantieri Navali Italiani S.P.A. (Italy), Lockheed Martin (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Saab group (Sweden) and Thales Group (France)
The demand for submarines, surface-mine countermeasure, unmanned underwater vehicles, and other combat and tactical UUVs, is expected to drive the global submarine market. The rapid advancement of China’s submarine fleet has propelled the demand in countries, such as Japan, India, Australia, Vietnam, and Taiwan which leads to drive the market. The growth is prominently driven by countries, such as Australia, China, South Korea, and India, due to the rising number of maritime dispute. As a result, these countries are increasing their naval capacities or planning to expand their naval capacities. Furthermore fleet replacement program followed by counties like India and China is growing the market. The restraint in this market is project delay. The projects related to submarine are huge in size that requires deep planning and estimation, some time the project does not proceed according to estimation and delay will result in huge loss. In addition, the growth of this market will be hampered, due to the costs associated with refit & maintenance
The submarine market is expected to see high growth over upcoming period. The market is majorly driven by the increasing demand for Unmanned Underwater Vehicle (UUV’s) for naval intelligence; mine countermeasures (MCM) operations; intelligence, surveillance, and reconnaissance roles; and anti-submarine warfare missions.
The global submarine market is segmented on the basis of type which includes Nuclear-powered attack submarine (SSN), Nuclear-powered ballistic missile submarine (SSBN), Kilo-class submarine (SSK).
The global submarine market is studied across: North America, Europe, Asia Pacific and LMAEA (Latin America, Middle East and Africa). Among all regions, the Asia-Pacific region is expected to dominate the global submarine market. With increase in defense budgets and spending, defense authorities of different nations of the region are primarily investing in submarines and other underwater warfare vehicles. North America was observed to be a developed market for submarines, with the United States dominating the market. The US Navy has focused more on anti-submarine warfare (ASW) with a combination of air, sea, and undersea forces.
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