The Global Submarine Market 2019-2029
Summary
The global submarine market is valued at US$22.4 billion in 2019, and will grow at a CAGR of 3.40%, to reach a value of US$31.3 billion by 2029. The cumulative global market for submarines is anticipated to value US$280.5 billion over the forecast period. The demand for submarines is anticipated to be driven by the undersea capability enhancement and fleet expansion initiatives undertaken by emerging economies including India and China in the Asia-Pacific region.
The global submarine market is expected to be led by North America, which will account for almost half of the global spending, with revenue share of 49%. The region’s expenditure in this sector is projected to be dominated by the US throughout the forecast period. Asia-Pacific will follow North America and is expected to account for 24% revenue share of the global submarine market over the forecast period. The growth in the Asia-Pacific market is attributed to the spending by countries such as India, China, Australia, Pakistan and South Korea on advanced submarine classes. During the forecast period, Europe is anticipated to be the third-largest market globally with a revenue share of 22.3%, driven by the legacy-submarine replacement programs undertaken by various countries in the region.
SSN is expected to be the largest segment in the global submarine market during the forecast period. Driven by several high-value procurement programs worldwide including the US Navy’s Virginia-class procurement, Indian Navy’s SSN program, Chinese Type 095 program, Brazilian Navy’s SN-BR project and French Navy’s Barracuda-class procurement among others; the SSN segment is expected to account for a 36.9% revenue share of the total market over the forecast period. SSBN segment will follow SSN segment with 36.4% market share. With 13.3% share, SSP segment is anticipated to hold the third position in the global market. The market for SSP is primarily attributed to the increasing global demand for submarines with longer underwater endurance at a relatively cheaper cost as compared to nuclear-powered counterparts.
With the evolution of sophisticated detection technologies, legacy fleets of submarines are gradually losing their relevance in-terms of stealth. Legacy submarines equipped with noisy propulsion systems essentially lose their element of surprise if the opponents are equipped modern detection devices. Additionally, high maintenance cost associated with older submarines, especially with nuclear-powered submarines which need expensive mid-life refueling, compels the users to look for modern alternatives in order to cut their expense. As such, several navies across the globe has initiated programs to replace their aging fleet of submarines.
The report “The Global Submarine Market 2019-2029” offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for submarine, key market trends, and challenges faced by industry participants. In particular, it provides an in-depth analysis of the following -
Scope
Reasons to Buy
Summary
The global submarine market is valued at US$22.4 billion in 2019, and will grow at a CAGR of 3.40%, to reach a value of US$31.3 billion by 2029. The cumulative global market for submarines is anticipated to value US$280.5 billion over the forecast period. The demand for submarines is anticipated to be driven by the undersea capability enhancement and fleet expansion initiatives undertaken by emerging economies including India and China in the Asia-Pacific region.
The global submarine market is expected to be led by North America, which will account for almost half of the global spending, with revenue share of 49%. The region’s expenditure in this sector is projected to be dominated by the US throughout the forecast period. Asia-Pacific will follow North America and is expected to account for 24% revenue share of the global submarine market over the forecast period. The growth in the Asia-Pacific market is attributed to the spending by countries such as India, China, Australia, Pakistan and South Korea on advanced submarine classes. During the forecast period, Europe is anticipated to be the third-largest market globally with a revenue share of 22.3%, driven by the legacy-submarine replacement programs undertaken by various countries in the region.
SSN is expected to be the largest segment in the global submarine market during the forecast period. Driven by several high-value procurement programs worldwide including the US Navy’s Virginia-class procurement, Indian Navy’s SSN program, Chinese Type 095 program, Brazilian Navy’s SN-BR project and French Navy’s Barracuda-class procurement among others; the SSN segment is expected to account for a 36.9% revenue share of the total market over the forecast period. SSBN segment will follow SSN segment with 36.4% market share. With 13.3% share, SSP segment is anticipated to hold the third position in the global market. The market for SSP is primarily attributed to the increasing global demand for submarines with longer underwater endurance at a relatively cheaper cost as compared to nuclear-powered counterparts.
