Concerns over Securing Maritime Borders to Accelerate Sales of Submarines Globally
MarketResearchReports.Biz presents this most up-to-date research on “ The Global Submarine Market 2016-2026 “
The report is titled “The Global Submarine Market 2016–2026.” The market intelligence report is a synopsis of the growth trajectory of the global submarine market along with an assessment of the prevailing trends.
An evaluation of the dynamics that are anticipated to boost or restrict the growth of the global submarine market has been presented in the report. It also projects the volume and revenue growth of the market. To offer a clear understanding of the market, the study offers an overview of the competitive landscape of the market by using Porter’s five forces analysis. The policies, products, and market shares of the leading companies have also been provided in the report.
According to the report, the global submarine market is projected to reach US$36.3 bn by the end of 2026 from a valuation of US$22.8 bn in 2016. It is estimated to witness a promising 4.74% CAGR over the forecast period. The primary driver in the global submarine market is the mounting demand for unmanned underwater vehicles (UUVs). Over the next couple of years, the sales of military submarines are likely to accelerate owing to the rising need to replace old submarines and settle disputes over trade routes and maritime borders.
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Submarines play a crucial role in securing trade routes and maritime borders, patrolling, intelligence gathering, and reconnaissance and surveillance other than just nuclear deterrent roles. The demand for submarines is anticipated to intensify in countries across the globe for maintenance, repair, and operations (MRO) services. In order to secure maritime borders, governments across the world are being compelled to invest heavily in MRO submarine programs, mid-life advancements, and procurements. Submarines and unmanned underwater vehicles have significant applications in warfare missions and mine countermeasure operations.
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The report broadly segments the global submarine market into nuclear-powered attack submarine (SSN), nuclear-powered ballistic missile submarine (SSBN), and kilo-class submarine (SSK). Among these, the nuclear-powered attack submarine (SSN) segment is expected to hold a share of over 38.3% in the global submarine market through the forecast period. It is expected to be closely trailed by SSK and SSBN accounting for a share of over 35.3% and 26.4% during the course of the forecast period. By the end of 2026, it is anticipated that the global expenditure on submarine MROs will rise to US$3.3 bn from US$2.8 bn in 2016, registering a 1.67% CAGR.
Geographically, the global submarine market is categorized into North America, Europe, Asia Pacific, Africa, Latin America, and the Middle East. North America is expected to dominate the market with a share of approximately 37.0% during the forecast period, closely trailed by Asia Pacific and Europe. The leading vendors in the market are Kawasaki Heavy Industries, Huntington Ingalls Industries, General Dynamics Electric Boat, Daewoo Shipbuilding and Marine Engineering, and BAE Systems.
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