Business Report on Airborne Detection Systems for Submarines Market by P&S Intelligence

One of the major factors fuelling the rising integration for airborne detection systems, for submarines, is the soaring defense budget of many countries across the world. Several nations are increasingly focusing on modernizing their defense programs, thus leading to the purchase of advanced defense equipment, such as arms, lethal systems, and various other kinds of weapons and weapons systems. For instance, for the fiscal year (FY) 2018, the U.S. Department of Defense asked the government for a budget worth $639.1 billion, out of which 27.0% was reserved for the U.S. Marine Corps.

The other important factor pushing the integration of airborne submarine detection systems is the rising number of conflicts amongst several countries sharing sea borders with each other. Due to these factors, the revenue generated from the worldwide sales of airborne detection systems (for use in submarines) is expected to increase from $611.8 million in 2017 to $930.9 million by 2023. The global airborne detection systems for submarines market is additionally predicted to advance at a CAGR of 7.2% during the forecast period (2018–2023).

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GLOBAL AIRBORNE DETECTION SYSTEMS FOR SUBMARINES MARKET

By Type – Sonobuoys, Dipping Sonars, Radars, Magnetic Anomaly Detection (MAD) Systems
By Region – North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)

For instance, for FY2018, the U.S. Department of Defense proposed a budget of $639.1 billion, which shows an 8.9% increase from the 2017.

Around 27.0% of this defense budget was sanctioned for the Marine Corps of the U.S., which is an increase from $1.68 billion in 2017 to $2.13 billion in 2018. Furthermore, many developing countries in Asia-Pacific have started defense modernization programs, resulting in an increasing spending for land, air, and marine security.

Thus, the growing defense budget of countries would result in the airborne detection systems for submarines market prosperity.

Submarine modernization plans offer a major opportunity for the key players in the market. The naval forces of many countries are continuously aiming on improving their submarine fleet.

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Several new technologies such as stealth are being deployed in submarines, which makes it difficult to detect them via traditional systems. Therefore, as more countries undertake the submarine modernization drive, the demand for advanced airborne detection systems would also increase.

Hence, apart from the growing underwater threat and increasing security concerns, submarine modernization drives are helping the airborne detection systems for submarine market prosper.

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This release was published on openPR.