With the evolution of sophisticated detection technologies, legacy fleets of submarines are gradually losing their relevance in-terms of stealth. Legacy submarines equipped with noisy propulsion systems essentially lose their element of surprise if the opponents are equipped modern detection devices. Additionally, high maintenance cost associated with older submarines, especially with nuclear-powered submarines which need expensive mid-life refueling, compels the users to look for modern alternatives in order to cut their expense. As such, several navies across the globe has initiated programs to replace their aging fleet of submarines.
The report “The Global Submarine Market 2019-2029” offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for submarine, key market trends, and challenges faced by industry participants. In particular, it provides an in-depth analysis of the following -
- Market size and drivers: detailed analysis during 2019-2029, including highlights of the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world
- Recent developments and industry challenges: insights into technological developments and a detailed analysis of the changing preferences of submarine segments around the world. It also provides trends of the changing industry structure and the challenges faced by industry participants
- Regional highlights: study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand
- Major programs: details of the key programs in each segment, which are expected to be executed during 2019-2029
- Competitive landscape and strategic insights: analysis of the competitive landscape of the global market. It provides an overview of key players, together with information regarding key alliances, strategic initiatives and financial analysis.
Scope
- The global submarine market is expected to grow at a CAGR of 3.40% over the forecast period.
- The market consists of five categories: Nuclear-Powered Attack Submarine (SSN), Nuclear-Powered Ballistic Missile Submarine (SSBN), Diesel AIP Submarine (SSP), Diesel Electric Submarine (SSK), and Midget Submarine (SSM).
- North America will dominate the sector with a share of 49%, followed by Asia-Pacific and Europe. The SSN segment is expected to be the leading segment during the forecast period.
Reasons to Buy
- Determine prospective investment areas based on a detailed trend analysis of the global submarine market over the next ten years
- Gain in-depth understanding about the underlying factors driving demand for different submarine segments in the top spending countries across the world and identify the opportunities offered by each of them
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others
- Identify the major channels that are driving the global submarine market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
- Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global submarine market
- Make correct business decisions based on thorough analysis of the total competitive landscape of the sector with detailed profiles of the top submarine providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available
Table of Contents
- Executive Summary
- Global Submarine Market - Overview
- Global Submarine Market By Region, 2019-2029
- Global Submarine Market By Segment, 2019-2029 Market Dynamics
- Demand Drivers: Analysis of factors that trigger spending within the sector
- Trends: Prevalent practices, industry consolidation and procurement patterns within the market
- Technological Developments: New products, processes and innovations recently inducted within the sector
- Key Challenges: Obstacles affecting sector growth Global Submarine Market - Segment Analysis
- Segment Analysis: Nuclear-Powered Attack Submarine (SSN)
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Segment Analysis: Nuclear-Powered Ballistic Missile Submarine (SSBN)
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Segment Analysis: Diesel AIP Submarine (SSP)
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Segment Analysis: Diesel Electric Submarine (SSK)
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Segment Analysis: Midget Submarine (SSM)
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029 Global Submarine Market - Regional Analysis
- Global Submarine - Regional Overview, 2019 & 2029
- Regional Analysis: North America
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers
- Regional Analysis: Asia-Pacific
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers
- Regional Analysis: Europe
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers
- Regional Analysis: Latin America
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers
- Regional Analysis: Middle East
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers
- Regional Analysis: Africa
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Top Suppliers Global Submarine Market - Trend Analysis
- Global Submarine - Country Overview, 2019 & 2029
- Leading Segments in Key Countries
- Country Analysis - 10 leading countries
- Market size and CAGR growth analysis, 2019-2029
- Change in market share, 2019-2029
- Segmental Share (%), 2019-2029
- Country Share (%), 2019 & 2029
- Major Suppliers
- Segmental Analysis Key Programs Analysis
- Description of key programs
- Delivery period, units and total expenditure
- Competitive Landscape Analysis
- Competitive analysis - 12 leading companies
- Major Products and Services
- Financial Analysis covering Revenue, Operating Profit and Net Profit
- Financial Deal and Contracts
- Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- General Dynamics
- BAE Systems
- Huntington Ingalls Industries
- Saab Group
- Naval Group
- Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME)
- ThyssenKrupp Marine Systems (TKMS)
- United Shipbuilding Corporation
- China Shipbuilding Industry Corporation (CSIC)
- Navantia SA
