Press release
Submarine Market Key Drivers & On-Going Trends 2020 to 2030
Submarine Market
Water bodies near lands have always been a target under protection and regular observation by the defence sector of economies all over the world because of this geography. As a result, naval capabilities around the world have been keeping up with rising defence spending each year. Due to their importance in military fleets and their expertise in surveillance, counter-surveillance, and fighting, submarines had a record $27.2 billion in global sales in 2018. The submarines market is anticipated to grow at a CAGR of 3.24% from 2019 to 2025, directly impacted by socio-political tension between nations. The bulk of market companies are engaged in developing existing naval technologies of economies in addition to producing vehicles, which gives the fighting strategy more momentum. Consider Lockheed Martin .The Future Submarine Program (FSP) of Australia, which is reportedly the largest defence capital expenditure programme in Australian history, has Corp. as its combat system integrator. For the next 40 years, the business will work with the Australian Department of Defense and Naval Group to design combat systems.
Market for Submarines: Recent Developments:
A $2 billion contract modification for long lead time material for main propulsion unit and ship service turbine generator efforts, steam and electrical plant components, and various hull, mechanical, and electrical system components was given to the General Dynamics Corp. subsidiary Electric Boat in March 2019. The total contract value obtained through this adjustment equals the roughly $3.2 billion first bid from 2017.
2018 saw Thales Group secure a 3.5-year deal with the French defence procurement agency (DGA). Thales is required by this contract to carry out a number of studies and technological advancements for a sonar system that will be mounted on France's third-generation nuclear-powered ballistic missile submarine (SNLE 3G).
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Global Submarine Market-Key trends
Increase in geopolitical disputes to augment the industry outlook
There has been a steep rise in the instances of cross border disputes and terrorist activities across the globe. Apart from land and aviation segments, the concerned governments are focusing onto strengthening their maritime defense strategies. This is turn has elevated the demand for military submarines which are equipped with the ability to launch attacks and monitor enemy vessels whenever required. This in turn is bolstering the growth of this market vertical.
Global Submarine Market- Segmental assessment
By Type
• Nuclear Powered Submarine
• Diesel Electric Submarine
• Ballistic Missile Submarine
The nuclear powered submarine segment is slated to amass notable gains by 2030 owing to the increasing defense budgets across the globe.
By Platform
• Commercial
• Military
The military segment is expected to grow considerably over the stipulated timeframe due to the rising maritime disputes across the globe.
By Application
• Surveillance
• Combat
• Marine Environmental Monitoring
• Detection of Oil Resources
• Scientific Research
• Others
The combat segment is reckoned to bolster significantly over the forecast period ascribing to the surging instances of geopolitical tensions across various nations.
Global Submarine Market- Competitive hierarchy
The prominent players characterizing the competitive terrain of this marketplace are Navantia SA SME, Naval Group, FINCANTIERI S.p.A., Huntington Ingalls Industries, Hyundai Heavy Industries, General Dynamics Corporation, BAE Systems PLC, Daewoo Shipbuilding & Marine Engineering, Saab AB, ThyssenKrupp AG, United Shipbuilding Corporation, and Mitsubishi Heavy Industries, Ltd.
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Frequently Asked Questions
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