Submarine Market Drivers and Revenue Potential: Industry Analysis by 2031 | ThyssenKrupp, Saab, Huntington Ingalls Industries

The Submarine Market was valued at USD 22.3 billion in 2023 and is expected to reach USD 35.2 billion by 2033, exhibiting a CAGR of 4.8% during the forecast period.

The pivotal factor in the expansion of the submarine market can be attributed to increased R&D spending by private and state-owned players in extending their submarine fleet and technology. For instance, in June 2021, the US Navy asked for nearly $110.0 million in FY22 R&D funds to develop a next-generation destroyer, submarine. The fiscal year 2022 submission asks for approximately $29.8 million to develop SSN(X) and about $79.7 million for concept development of the DDG(X), which will succeed the Arleigh Burke-class destroyers. According to the navy's research and development budget justification books, the service expects to start building SSN(X), its next-generation attack submarine in the second half of the 2030s. The service will use the FY 2022 research and development funding to help gear up for an analysis of alternatives (AOA) study.

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Top Submarine Market Companies

Lockheed Martin, General Dynamics, Naval Group, BAE Systems, ThyssenKrupp, Saab, Huntington Ingalls Industries

Global Submarine Market Segmentation:

Submarine Market By Type

Nuclear-powered, Diesel-electric, Hybrid

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Submarine Market By Applications

Defense, Research, Underwater Exploration

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