Undersea Warfare Systems Market: Industry Outlook, Growth Prospects and Key Opportunities
Underwater warfare systems is one of the three operational areas of naval warfare, aerial warfare and surface warfare. The demand for the undersea warfare systemsmarket systems is anticipated to be driven by increasing disputes over offshore resources, trade routes and maritime borders. Counter and anti-access area denial are becoming a dynamic part of maritime strategies implemented by key navies globally and undersea warfare is anticipated to recover its importance.
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Based on type, the undersea warfare systemsmarket is divided intocombat systems, sensors, manned and unmanned systems and counter measures & communication. Among various types, in 2015, the combat systemssegment estimated to be the key market followed by manned and unmanned systems and sensors.
New developments in maritime technology such as stealth submarines, unmanned vehicles and maritime robots, network centric warfare, under sea communications and enhanced detection ranges of sonar among others are expected to inspire investment in R&D projects which in turn expected to boost the market for the undersea warfare systems during the forecast period of 2016 – 2024. In addition, communication and counter measures segment is estimated to rise at the maximum CAGR during the estimate period.
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Based on end use, the undersea warfare systemsmarket is divided into navy, air force and army. Among various types, in 2015, navy segment estimated to be the key market followed by segment estimated to be the key market followed by manned and unmanned systems and sensors. Increase in demand of submarines, surface ships, helicopters and combat airplane is expected to boost the market during the forecast period of 2016 - 2024.
In addition, warfare between submarines, other surface ships and submarines; helicopters and combat airplanes among others is other factor driving the market for Based on the geography, the undersea warfare systemsmarket is dividedinto Asia Pacific, North America, Europe, Middle East & Africa and South America. North America grips the key market share trailed by Asia Pacific. Some of the major factors driving the market for undersea warfare systemsin North America are huge naval spending and rise in demand for new submarines.
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In 2015, the U.S. is the key market for the undersea warfare systemsmarket, globally. Moreover, Asia Pacific is the second major market for undersea warfare systems market trailed by Europe, South America and Middle East & Africa. Asia-Pacific is expected to witness the maximum CAGR among all regions during the estimate period.In addition, Asia Pacific dominated by India, China, South Korea and Japan.
Moreover, China held the largest share for the undersea warfare systems market in Asia Pacific in 2015. It is also expected to experience healthy growth in the coming years. Growing research and development activities started by different research organizations acts as anopportunity factor for the market. The UK, France and Russia accounted for major market share in the European region in 2015.
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