Anti-Submarine Warfare Systems Market Potential Analysis, Key Drivers, Emerging Growth, Trends And Forecast To 2033

The new report published by The Business Research Company, titled "Anti-Submarine Warfare Systems Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the anti-submarine warfare system market size has grown strongly in recent years. It will grow from $16.37 billion in 2023 to $17.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The anti-submarine warfare system market size is expected to see strong growth in the next few years. It will grow to $22.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.

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Impact Of Increasing Defense Budgets On Anti-Submarine Warfare Systems Market Growth
The rising defense budgets are expected to propel the growth of the anti-submarine warfare (ASW) systems market going forward. A defense budget, or defense spending, refers to the financial resources allocated by a state to raise, maintain, and equip its armed forces. The increase in defense spending contributes to the advancement of ASW systems by providing the necessary funding for research, development, procurement, and operational deployment of technologies to counter submarine threats and ensure maritime superiority. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending witnessed a real-term increase of 3.7%, reaching a record high of $2,240 billion in 2022. Notably, European military expenditure experienced significant growth, surging by 13%. The United States, contributing 39% to the world's military spending, and China, with a 13% share, maintained their positions as the top two spenders. Therefore, rising defense budgets are driving the growth of the anti-submarine warfare (ASW) systems market.

Introduction Of Electric-Powered Torpedo Systems
Major companies operating in the anti-submarine warfare system market are developing advanced technologies, such as anti-submarine torpedoes, to counter evolving submarine threats and enhance maritime security. An anti-submarine torpedo is a type of torpedo specifically designed to destroy or damage submarines. For instance, in September 2023, BAE Systems, a UK-based defense, aerospace, and information security solutions provider, in partnership with Malloy Aeronautics, a UK-based manufacturer of military drone systems, launched an inert Sting Ray training variant anti-submarine torpedo. The anti-submarine torpedo possesses unique characteristics, including electric-powered vertical take-off and landing capabilities. It can transport payloads of up to 200kg, achieve speeds of 140 km/h, and cover distances of 80km, contingent upon the carried payload. Furthermore, it is designed for easy disassembly to facilitate transportation, with dimensions akin to a small car.

The anti-submarine warfare systems market covered in this report is segmented -

1) By Systems: Sensors, Electronic Support Measures, Armament
2) By Platform: Submarines, Surface Ships, Helicopters, Maritime Patrol Aircraft, Unmanned Systems
3) By End User: Naval Forces, Aerospace And Defense Contractors

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Major companies operating in the anti-submarine warfare systems market report are Raytheon Technologies Corporation (RTX), Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems PLC, L3Harris Technologies Inc., Thales Group, Leonardo S.p.A., Huntington Ingalls Industries Inc., IHI Corporation, Singapore Technologies Engineering Ltd, Rheinmetall Air Defence AG, Fincantieri S.p.A., Elbit Systems Ltd., Israel Aerospace Industries (IAI), Saab AB, Naval Group, Damen Schelde Naval Shipbuilding, Kawasaki Heavy Industries Ltd., Aselsan A.S., Japan Marine United Corporation, Mazagon Dock Shipbuilders Limited, Navantia S.A., Garden Reach Shipbuilders & Engineers Ltd., DSIT Solutions Ltd., Kongsberg Defence & Aerospace (Kongsberg Gruppen ASA)

Contents of the report:
1. Executive Summary
2. Anti-Submarine Warfare Systems Market Report Structure
3. Anti-Submarine Warfare Systems Market Trends And Strategies
4. Anti-Submarine Warfare Systems Market - Macro Economic Scenario
5. Anti-Submarine Warfare Systems Market Size And Growth
…..
27. Anti-Submarine Warfare Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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