PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442275
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442275
The Underwater Warfare market is valued at USD 3.7 billion in 2023 and is projected to reach USD 5.7 billion by 2028, at a CAGR of 9.0% from 2023 to 2028. Over the last few years, the Underwater Warfare industry has continued to evolve with expanding use cases, better cost efficiencies, and a more significant impact of new technological developments in the naval industry. The Underwater Warfare market is experiencing growth driven by increasing naval budgets and an increase in government initiatives. Increased demand for advanced technological-based sonar systems, weapon systems and Unmanned systems is driving the Underwater Warfare market.
Scope of the Report | |
---|---|
Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | By Systems, Platform, Capability, and Region |
Regions covered | North America, Europe, APAC, RoW |
"Based on type, the Weapons Systems segment is estimated to have the second largest market share in 2023."
The Weapons Systems segment in the Underwater Warfare market is being driven by due to rising need for advanced and lethal underwater weapons. There is rise in need of modern weapon systems, such as guided torpedoes, mines, depth charges, and rocket weapons for countering future undersea threats. The increasing investments by naval forces globally for development and deployment of modern weapons systems to maintain control in the undersea domain is driving the market growth.
"Based on platform, the Submarines is estimated to have the second largest market share in 2023."
The Submarine segment within the Underwater Warfare market is being driven by a rise in technological development. The Submarines are a crucial component of undersea warfare which provides the ability to conduct various operations. The rise in development of submarines based on technological advancement such as stealth submarines, unmanned vehicles, and enhanced sonar detection ranges, and nuclear capabilities driving the market growth.
"Based on regions, the Asia Pacific region is estimated to have the largest market share in 2023."
The Asia Pacific region is witnessing robust growth in the Underwater Warfare market, driven by the rising geopolitical tensions. The nations across the region are actively replacing aging fleets with advanced submarines, sonars, and unmanned underwater vehicles (UUVs). The rising government initiatives and increasing naval budget for development of underwater warfare technologies are driving the market growth for underwater warfare market.
Major companies profiled in the report include Raytheon Technologies (US), L3Harris Technologies Inc. (US), Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (US), and Thyssenkrupp AG (Germany) among others.
This market study covers the Underwater Warfare market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on type, platform, capability, and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.