Submarine Market by Type and Geography - Forecast and Analysis 2020-2024
- Published: Oct 2020
- Pages: 120
- SKU: IRTNTR45405
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The submarine market size has the potential to grow by USD 6.22 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by type (SSN, SSBN, and SSK) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 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.
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Market Competitive Analysis
The submarine market is concentrated. The competition in the market is high due to the presence of a number of limited vendors that have equal opportunities during the bidding process. Key vendors hold a significant share of the market, owing to their strong expertise and financial capabilities. New vendors compete with established vendors by strengthening their positions in local markets. BAE Systems Plc, DSME Co. Ltd., and Fincantieri Spa are some of the major market participants. Although the growing arms race among countries will offer immense growth opportunities, the limitations in submarine building capabilities will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this submarine market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this submarine market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- 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.
Submarine Market: Segmentation by Geography
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North America was the largest submarine market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The strategic need for deterrent capabilities and the aging and retiring submarines will significantly drive submarine market growth in this region over the forecast period.
34% of the market’s growth will originate from North America during the forecast period. The US is a key market for submarines in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.
Submarine Market: Segmentation by Type
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SSNs are in high demand due to their beneficial features, such as higher endurance, enhanced speeds, and better efficiency, over the traditionally powered SSKs. The current generation of SSNs do not have to be refueled to extend their lifespan (which is 25 years and more) and can host powerful weapons and sensors. The increasing investments in developing nuclear-powered submarines and improvement in designs have surged the fleet orders for SSN globally.
Market growth by the SSN segment will be faster than the growth of the market by the SSBN and SSK segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the submarine market size.
Submarine Market: Key Drivers and Trends
Submarine market analysis at Technavio predicts that the global submarine market will grow at a CAGR of over 4% during the forecast period. This market research analysis identifies the growing arms race among countries as one of the primary factors for the submarine market growth. With the growing number of conflicts involving maritime borders and trade routes, countries across the world have the need to improve their underwater combat capabilities. To gain or sustain military supremacy, countries are increasingly focusing on developing and procuring the most sophisticated and high-end military platforms such as submarines, which will subsequently drive market growth. Countries such as Japan, South Korea, Pakistan, Australia, and Taiwan have already started making significant investments in this domain.
Li-ion batteries can store up to 100% greater energy than lead-acid batteries and can be fully charged at a faster rate. The performance of these batteries is consistently fair even in low levels of charge. Additionally, these batteries can be recharged at sea by snorkeling and have minimal need for maintenance. This, in turn, will result in the integration of lithium-ion batteries in submarines, which will be one of the major submarine market trends that will gain traction during the next few years.
Submarine Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive submarine market growth during the next five years
- Precise estimation of the submarine market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the submarine industry across APAC, Europe, MEA, North America, and South America
- A thorough 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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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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