Submarine Industry Trend Key Players Share Size Growth, Opportunities, Business Demands, Forecast 2027

 Submarine Market Research Report: Information by Type (Nuclear Powered Submarine, Diesel Electric Submarine and Ballistic Missile Submarine), Application (Surveillance, Combat, Marine Environmental Monitoring, Detection of Oil Resources, Scientific Research and others), Platform (Commercial and Military) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030

Competitive Dashboard:

Prominent players operating in the submarine market include Thales Group (France), Lockheed Martin Corporation (U.S.), Kawasaki Heavy Industries Ltd. (Japan), General Dynamics (U.S.), Saab AB (Sweden), Huntington Ingalls Industries (U.S.), FINCANTIERI S.p.A. (Italy), BAE Systems (U.K.), Daewoo Shipbuilding & Marine Engineering Co. Ltd. (South Korea), and Mazagon Dock Shipbuilders Limited (India).

Overview:

The global submarine market is poised to touch a valuation of USD 28,656.3 million by 2023, as per the latest report by Market Research Future (MRFR). Submarines make up an important resource in the defensive strategy of various nations. It can complement the strategies of other armed forces owing to its multi-operational capabilities.

Border tensions among nations is one of the major factors driving the market growth. The increased defense budget of nations such as South Korea, China, and others modernizing their naval power can effectively benefit the submarine market. Furthermore, demand for unmanned underwater vehicles and the surge witnessed in nuclear powered submarines are other factors which can thrust the market demand from 2018 to 2023 (forecast period). But retrofitting and maintenance costs can pose a challenge to the market.

Segmentation:

The submarine market can be segmented by type, application, and platform.

By type, the market comprises nuclear powered, diesel electric, and ballistic missile submarines. The nuclear powered segment accounted for close to 51% share of the submarine market in 2018. It can accrue significant revenue at 4.48% CAGR over the forecast period. The diesel electric segment assumed the second position in 2018 with a valuation of USD 7,031.3 million. It can experience 3.42% CAGR during the assessment period. But the ballistic missile submarine segment is touted to grow at a robust pace owing to technological advances and upgradation of underwater naval vessels.

By application, the market is segmented into marine environmental monitoring, detection of oil resources, scientific research, surveillance, combat, and others. The surveillance segment accounted for close to 36% share of the submarine market in 2017 with a valuation of USD 8,051 million. It can experience 4.53% CAGR during the forecast period. But the combat segment is predicted to enjoy 4.60% CAGR within the same assessment period.

By platform, the market is divided into military and commercial. The military segment was valued at USD 14,588 million in 2018 and can garner significant earnings at 4.43% CAGR over the forecast period. On the other hand, the commercial segment can reach a valuation of USD 10,535.4 million by 2023 owing to numerous opportunities in Asia Pacific.

Regional Analysis:

The submarine market covers the latest trends and opportunities across North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA).

North America accounted for nearly 37% share in 2018. This region is predicted to dominate the global market till 2023. High demand for nuclear powered submarines and heavy warfare technologies are likely to assist this region in sustaining its position in the submarine market till the end of the forecast period.

Europe managed to capture close to 28% share in 2018. The rollout of various submarine programs which commenced the production of Yasen and Borei classes of underwater naval vessels in 2013. Furthermore, the extended defense budget of nations such as the U.K. to expedite the production and design of new models of submarines can bolster the regional market size to USD 7,963 million by 2023.

APAC had 22.53% share in 2017. This region is touted to be highly lucrative for the submarine market owing to high demand for underwater naval vessels by South Korea, India, and China. It can experience the highest CAGR of 4.58% during the assessment period.

Patents filed by these players to protect their intellectual properties is expected to witness a sharp rise in the coming years. This is exemplified by the recent patent filed by ThyssenKrupp in 2018 for an underwater rapid unloading system.

Access Report @ https://www.marketresearchfuture.com/reports/submarine-market-4571

Comments

Post a Comment

Popular posts from this blog

GERD and NERD Treatment Market Rising Uptake Of Technology In Medical And Healthcare Sector To Boost Industry’s Growth Market 2019 Market Highlights: GERD & NERD Treatment Market Research Report- Americas forecast till 2023 growing continuously and is expected to grow at a CAGR of 4.02 % from 2017 to 2023. Heartburn is the burning sensation in the chest behind the breastbone that we feel when stomach acid refluxes back into the esophagus (food tube). Increasing prevalence of gastric diseases has increased the investment in GERD medication for research and development. This is expected to further drive the demand for gastroenteric drugs. Major players in GERD & NERD treatment market Some of the major players in this market are ( U.S.), GlaxoSmithKline Plc (U.K), Ironwood Pharmaceuticals, Inc. (U.S.), Jeil pharmaceutical Co. Ltd. (South Korea), Johnson & Johnson (U.S.), Mederi Therapeutics Inc. (U.S.), Medigus Ltd. (Israel), Medtronic Inc. (U.S.), Merck & CO.,...
Read more
Air Ambulance Services Market Size, Share, Trends, Application  Global Air Ambulance Services Market  Overview The Global Air Ambulance Services Market is expected to reach USD 11,456.3 million by 2024 at a CAGR of 2.95% during the forecast period. Air ambulance manufacturers are investing heavily in advanced technologies to reduce costs and improve turnaround time. For instance, 3D printing is dramatically changing the way structures and components of aircraft are currently designed and manufactured. It reduces the design constraints that engineers face when using conventional fabrication techniques. Furthermore, the ability to fabricate functional electronics into complex structures using 3D printing allows manufacturers to offer air ambulances that operate effectively in adverse conditions such as inclement weather, tsunamis, droughts, and cyclones. Global Air Ambulance Services Market  Segmental Analysis The global air ambu...
Read more

Satellite Communication (SATCOM) Market Outlook And Opportunities With Future Growth Scenario By 2027

  Market Forecast The satellite communication (SATCOM) market is projected to register a  CAGR of 8.44%  between  2021 and 2027 .   SATCOM is used for the transmission of information from one place to another with the aid of a satellite that orbits around the Earth. SATCOM is employed for a wide range of mobile applications, including communication to aircraft, ships, vehicles, and hand-held terminals, as well as for TV and radio broadcasting. The increasing deployment of small satellites, growing demand for high-speed Internet, and rising adoption of maritime VSAT are primarily driving the market's growth. Additionally, increasing demand for small form factor SATCOM solutions and frequent launches of military satellitesare driving the global market's growth. Globally, military spending has increased significantly in recent years. Factors such as ongoing conflicts in the Middle East & Africa, long-standing tensions, territorial disputes between ...
Read more