Submarine Market Research Forecast to 2023 | Global Leading Players- Daewoo, General Dynamics, Huntington Ingalls, FINCANTIERI, Lockheed Martin, Thales, Kawasaki Heavy Industries, BAE and Saab

Global Submarine Market Research Report: by Type (Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile Submarine), by Application (Detection of Oil Resources, Surveillance, Others), by Platform (Commercial, Military), and Region - Forecast to 2023

Market Synopsis

The global submarine market is expected to exhibit a 4.24% CAGR from 2018 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR) owing to tremendous demand for unmanned underwater vehicles. Submarines are a vital part of navy fleets imperative in combat, surveillance, counter-surveillance, and other missions.

Modernization and upgradation of naval fleets by replacing legacy naval vessels can drive the market growth over the forecast period. This is buttressed by socio-political tensions among countries. The recent surge of the acquisition of nuclear powered submarines by developed nations can propel the market demand in the coming years. Ballooned defense budget of prominent nations is likely to work in favor of the submarine market.

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Report Overview

The report provides a comprehensive overview of the market complete with statistical graphs to support the forecasted figures. Our analysts make insightful predictions regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global submarine market segmented on the basis of type, application, platform, and region. Numerous growth strategies undertaken by companies as well as the latest trends driving the market are outlined in the report. The market share of all prominent players and their current position is discussed in minute detail. It analyzes new revenue sources for players and emphasizes on the various strategies implemented by players.

Segment Overview

By type, the submarine market is segmented into diesel electric, ballistic missile, and nuclear powered submarines. Major applications comprise marine environment monitoring, detection of oil resources, scientific research, surveillance, combat, and others. ‘Others’ is further segmented into oceanography, marine biology, and others. By platform, the market is segmented into commercial and military. The segments covered in the submarine market report are analyzed with respect to five regions namely – North America, Latin America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market standings.

Competitive Landscape

Key players in the submarine market include Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), General Dynamics (U.S.), Huntington Ingalls Industries (U.S.), Mazagon Dock Shipbuilders Limited (India), FINCANTIERI S.p.A. (Italy), Lockheed Martin Corporation (U.S.), Thales Group (France), Kawasaki Heavy Industries Ltd. (Japan), BAE Systems (U.K.), and Saab AB (Sweden).

The report offers a comprehensive analysis on the profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.

Research Methodology

At MRFR, our research analysts conduct a thorough objective analysis of the market while creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with chief executive officers and top management professionals in hospital chains have culminated in highly relevant data. Secondary research entails a thorough analysis of past and present trends presented in a forward-looking manner.

In addition, market size estimation and validation of trends are conducted with both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Strong analytical tools are used to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.

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Global Submarine Market: Competitive Landscape

General Dynamics Corporation, Lockheed Martin, BAE Systems, Huntington Ingalls Industries, and DSME Co. Ltd. are the major five players operating in the global submarine market. General Dynamics held the largest share among top five players with a share of 23.03%, in 2017, followed by Lockheed Martin and BAE Systems with respective shares of 18.98% and 8.27%. These companies continue to retain their strong global presence through expansions, mergers & acquisitions, partnerships & collaborations, and extensive product portfolio.

General Dynamics is the leading company in the submarine market. The company focuses on expanding its business in the emerging naval markets, such as India and China. As, India and China have witnessed increasing military expenses, in the recent years, these countries are actively involved in the development of advanced underwater vehicles and submarines.

Lockheed Martin Corporation is primarily engaged in a wide range of products to customers in a variety of industries and customer segments. It focuses on contracts from the government as well as international clients to improve its overall financial position. Moreover, the company has been involved in developing a number of unmanned underwater vehicles and is primarily focusing on acquiring more contracts/customers from the emerging regions, such as the Middle East and Asia-Pacific.

BAE Systems, a merger between the General Electric, Marconi Electronic Systems, and British Aerospace, provides some of the world’s most advanced, technology-led defense, aerospace, and security solutions. The company focuses on expansion as a strategy, Moreover, the rise in the number of contracts and partnerships with the governments and major players, indicates the company’s focus on obtaining a higher number of clients for its business growth.

Huntington Ingalls Industries is America’s largest military shipbuilding company, which is partnered with government agencies and established players. The company mainly focuses on the expansion in developing countries. As most of the Asian countries are investing more on defense projects, especially on underwater vehicles, the company is looking for an opportunity for new contracts to cater to the Asian countries; China, Japan, and India, in particular.

Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) is involved in premium shipbuilding. With the highest defense export records in Korea, it is actively moving forward to expand its market share in the naval ship market based on experience and technical expertise. The company focuses on rapid advancements in the naval sector and it is looking for new opportunities in the Middle East region, in particular. With the new development and support contracts for submarines, the company would increase its market share and the overall revenue.

The growth of the market vendors is dependent on market conditions, government support, and industry development. Players focus on strengthening their presence worldwide through partnership & collaboration followed by mergers & acquisitions during the forecast period. These strategies are widely adopted to increase their presence and the customer base. The competitive environment in the market is likely to intensify further due to the increase in new product developments and business expansions.

Intented Audience
• Submarine manufacturers
• Defense authorities
• Distributers & supplier companies
• Research institutes & educational institutes
• Naval organizations
• Maritime organizations
• Water research laboratories

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