DUBLIN--(BUSINESS WIRE)--The "Global Submarine Market - Growth, Trends and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Many countries are modernizing their naval defense units by manufacturing submarines, surface-mine countermeasure, unmanned underwater vehicles, and other combat and tactical UUVs, which is expected to drive the global submarine market.
The SSN segment is projected to account for the largest market share, with 38.3%, in the submarine market, globally. Unlike the SSKs, these submarines do not have to surface periodically for air, which preserves their stealth attribute, while also being faster, more efficient, and having longer endurance capabilities. Such advantages are expected to drive the demand for SSNs, globally, during the forecast period. However, due to the nuclear Non-Proliferation Treaty (NPT) agreement between the different countries, many countries have refrained from possessing nuclear-powered vessels.
Growing Demand for Submarines in Developing Regions
The rapid modernization of China's submarine fleet has also compelled the demand in countries, such as Japan, India, Australia, Vietnam, and Taiwan. The growth is significantly driven by major countries, such as Australia, China, South Korea, and India, due to the rising number of maritime conflicts in the South China Sea and Indian Ocean. As a result, these countries are expanding their naval capabilities or planning to expand their naval capabilities.
Submarines form the centerpiece of naval fleets, owing to their multi-operational capabilities and the ability to complement other strategic resources. The global submarine market dropped drastically toward the end of the Cold War in 1991. Since then, Brazil, Russia, India, China (BRIC nations) and other developing countries of Asia-Pacific have invested in the market with an effort to strengthen their naval capabilities.
- BAE Marine Engineering
- Systems AB
- Daewoo Shipbuilding
- General Dynamics Electric Boat
Key Developments in the Market
- March 2018: General Dynamics Corp's subsidiary, Electric Boat, recently clinched a modification contract worth USD 696.2 million for supplying long lead-time materials for the construction of submarines for fiscal 2019 and fiscal 2020 Virginia-class submarines.
February 2018: Thales has won a R&D contract to explore sonar
technology and a bow-mounted antenna for France's next-generation
nuclear-powered ballistic missile submarine.
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Market Overview and Technology Trends
5. Market Dynamics
6. Global Submarine Market, Segmented by Category
7. Global Submarine Market, Segmented By Geography
8. Competitive Landscape
9. Company Profiles
- Navantia S.A
- FINCANTIERI SpA
- Kockums AB
- JSC PO Sevmash
- Admiralty Shipyards
- Lockheed Martin Corporation
- ASC Pty Ltd
- ThyssenKrupp Marine Systems AG
- General Dynamics Electric Boat Corp.
- Hyundai Heavy Industries
- Huntington Ingalls Industries
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