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Submarine Market Is Expected To See Growth Rate Of 4.0% During 2021-2031 To Reach $33.9 Billion By 2031
(MENAFN- EIN Presswire)
The submarine market was valued at $23.3 billion in 2021, and is estimated to reach $33.9 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.
The global submarine market size was valued at $23.3 billion in 2021, and is projected to reach $33.9 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, March 17, 2025 /EINPresswire / -- Allied Market Research recently published a report, titled, "Submarine Market by Type (Ballistic Missile Submarines (SSBNs), Nuclear-Powered attack submarines (SSNs), Diesel-electric attack submarines (SSKs) and others), by Propulsion (Nuclear, Non-Nuclear), by Application (Military surveillance and Combat, Marine Weather Monitoring and Scientific Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global breast cancer liquid biopsy industry was pegged at $23.3 billion in 2021, and is projected to reach $33.9 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.
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Major determinants of the market growth
Rise in defense budget allocation toward naval activities and expansion of Chinese naval capacities have boosted the growth of the global submarine market. However, high cost of maintenance and repair hinders the market growth. On the contrary, surge in geopolitical issues between countries would open new opportunities in the future.
The diesel-electric attack submarines (SSKs) and others segment dominated the market
By type, the diesel-electric attack submarines (SSKs) and others segment held the lion's share in 2021, accounting for more than two-fifths of the global submarine market, owing to fact that SSK submarines are mostly adopting submarines due to its capabilities. However, the ballistic missile submarines (SSBNs) segment is expected to manifest the highest CAGR of 4.4% during the forecast period, due to fact that countries are improving their navy capabilities with nuclear power.
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The military surveillance and combat segment held the largest share
By application, the military surveillance and combat segment held the largest share in 2021, accounting for more than two-thirds of the global submarine market. In addition, the segment is projected to manifest the highest CAGR of 4.1% during the forecast period, due to the fact that developed countries have been focusing the new technologies for military surveillance and combat systems to protect the homeland security of the country in the oceans.
Asia-Pacific held the lion's share
By region, the global submarine market across Asia-Pacific dominated the market in 2021, accounting for nearly two-fifths of the market, due to rise in defense expenditure in Asia-Pacific to tackle growing terrorism and regional disputes in countries such as India, Afghanistan, and China. However, the market across Europe is estimated the highest CAGR of 5.1% during the forecast period, owing to increase in the adoption of modern and advanced technologies to counter illegal submarine operations. European nations are increasingly adopting modern submarines for increased protection and defense capabilities against the rising instances of submarine activities, which is expected to drive the demand for submarines in the region.
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✅ The key findings and recommendations highlight crucial progressive industry trends in the Footwear Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Major market players
BAE Systems pl
General Dynamics Corporation
Huntington Ingalls Industries, Inc.
Kawasaki Heavy Industries, Ltd.
Lockheed Martin Corporation
Mitsubishi Heavy Industries, Ltd.
Navantia
Thales
Thyssenkrupp AG
Bollinger Shipyards
Similar Reports We Have on Aerospace and Defense Industry:
Drone Camera Market
Narcotics Scanner Market
Aircraft Window Frame Market
Download Sample Report -
Major determinants of the market growth
Rise in defense budget allocation toward naval activities and expansion of Chinese naval capacities have boosted the growth of the global submarine market. However, high cost of maintenance and repair hinders the market growth. On the contrary, surge in geopolitical issues between countries would open new opportunities in the future.
The diesel-electric attack submarines (SSKs) and others segment dominated the market
By type, the diesel-electric attack submarines (SSKs) and others segment held the lion's share in 2021, accounting for more than two-fifths of the global submarine market, owing to fact that SSK submarines are mostly adopting submarines due to its capabilities. However, the ballistic missile submarines (SSBNs) segment is expected to manifest the highest CAGR of 4.4% during the forecast period, due to fact that countries are improving their navy capabilities with nuclear power.
Interested to Procure the Research Report? Inquire Before Buying -
The military surveillance and combat segment held the largest share
By application, the military surveillance and combat segment held the largest share in 2021, accounting for more than two-thirds of the global submarine market. In addition, the segment is projected to manifest the highest CAGR of 4.1% during the forecast period, due to the fact that developed countries have been focusing the new technologies for military surveillance and combat systems to protect the homeland security of the country in the oceans.
Asia-Pacific held the lion's share
By region, the global submarine market across Asia-Pacific dominated the market in 2021, accounting for nearly two-fifths of the market, due to rise in defense expenditure in Asia-Pacific to tackle growing terrorism and regional disputes in countries such as India, Afghanistan, and China. However, the market across Europe is estimated the highest CAGR of 5.1% during the forecast period, owing to increase in the adoption of modern and advanced technologies to counter illegal submarine operations. European nations are increasingly adopting modern submarines for increased protection and defense capabilities against the rising instances of submarine activities, which is expected to drive the demand for submarines in the region.
Reason to Buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Footwear market.
✅ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Footwear Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Major market players
BAE Systems pl
General Dynamics Corporation
Huntington Ingalls Industries, Inc.
Kawasaki Heavy Industries, Ltd.
Lockheed Martin Corporation
Mitsubishi Heavy Industries, Ltd.
Navantia
Thales
Thyssenkrupp AG
Bollinger Shipyards
Similar Reports We Have on Aerospace and Defense Industry:
Drone Camera Market
Narcotics Scanner Market
Aircraft Window Frame Market
Davin Correa
Allied Market Research
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