Enjoy complimentary customisation on priority with our Enterprise License!
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.
To learn more about this report, Download Report Sample
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
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.
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:
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.
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).
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.
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.
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.
|
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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
