The submarine market size is estimated to grow at a CAGR of 5.45% between 2022 and 2027 and the size of the market is forecast to increase by USD 8,990.05 million. The growth of the market depends on several factors including fleet replacement programs, advances in undersea warfare, and a growing arms race among countries.
This report extensively covers market segmentation by type (SSN, SSBN, and SSK), application (military and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
What will be the Size of the Submarine Market During the Forecast Period?

To learn more about this report, Download Report Sample
Technavio’s Exclusive Submarine Market Customer Landscape
Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.

Global Submarine Market Customer Landscape
Key Drivers, Trends, and Challenges
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Key Driver
- Fleet replacement programs are a major driver for the growth of the submarine market during the forecast period.
- As most of the submarines in countries are nearing the end of their service life, there is a growing need for them to be replaced. The average life span of a submarine is around 40 years.
- The prolonged usage after its planned life likely leads to high maintenance expenses and risks. Submarine parts, including hydraulic systems, planes, rudders, batteries, main engines, gearboxes, and nuclear propulsion systems, must be regularly repaired and replaced.
- The replacement of old submarines with new ones offers multiple advantages in terms of high performance and efficiency and is also considered a cost-effective measure for governments in the long run.
- Hence, such factors drive demand in the market during the forecast period.
Significant Trends
- Multi-mission submarines are an emerging submarine market trend expected to boost market growth during the forecast period.
- Market vendors develop submarines that can perform multiple functions to make submarines more operationally flexible.
- For instance, submarines such as the Virginia-class (SSN-774 class), which are deployed by the US Navy, have a flexible design for future enhancements.
- Furthermore, they are designed for improved littoral warfare, surveillance, as well as open ocean operations.
- For instance, an example of a multi-mission submarine project is that by Saab Kockums. Sweden's Project A26 is related to the building of two A26 Blekinge-class submarines for the Swedish Navy. The Blekinge-class submarines are incorporated with holistic quieting technology (acoustic, heat, hydrodynamics), advanced sensors, and a multi-mission portal for hosting divers and small underwater vehicles.
- Hence, such trends fuel market growth during the forecast period.
Major Challenge
- Limitations in submarine-building capabilities are a major challenge impeding the growth of the submarine market during the forecast period.
- Submarines are very complex platforms in terms of design, and only a few countries have the capability to design and build their own submarines. Thus, when emerging countries undertake a submarine manufacturing project, they depend heavily on developed countries for the implementation of technology and design.
- Furthermore, there are constraints with respect to the shipyard workforce. The US plans to expand its submarine fleet are challenged by the lack of a skilled workforce.
- Additionally, it takes about 5-7 years to train an individual to become a skilled shipbuilder, and hiring requires huge funds and cannot be made in advance.
- Hence, due to such factors, the rapid expansion of the workforce in a brief period is a big challenge across the vendors, which will hinder the growth of the global submarine market during the forecast period.
Who are the Major Submarine Market Vendors?
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Triton Submarines LLC - The company offers submarines such as professional submersibles, commercial submersibles, and leisure submersibles.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
- Anschutz
- ASC Pty Ltd.
- BAE Systems Plc
- Daewoo Shipbuilding and Marine Engineering Co. Ltd.
- Fincantieri Spa
- General Dynamics Corp.
- Hyundai Heavy Industries Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Lockheed Martin Corp.
- Mazagon Dock Shipbuilders Ltd.
- Mitsubishi Heavy Industries Ltd.
- NauticExpo
- Naval Group
- Navantia SA
- Saab AB
- Submarine Manufacturing and Products Ltd.
- The Boeing Co.
- thyssenkrupp AG
- Triton Submarines LLC
- United Shipbuilding Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Submarine Market Segmentation by Product, Component, Geography
Product Segment Analysis
The market share growth by the SSN segment will be significant during the forecast period. A nuclear attack submarine, also known as SSN, operates on a nuclear propulsion system that works independently of air. This helps to minimize the need for the vessel to reach the surface often.

Get a Customised Report as per your requirements for FREE!
The SSN segment was valued at USD 10,260.64 million in 2017 and continued to grow until 2021. SSNs are used to launch attacks on other submarines and surface combatants as well as for striking terrestrial targets. They are used to perform multiple other functions such as intelligence gathering as well as insertion and extraction of special forces. For instance, the first nuclear-powered attack submarine was the US Navy's USS Nautilus. Currently, six nations operate nuclear submarines, including the US, Russia, India, France, China, and the UK. Some popular SSNs include Barracuda-class (French Navy), Akula-class (Indian Navy), Los Angeles-class, and Virginia-class (US Navy).
Regional Analysis

For more insights on the market share of various regions View PDF Sample now!
APAC is estimated to contribute 39% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. It is the fastest-growing region in the global submarine market, with China, Japan, Korea, and India as the leading revenue-generating countries. The submarine market in the region is driven by factors including maritime border disputes and the need to attain naval supremacy. Additionally, due to the growing pressure along the South China Sea and the British-Indian Ocean Territory, the governments of Japan, Australia, China, and India are focusing on increasing the fleet of silent patrolling submarines.
Covid Recovery Analysis
In 2020, the COVID-19 outbreak adversely impacted revenue growth in the region. The lockdowns imposed in North America slowed down economic growth, which resulted in the lack of funding and investments in new and advanced submarine projects. It also led to delays in submarine building operations. As a result, the submarine market in North America witnessed a slowdown in 2020 and 2021. Despite the challenges faced by several industries in the wake of the COVID-19 pandemic, the defense sector remained resilient owing to continuous developments across the sector in the region. In 2021, a large-scale vaccination program was initiated, which led to the removal of lockdown restrictions. Owing to ease in lockdown restrictions, submarine construction processes were restarted, which positively impacted the growth of the market.
Segment Overview
The submarine market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
- Type Outlook (USD Million, 2017 - 2027)
- Application Outlook (USD Million, 2017 - 2027)
- Region Outlook (USD Million, 2017 - 2027)
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Submarine Market Scope
|
Report Coverage
|
Details
|
Page number
|
166
|
Base year
|
2022
|
Historic period
|
2017-2021
|
Forecast period
|
2023-2027
|
Growth momentum & CAGR
|
Accelerate at a CAGR of 5.45%
|
Market growth 2023-2027
|
USD 8,990.05 million
|
Market structure
|
Fragmented
|
YoY growth 2022-2023(%)
|
4.95
|
Regional analysis
|
North America, APAC, Europe, Middle East and Africa, and South America
|
Performing market contribution
|
APAC at 39%
|
Key countries
|
US, China, Japan, South Korea, and Russia
|
Competitive landscape
|
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled
|
Anschutz, ASC Pty Ltd., BAE Systems Plc, Daewoo Shipbuilding and Marine Engineering Co. Ltd., Fincantieri Spa, General Dynamics Corp., Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Lockheed Martin Corp., Mazagon Dock Shipbuilders Ltd., Mitsubishi Heavy Industries Ltd., NauticExpo, Naval Group, Navantia SA, Saab AB, Submarine Manufacturing and Products Ltd., The Boeing Co., thyssenkrupp AG, Triton Submarines LLC, and United Shipbuilding Corp.
|
Market dynamics
|
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
|
Customization purview
|
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
|
Request PDF sample
What are the Key Data Covered in this Submarine Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the submarine market between 2023 and 2027
- Precise estimation of the size of the submarine market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across North America, APAC, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of submarine market vendors
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch