Submarine Market
Submarine Market Forecasts to 2028 - Global Analysis By Type (Diesel-Electric Submarine (SSK), Nuclear Powered Submarine (SSN) and Ballistic Missile Submarine (SSBN)), Propulsion (Nuclear and Non Nuclear), Application (Marine Weather Monitoring and Scientific Research, Military Surveillance and Combat and Other Applications) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $24.69 BN |
|
Projected Year Value (2028) |
US $35.03 BN |
|
CAGR (2022 - 2028) |
6 % |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Submarine Market is accounted for $24.69 billion in 2022 and is expected to reach $35.03 billion by 2028 growing at a CAGR of 6% during the forecast period. A submarine (or sub) is a submerged watercraft capable of free operation. It varies from a submersible, which has more limited underwater capabilities. It's also been used historically or informally to refer to remotely controlled vehicles and robotics, as well as medium-sized or smaller vessels, such as the midget submarine and therefore the wet sub. Submarines are referred to as "boats" rather than "ships" regardless of their size. Military applications include attacking enemy surface ships or other submarines, carrier defence, blockade running, missile submarines as part of a nuclear strike force, surveillance, conventional land attack, and clandestine insertion of Special Forces. Submarines are also used for tourism and undersea archaeology.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), from April 2020 – June 2021, the Foreign Direct Investment (FDI) equity flow in the Indian Defense sector was valued at $10.15 million.
Market Dynamics:
Driver:
Rising investment in submarines
Rising submarine investment is likely to drive the growth of the submarine market during the forecast period. A submarine is a type of vessel that can travel both above and below sea level. Governments throughout the world are investing in submarines to strengthen local shipyards and address gaps in the Navy's underwater warfare capability. For example, the United Kingdom government announced a £170 million investment in the next generation of Royal Navy submarines in September 2021. BAE Systems and Rolls-Royce have each been granted £85 million contracts to deliver design and concept work for a future type of Royal Navy submarine. As a result, increased submarine investment fuels the growth of the submarine market.
Restraint:
High cost of maintenance and repair
The high expense of submarine maintenance and repair is limiting submarine adoption by developing and underdeveloped countries. The submarines have cost millions of dollars to operate, and as a result, underdeveloped countries such as Afghanistan, Angola, and Bangladesh, among others, are unable to keep them operational. For example, the Congressional Budget Office organisation stated in an April 2019 report that the United States spends an average of $30 million on each submarine to maintain its capabilities and performance.
Opportunity:
Integration of 3D printing
The incorporation of 3D printing or additive manufacturing in submarines is a crucial topic that is gaining traction in the submarine business. Major submarine firms are adopting 3D printing to create optimal submersible components and increase performance by reducing important qualities such as weight. It can print complex parts such as submarine parts, missile fins, and guidance systems. It offers several advantages such as cost-efficient, quick design, rapid internal feature changes, and just-in-time parts manufacturing.
Threat:
Threats of data breaches
Submarine development is typically a top-secret project between states. This is done to prevent opponents from learning about the advanced technologies and components utilised in submarines. Data breaches or leaks regarding projects can cause governments to lose military superiority, posing a significant threat to national security. The announcement of a large data dump exposing the combat and stealth capabilities of the Indian Navy's soon-to-be-inducted French Scorpene submarines occurred at a time when India's first Scorpene-class submarine, INS Kalvari, was undergoing sea trials and armament testing.
Covid-19 Impact
COVID-19 had a significant influence on the submarine market because to the closure of manufacturing sites, supply chain interruptions, and international trade restrictions. COVID-19 prompted at least one submarine manufacturer to cease or shut down manufacturing operations on a monthly basis. The introduction of new projects, as well as increased demand for the renovation of current submarine systems and overall networking infrastructure, are likely to drive submarine demand in the future years.
The Nuclear Powered Submarine (SSN) segment is expected to be the largest during the forecast period
The Nuclear Powered Submarine (SSN) segment is estimated to have a lucrative growth, due to their advantages, such as being faster, more efficient, and having longer endurance capabilities. Furthermore, SSN submarines do not need to dive to the surface for breath on a regular basis, which keeps their stealth. In comparison to diesel-electric submarines, these submarines have lower maintenance costs and a longer lifespan. Because of these benefits, countries are investing in nuclear submarine purchase. Nuclear submarines are now in service in six countries: the United States, the United Kingdom, Russia, France, China, and India.
The military surveillance and combat segment is expected to have the highest CAGR during the forecast period
The military surveillance and combat segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing demand for military submarines. Submarines are regularly employed for surveillance to ensure safety in the event of an ambush or attack. Furthermore, with increased terror concerns and border tensions, demand for Submarine is projected to increase. Moreover, global organizations are increasing their military budget for innovations in submarines that enhance the capabilities of submarines strengthen the country’s security and protect the threats.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the highest military spending of the United States globally. As a result of the increased need for combat technologies, North America places a great dependence on nuclear-powered submarines. With Russia and China posing an increasing danger, the US Department of Defense is working to improve its naval capabilities through the introduction of new surface boats and submarines.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the scheduled deployment of many submarine programs such as the Astute, Successor, Yasen, and Borei classes that had been initiated a few years back. These submarines are intended to replace the UK Navy's ageing fleet of Vanguard-class submarines by 2028. The Israeli Navy had acquired its fifth Dolphin-class submarine, built in Germany. European countries such as the United Kingdom, Spain, Portugal, Greece, Ireland, and Cyprus are expected to increase their market share during the forecast period.
