Submarine Market Size, Share, Competitive Landscape, Trend Analysis and Industry Forecast

The global submarine market size was pegged at $23.3 billion in 2021, and is projected to reach $33.9 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.

Rise in defense budget allocation toward naval activities and expansion of Chinese naval capacities have boosted the growth of the global submarine market. However, high cost of maintenance and repair hinders the market growth. On the contrary, surge in geopolitical issues between countries would open new opportunities in the future.

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The Submarine market is estimated to grow at a CAGR of 4.0% from 2022 to 2031, owing to the growing military spending across the globe. In addition, the key players operating in the industry have carried out numerous developments towards introducing advanced submarines which act as a booster for the growth of the market across the globe. By type, the diesel-electric attack submarines (SSKs) & others segment dominated the global market in 2021, in terms of revenue. By propulsion, the non-nuclear segment dominated the global market in 2021, in terms of revenue. By application, the military surveillance and combat segment dominated the global submarine market in 2021, in terms of revenue. Presently, Asia-Pacific is the highest revenue contributor and expected to lead the market during the forecast period, followed by Europe.

A submarine is a watercraft that is capable of operating independently underwater. Submarines are the centerpieces of naval fleets due to their ability to complement other strategic resources and multi-operational capabilities. To meet different demands, there are submarines with different capabilities such as nuclear powered submarines, ballistic missile submarines, and others. The global market witnesses significant demand from the military segment. In addition, the demand for submarine is gradually growing from the commercial sector, which, in turn, is anticipated to fuel the growth of the global submarine market.

Moreover, with the advancement in technology followed by the continuous developments towards military expenditure, the demand for superior quality submarine has increased which has created ample opportunities for the growth of the market across the globe. Moreover, the countries are improving their navy capabilities with nuclear power through which numerous competitors & powerful countries are avoiding attacks thereby increasing the demand for SSBNs submarines. For instance, in December 2021, the Indian government launched the third Arihant-class nuclear-powered missile submarine in Visakhapatnam, India.

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This was developed by Defence Research and Development Organisation (DRDO), the Department of Atomic Energy (DAE), select Indian Navy (IN) personnel and Russian scientists and technicians, the S4 boat and the follow-on, under-fabrication S4 like the previous two SSBNs, comprise a critical part of India's three-tier credible nuclear deterrent. India plans on eventually fielding at least four such SSBNs, with an option to build two more, to add maritime strike capability to its existing land and aerial-based capacity in delivering strategic weapons.

In addition, U.S. is renowned for having one of the biggest submarine hubs all over the world. The U.S. government is investing heavily in the development of submarines which strengthen the naval capabilities, increase the demand for submarines, and offers opportunities for market players to develop new products for upcoming submarines. Moreover, the presence of market players in the North American region is anticipated to increase the production of submarines, which is expected to drive the growth of the submarine market in the region during the forecast period.

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By region, the global submarine industry across Asia-Pacific dominated the market in 2021, accounting for nearly two-fifths of the market, due to rise in defense expenditure in Asia-Pacific to tackle growing terrorism and regional disputes in countries such as India, Afghanistan, and China. However, the market across Europe is estimated the highest CAGR of 5.1% during the forecast period, owing to increase in the adoption of modern and advanced technologies to counter illegal submarine operations. European nations are increasingly adopting modern submarines for increased protection and defense capabilities against the rising instances of submarine activities, which is expected to drive the demand for submarines in the region.

Major market players

BAE Systems pl
General Dynamics Corporation
Huntington Ingalls Industries, Inc.
Kawasaki Heavy Industries, Ltd.
Lockheed Martin Corporation
Mitsubishi Heavy Industries, Ltd.
Navantia
Thales
Thyssenkrupp AG
Bollinger Shipyards

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