(MENAFN- America News Hour)
“Increasing concern for maritime security due to maritime territorial disputes is the major driving factor in the submarine combat systems market globally”.
The submarine combat systems market is estimated to be valued at USD 4.97 billion in 2023 and projected to reach USD 11.67 billion by 2033 at a CAGR of 15.3%. The growth in the submarine combat systems market can be attributed to increasing investments in maritime security. The market for submarine combat systems is driven by several factors such as, maritime territorial disputes and their threat to sea trade.
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“Armaments is expected to account for the largest market share in the sub-system segment of the submarine combat systems market”
On the basis of sub-system, armaments under the systems segment is estimated to have captured the largest share of the submarine combat systems market in 2023. Armaments include weapons such as, torpedoes, cruise missiles, and ballistic missiles. The growth in armaments can be attributed to the increase in orders for new submarines and ageing of existing armaments in submarines.
“Asia-Pacific to lead the submarine combat systems market during the forecast period”
The Asia-Pacific region is projected to lead the submarine combat systems market during the forecast period and is estimated to have captured the largest share of the submarine combat systems market in 2016. Localization of submarine manufacture and submarine based combat systems are the key drivers for this market. Recent geopolitical developments such as, South China Sea and East China Sea disputes between China and its neighboring countries such as, Taiwan, Brunei, Malaysia, Philippines, Japan, and Vietnam over Spratly and Senkaku islands respectively, is a major factor for the increase in investments in naval assets.
“Profile of break-up of primary participants in the submarine combat systems market”
. By Company Type – Tier 1 – 35 %, Tier 2 – 45% and Tier 3 – 20%
. By Designation – C level – 35%, Director level – 25%, Others – 40%
. By Region – North America – 45%, Europe – 20%, Asia-Pacific – 30%, RoW – 5%
The major companies profiled in the report are, Lockheed Martin Corporation (U.S.), SAAB AB (Sweden), Kongsberg Gruppen ASA (Norway), General Dynamics Corporation (U.S.), Atlas Elektronik GmbH (Germany).
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The study segments the market on the basis of systems (sensors, electronic support measures, and armaments), by submarines (SSK, SSN, SSBN), and retrofit under regions such as, North America, Europe, Asia-Pacific, and the Rest of the World. From an insight perspective, this research report has focused on various levels of analyses -industry analysis (industry & technological trends, and contract mapping), market-share analysis of top players, and company profiles. These together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the submarine combat systems market, high-growth regions and countries, and their respective regulatory policies, government initiatives, and market drivers, restraints, and opportunities.
Reasons to buy the Report
The report provides insights into the following pointers:
. Market Penetration: Comprehensive information on submarine combat systems and their sub-systems offered by the top 10 players in the submarine combat systems market
. Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the submarine combat systems market
. Market Development: Comprehensive information about lucrative emerging markets – the report analyses markets for submarine combat systems across regions
. Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the submarine combat systems market
. Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the submarine combat systems market.
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