Global Submarine Market | Growing Arms Race among Countries to Boost the Market Growth | Technavio

·5-min read

The global submarine market size is poised to grow by USD 6.22 billion during 2020-2024, progressing at a CAGR of over 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Submarine Market 2020-2024 (Graphic: Business Wire)

The global submarine market is driven by the growing arms race among countries. There is a growing need for countries to improve their underwater combat capabilities due to the number of conflicts involving maritime borders and trade routes. To gain or sustain military supremacy, countries are focusing on developing and procuring the most sophisticated and high-end military platforms such as submarines. Asia's largest defense spender China plans to procure more attack submarines and nuclear-armed submarines in the upcoming years. As of October 2020, it was estimated that China operated a total of 66 submarines, including SSBN, SSN, and SSK. Countries such as Japan, South Korea, Pakistan, Australia, and Taiwan are also making significant investments in this domain. Such initiatives are driving revenue growth in the global submarine market.

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Report Highlights:

  • The major submarine market growth came from the SSN segment in 2019, and this segment is expected to grow at a significant rate during the forecast period.

  • North America was the largest submarine in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the strategic need for deterrent capabilities and the aging and retiring submarines.

  • The global submarine market is concentrated. BAE Systems Plc, DSME Co. Ltd., Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Mitsubishi Heavy Industries Ltd., Naval Group, Saab AB, thyssenkrupp AG, and United Shipbuilding Corp. are some of the major market participants. To help clients improve their market position, this submarine market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global submarine market 2020-2024 is expected to have negative growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Advances in Undersea Warfare will be a Key Market Trend

There are increasing possibilities for undersea attacks as security measures are getting stricter about conventional international borders. Countries that are situated along the coastlines have a need to protect themselves from such threats. Hence, countries are investing in building their maritime defense capabilities in the interest of national security. Of all the other naval platforms, submarines are used for ensuring a high level of naval defense. This is due to its capabilities to launch covert counter attacks and its ability to stay submerged for extended periods without being detected. Thus, advances in undersea warfare is expected to drive the growth of the market.

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Submarine Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist submarine market growth during the next five years

  • Estimation of the submarine market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the submarine market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of submarine market vendors

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Executive Summary

Market Landscape

  • Market ecosystem

  • Market characteristics

  • Value chain analysis

Market Sizing

  • Market definition

  • Market segment analysis

  • Market size 2019

  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five forces summary

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • Threat of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

Market Segmentation by Type

  • Market segments

  • Comparison by Type

  • SSN - Market size and forecast 2019-2024

  • SSBN - Market size and forecast 2019-2024

  • SSK - Market size and forecast 2019-2024

  • Market opportunity by Type

Customer Landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • North America - Market size and forecast 2019-2024

  • APAC - Market size and forecast 2019-2024

  • Europe - Market size and forecast 2019-2024

  • South America - Market size and forecast 2019-2024

  • MEA - Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity by geography

  • Market drivers

  • Market challenges

  • Market trends

Vendor Landscape

  • Vendor landscape

  • Landscape disruption

  • Competitive scenario

Vendor Analysis

  • Vendors covered

  • Market positioning of vendors

  • BAE Systems Plc

  • DSME Co. Ltd.

  • Fincantieri Spa

  • General Dynamics Corp.

  • Huntington Ingalls Industries Inc.

  • Mitsubishi Heavy Industries Ltd.

  • Naval Group

  • Saab AB

  • thyssenkrupp AG

  • United Shipbuilding Corp.

Appendix

  • Scope of the report

  • Currency conversion rates for US$

  • Research methodology

  • List of abbreviations

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201022006020/en/

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