Press release
Submarine Sensor market Growth Will be Driven by Rising Demand for Fast Attack Submarines (SSN) Over 2018 to 2024 | Key Players are Lockheed Martin, Northrop Grumman, Atlas Elektronik, Harris Corporation, Thales Group, Raytheon
Submarine Sensor market
The demand for fast attack submarines (SSN) will drive the submarine sensor market growth. They are designed for seeking and destroying enemy surface ships and submarines that carry out surveillance and intelligence missions and for supporting battle group operations. SSNs can also be used to attack specific targets with the launch of speedy missiles. The characteristics such as longer endurance and high speed offered by SSNs are thereby increasing their demand, fueling the submarine sensor market growth.
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Submarine Sensor Market is expected to witness growth due to the increasing focus of various governments to expand the undersea warfare capacities in naval forces. Naval agencies are using submarines to cater to their reconnaissance, surveillance, intelligence and communication requirements. It has compelled the submarine manufacturers to infuse advanced technologies in submarines to expand the stealth potential and undersea proficiencies.
The underwater sensor network facilitates the water quality and underwater habitat monitoring. These components can also be used for underwater exploration of pipes and gas lines. The enhanced sensor and capabilities powered by low cost and high-speed electronic circuits are anticipated to propel the submarine sensor market growth.
The submarine sensor market in Asia Pacific is anticipated to witness growth due to the increasing focus of several government organizations in the deployment of submarines. In April 2016, the government of Australia announced that it will be spending USD 50 billion on a fleet of 12 submarines that will be built in South Australia by French shipbuilding company DCNS. In September 2017, China added a nuclear-powered submarine to its expanding fleet of submarines.
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Key players operating in the submarine sensor market include Lockheed Martin, Northrop Grumman, Atlas Elektronik, Harris Corporation, Thales Group, Raytheon, and Safran Electronics & Defense. The industry is highly consolidated with a few players holding the majority of the market share. The high initial investments in the design and installation of submarines pose barriers to new players in entering the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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