What’s driving the Submarine Combat Systems Market Growth? | Key Players are Atlas Elektronik, Lockheed Martin, Northrop Grumman, Thales Group, Raytheon, BAE Systems, Saab, and Naval Group
Torpedoes will register substantial growth owing to benefits offered by these submarines including long range and diversified capabilities of deployming these submarines above and below the sea level. Modern torpedoes are incorporated with innovative systems for facilitating precise direction and depth control, thereby offering efficient performance and operations during a mission. Additionally, advancements in propulsion technologies with a balanced distribution of power and efficiency for supporting longer-range and high-power output during missions further boosts the submarine combat systems market.
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For instance, according to the Stockholm International Peace Research Institute, the global military budget rose to USD 1,739 Billion in 2017, accounting for an increase of over 1.1% compared to 2016. Rising research projects for enhancing the naval and maritime capabilities are providing strong growth prospects for submarine combat systems market share. For instance, in August 2017, Sonartech Atlas and Australia?s Defense Science and Technology (DST) Group signed a three-year agreement for undertaking various R&D activities to develop Australian ships and submarines.
Rising deployment of new submarines offering longer range and multi mission capabilities are positively influencing the submarine combat systems market expansion over the projected timeframe. Incorporation of AI and computed automation technologies along with improvements in infrared sensors are prominently supporting the remote monitoring and supervision of naval vessels. For instance, in 2018, China initiated working on its AI powered autonomous submarines, that are suitable for reconnaissance missions.
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Higher cost associated with upgrading conventional submarines with advanced modular combat technologies may restrict the submarine combat systems market over the forecast timeframe. Additionally, higher maintenance cost incurred for maintaining efficient performance may further limit the market reach. However, industry players are continuously investing in R&D for introducing cost effective defense technologies, along with advanced and efficient combat systems for boosting the industry share.
Rising demand for upgrading existing naval based defense solutions with advanced technologies and weaponry will propel the submarine combat systems market share over the forecast timeframe. Defense agencies are striving to enhance their maritime warfare strategies owing to persisting political and military concerns across the globe. Increasing utilization of high-speed submarines offering improved stealth capabilities for launching cruise missiles against ground targets in covert operations will provide a positive outlook for the industry expansion.
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Europe holds a significant revenue share in the submarine combat systems market owing to the presence of multiple manufacturers across the region. Industry players are engaged in strategic partnerships and joint ventures for improving their market share. For instance, in October 2017, Thyssenkrupp Marine System and Kongsberg established a joint venture named Kta Naval Systems for developing and maintaining next generation combat systems for the Norwegian Defense.
The submarine combat systems market is highly competitive owing to the presence of major manufacturers including Atlas Elektronik, Thales Group, Saab, Lockheed Martin, Raytheon, BAE Systems PLC, Naval Group and Northrop Grumman. Industry players are emphasizing on offering innovative stealth technologies and customized solutions by establishing long term contracts with government organizations. For instance, in September 2016, Australian Defense Ministry awarded a contract to Lockheed Martin for incorporating combat systems in its 12 submarines.
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