Key players in the market
Some of the key players profiled in the Submarine Market include Daewoo Shipbuilding & Marine Engineering, General Dynamics Electric Boat, BAE Systems PLC, Hyundai Heavy Industries, Huntington Ingalls Industries, United Shipbuilding Corp, Thyssenkrupp AG, Saab AB, Naval Group, Mitsubishi Heavy Industries Ltd, Fincantieri Spa, Kawasaki Heavy Industries, Ltd., Lockheed Martin Corporation and Bollinger Shipyards
Key Developments:
In February 2022, PT PAL Indonesia signed a memorandum of understanding (MoU) with the Naval Group to cooperate on the research and development of submarines, which will boost the maritime defense of Indonesia.
In January 2022, the Israeli Defense Ministry signed an agreement with ThyssenKrupp Marine Systems worth EUR 3 billion (USD 3.4 billion) to acquire three Darker class diesel submarines for the Israeli Navy. The new submarines are expected to replace three aging Dolphin-class submarines and the first submarine is expected to be delivered by 2031.
Types Covered:
• Diesel-Electric Submarine (SSK)
• Nuclear Powered Submarine (SSN)
• Ballistic Missile Submarine (SSBN)
Propulsions Covered:
• Nuclear
• Non Nuclear
Applications Covered:
• Marine Weather Monitoring and Scientific Research
• Military Surveillance and Combat
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Submarine Market, By Type
5.1 Introduction
5.2 Diesel-Electric Submarine (SSK)
5.3 Nuclear Powered Submarine (SSN)
5.4 Ballistic Missile Submarine (SSBN)
6 Global Submarine Market, By Propulsion
6.1 Introduction
6.2 Nuclear
6.3 Non Nuclear
7 Global Submarine Market, By Application
7.1 Introduction
7.2 Marine Weather Monitoring and Scientific Research
7.3 Military Surveillance and Combat
7.4 Other Applications
8 Global Submarine Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Daewoo Shipbuilding & Marine Engineering
10.2 General Dynamics Electric Boat
10.3 BAE Systems PLC
10.4 Hyundai Heavy Industries
10.5 Huntington Ingalls Industries
10.6 United Shipbuilding Corp
10.7 Thyssenkrupp AG
10.8 Saab AB
10.9 Naval Group
10.10 Mitsubishi Heavy Industries Ltd
10.11 Fincantieri Spa
10.12 Kawasaki Heavy Industries, Ltd.
10.13 Lockheed Martin Corporation
10.14 Bollinger Shipyards
List of Tables
1 Global Submarine Market Outlook, By Region (2020-2028) ($MN)
2 Global Submarine Market Outlook, By Type (2020-2028) ($MN)
3 Global Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
4 Global Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
5 Global Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
6 Global Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
7 Global Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
8 Global Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
9 Global Submarine Market Outlook, By Application (2020-2028) ($MN)
10 Global Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
11 Global Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
12 Global Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
13 North America Submarine Market Outlook, By Country (2020-2028) ($MN)
14 North America Submarine Market Outlook, By Type (2020-2028) ($MN)
15 North America Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
16 North America Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
17 North America Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
18 North America Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
19 North America Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
20 North America Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
21 North America Submarine Market Outlook, By Application (2020-2028) ($MN)
22 North America Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
23 North America Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
24 North America Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
25 Europe Submarine Market Outlook, By Country (2020-2028) ($MN)
26 Europe Submarine Market Outlook, By Type (2020-2028) ($MN)
27 Europe Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
28 Europe Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
29 Europe Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
30 Europe Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
31 Europe Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
32 Europe Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
33 Europe Submarine Market Outlook, By Application (2020-2028) ($MN)
34 Europe Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
35 Europe Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
36 Europe Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
37 Asia Pacific Submarine Market Outlook, By Country (2020-2028) ($MN)
38 Asia Pacific Submarine Market Outlook, By Type (2020-2028) ($MN)
39 Asia Pacific Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
40 Asia Pacific Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
41 Asia Pacific Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
42 Asia Pacific Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
43 Asia Pacific Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
44 Asia Pacific Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
45 Asia Pacific Submarine Market Outlook, By Application (2020-2028) ($MN)
46 Asia Pacific Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
47 Asia Pacific Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
48 Asia Pacific Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
49 South America Submarine Market Outlook, By Country (2020-2028) ($MN)
50 South America Submarine Market Outlook, By Type (2020-2028) ($MN)
51 South America Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
52 South America Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
53 South America Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
54 South America Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
55 South America Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
56 South America Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
57 South America Submarine Market Outlook, By Application (2020-2028) ($MN)
58 South America Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
59 South America Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
60 South America Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
61 Middle East & Africa Submarine Market Outlook, By Country (2020-2028) ($MN)
62 Middle East & Africa Submarine Market Outlook, By Type (2020-2028) ($MN)
63 Middle East & Africa Submarine Market Outlook, By Diesel-Electric Submarine (SSK) (2020-2028) ($MN)
64 Middle East & Africa Submarine Market Outlook, By Nuclear Powered Submarine (SSN) (2020-2028) ($MN)
65 Middle East & Africa Submarine Market Outlook, By Ballistic Missile Submarine (SSBN) (2020-2028) ($MN)
66 Middle East & Africa Submarine Market Outlook, By Propulsion (2020-2028) ($MN)
67 Middle East & Africa Submarine Market Outlook, By Nuclear (2020-2028) ($MN)
68 Middle East & Africa Submarine Market Outlook, By Non Nuclear (2020-2028) ($MN)
69 Middle East & Africa Submarine Market Outlook, By Application (2020-2028) ($MN)
70 Middle East & Africa Submarine Market Outlook, By Marine Weather Monitoring and Scientific Research (2020-2028) ($MN)
71 Middle East & Africa Submarine Market Outlook, By Military Surveillance and Combat (2020-2028) ($MN)
72 Middle East & Africa Submarine Market Outlook, By Other Applications (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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