Submarine Market 2019-2023 | Competitive Landscape By Global Leaders- Daewoo, General Dynamics, Huntington Ingalls, FINCANTIERI, Lockheed Martin, Thales, Kawasaki Heavy Industries, BAE

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

Submarine Market – Summary

Overview:

The global submarine market is expected to grow at an impressive 4.24% CAGR during the forecast period (2018-2023) to scale valuation of USD 28,656.3 million by the end of 2023. Market Research Future’s (MRFR) report on the submarine market further incorporates a detailed analysis of drivers and segments that can impact the market profoundly in the coming years. Submarines are underwater naval vessels which can be used for exploration, combat, reconnaissance, surveillance, and other missions.

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Increase in maritime conflicts owing to socio-political tensions among countries can spur the submarine market demand over the forecast period. Taking a cue from this trend, various nations are upgrading their naval vessels and embedding them with the latest technology to serve as a bulwark against enemy forces. Rising demand for unmanned underwater vehicles (UUV) for carrying heavier payloads can net higher revenues for the global market till 2023.

Modernization of the existing flotilla of several navies can enhance the overall defense of developing and developed nations. Nuclear powered submarines are gaining prominence owing to rising fossil fuel prices and scarcity of renewable energy sources. This is exemplified with the deal signed between BWX Technologies and the U.S. Navy in 2015 for the manufacture of nuclear reactors. Retrofitting and maintenance costs of submarines can impede the market growth. But 3D printing and vessel replacement programs by governments offer new avenues for expansion.

Segmentation:

By type, the global submarine market can be segmented into nuclear powered, ballistic missile, and diesel electric submarines. The nuclear powered segment can exhibit a 4.48% CAGR during the review period due to its numerous advantages over conventional underwater vessels. The ballistic missile segment is predicted to exhibit the highest CAGR owing to its ability to target enemies over long distances. On the other hand, the diesel electric segment can induce market demand owing to its usage in Russia, China, Romania, Algeria, and Vietnam.

By application, the submarine market can be segmented into detection of oil resources, combat, marine environmental monitoring, scientific research, surveillance, and others. The combat segment is expected to grow at a 4.60% CAGR owing to high demand for UUVs in warfare. The surveillance segment can display the second strongest CAGR owing to these vessels need for underwater missions.

By platform, the market is segmented into commercial and military. The former can witness growth at 4.43% CAGR over the forecast period due to various opportunities in Asia Pacific. Retrofitting of new components in legacy submarines as well as integration of air-independent propulsion (AIP) in modern submarines can lead to new projects. On the flip side, the military segment can experience a 3.92% CAGR due to submarines playing a vital role in fortifying the defenses of nations.

Regional Analysis:

Geographical analysis of the submarine market spans across namely North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

The North American region has the largest potential to dominate the market till the end of the forecast period. Heavy demand for nuclear-powered submarines and advanced combat technologies can facilitate the regional valuation to USD 10,588.3 million by 2023. Modernization of naval fleets undertaken by the Canadian government are likely to spur the regional submarine market.

The Europe submarine market can experience a 4.11% CAGR over the forecast period lead by Russia, U.K., France, and Germany. The enlarged defense budget of nations such as the U.K. to improve the technology of dreadnoughts can positively spur market demand.

The MEA region can accrue massive demand from companies operating in the oil & gas sector. Israel and Iran are promising destinations as these regions require submarines to fortify their defenses. On the other hand, the LATAM submarine market can enjoy a 4.01% CAGR over the forecast period.

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Competition:

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

Table of Contents

1 Executive Summary

2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
2.5 Key Takeaways

3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model

4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Growing Demand for Unmanned Underwater Vehicle
4.2.2 Increasing Expenses on Submarines
4.2.3 Rapid Modernization of the Submarine Fleet
4.2.4 Surge in Usage of Nuclear-powered Submarines
4.3 Restraint
4.3.1 Cost Associated With Refit and Maintenance
4.3.2 Defense Budget Constraints
4.4 Opportunities
4.4.1 3d Printing Technology
4.4.2 Ohio-class Submarine Replacement Program
4.5 Trend
4.5.1 Advanced Undersea Warfare

5 Patent Analysis
5.1 List of Patents

Continued......

List of Tables

Table 1 Market Synopsis
Table 2 List of Assumptions
Table 3 Major Granted Patents on Submarine (24th September 2014 – 24th September 2018)
Table 4 Global Unmanned Underwater Vehicle Market, by Region, 2017-2023 (Usd Million)
Table 5 Global Submarine Market, by Type, 2017-2023 (Usd Million)
Table 6 Global Submarine Market, by Application, 2017-2023 (Usd Million)
Table 7 Global Submarine Market, by Platform, 2017-2023 (Usd Million)
Table 8 Global Submarine Market, by Region, 2017-2023 (Usd Million)
Table 9 North America: Submarine Market, by Country, 2017-2023 (Usd Million)
Table 10 North America: Submarine Market, by Type, 2017-2023 (Usd Million)

Continued.........

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