$17+ Billion Global Submarine Industry to 2031 – Identifying Growth Segments for Investment

DUBLIN, March 03, 2022–(BUSINESS WIRE)–The “Global Submarines Market Report 2022, By Type, Platform, Application” report has been added to from ResearchAndMarkets.com offer.

This provides strategists, marketers, and senior management with the critical information they need to assess the global submarine market emerging from the Covid 19 lockdown.

The global market for submarines (including nuclear submarines) is expected to grow from $18.96 billion in 2021 to $17.41 billion in 2022 at a compound annual growth rate (CAGR) of -8, 2%.

The decline in growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $21.86 billion in 2026 with a CAGR of 5.8%.

Companies cited

  • General dynamics

  • Huntington Ingalls Industries

  • Mazagon Dock Shipbuilders Limited

  • ThyssenKrupp Marine Systems (TKMS)

  • Kawasaki Heavy Industries Ltd.

  • Daewoo Shipbuilding & Marine Engineering Co.Ltd.

  • Fincantieri SpA

  • Lockheed Martin Company

  • BAE systems

  • Saab AB

  • China Shipbuilding Industry Corporation (CSIC)

  • Navantia SA

  • United Shipbuilding Society

Reasons to buy

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The submarine market consists of sales of submarines by entities (organizations, sole proprietorships, and partnerships) that manufacture submarines. Nuclear submarines are also included in the market.

The main types of submarines are nuclear-powered submarines, diesel-electric submarines, and ballistic missile submarines. A ballistic missile submarine is used to deploy submarine-launched ballistic missiles (SLBMs) ​​with nuclear warheads. The different platforms include advertisements which are used for surveillance, combat, marine environment monitoring, etc.

North America is the largest submarine market region in 2021. North America is expected to be the fastest growing region during the forecast period. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Rising investment in submarines is expected to propel the growth of the submarine market in the coming years. A submarine is a type of ship that can travel both above and below sea level. Governments around the world are investing in submarines to improve the capabilities of local shipyards and fill the shortcomings of the Navy’s submarine warfare force.

According to the new annual Congressional Services report, the US Navy increased investment in its next-generation nuclear missile submarine project by $2 billion in fiscal year 2021 and continues to grow to $5 billion. dollars in 2024. Hence, increasing investment in submarines will drive the growth of the submarine market.

The high cost of submarines is expected to hamper the growth of the submarine market over the forecast period. A submarine is a type of ship that can travel both above and below sea level. The cost of submarines depends on the size, design, and capabilities of the ship.

The integration of 3D printing or additive manufacturing into submarines is a key trend that is gaining popularity in the submarine market. Large companies operating in the submarine sector use 3D printing to build optimized submersible components and to improve performance by reducing essential properties such as weight. For example, in February 2020, ThyssenKrupp Marine Systems, a Germany-based company that supplies naval vessels, surface ships and submarines, announced plans to expand the use of 3D printing for production of submarine components. Thyssenkrupp Marine Systems has announced that the hydraulic block has been revamped by additive manufacturing for a submarine that traditionally weighed 14 kg and now weighs only 2.1 kg.

The countries covered in the Submarines market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK United and the United States.

For more information on this report, visit https://www.researchandmarkets.com/r/92qzsb

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220303005505/en/

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