This global market research report provides a comprehensive analysis of the submarine market segmentation by type (SSN, SSBN, and SSK) and by geopgraphy (Americas, APAC, and EMEA). The prominent vendors analyzed in this report are BAE Systems, Daewoo Shipbuilding & Marine Engineering, General Dynamics Electric Boat, Huntington Ingalls Industries, and Kawasaki Heavy Industries.
Technavio’s market research analysts estimate the global submarine market, to grow at a CAGR of more than 4% between 2016 and 2020. Unmanned underwater vehicles (UUVs) are potential next-generation naval combat systems deployed by defense authorities globally. UUVs have extensive applications in naval intelligence, mine countermeasures operations, surveillance and reconnaissance, and anti-submarine warfare missions. The increasing activities related to seabed mapping and mining will propel the market for submarines during the forecast period. The Americas accounts for more than 40% of the global submarine market, owing to high military spending and increasing focus on the Virginia-class submarine program.
The new market research report from Technavio provides a breakdown and analysis of the submarine segments by technology.
“Several countries are modernizing their naval defense units by manufacturing submarines, surface mine countermeasure unmanned underwater vehicles (UUVs), and other combat and tactical UUVs. The increase in the number of these assets will simultaneously boost the global development of undersea combat systems. It is expected that by 2020, 154 new submarines will be added globally, which would attract higher investments during the forecast period,” Abhay Singh, Lead Analyst, Aerospace & Defense, Technavio Research
Currently, the nuclear-powered attack submarine (SSN) segment dominates the global submarine market with a market share of more than 40%. Since SSNs have several advantages such as longer endurance, higher speeds, and better efficiency over traditionally powered SSKs, they are extensive used by the US Navy and other NATO countries. Moreover, they do not have to surface periodically for air, which preserves their stealth characteristic.
Market share by submarine type in 2020
Source: Technavio, 2016
The leading vendors in the global submarine market are BAE Systems, Daewoo Shipbuilding & Marine Engineering, General Dynamics Electric Boat, Huntington Ingalls Industries, and Kawasaki Heavy Industries. The market is highly competitive and vendors compete based on the cost of production, quality, reliability, and aftermarket service. It is extremely important for vendors to provide cost-effective and high-quality submarines equipped with the latest technology and materials to survive in an intensely competitive market. Vendors are adopting strategies such as mergers and acquisitions, along with increased collaboration with alliance partners around the world for technical expertise and resources to develop innovative products.
A more detailed analysis is available in the Technavio report, Global Submarine Market 2016-2020.
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