PUBLISHER: The Business Research Company | PRODUCT CODE: 1428184
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428184
A submarine combat system is a comprehensive combination of technologies, equipment, and software designed to facilitate the operational, surveillance, communication, and engagement capabilities of submarines in combat situations.
The primary components of submarine combat systems include sensors, electronic support measures (ESM), and armaments. Sensors are devices or components that detect and measure various physical, chemical, biological, or environmental phenomena, converting them into measurable signals or data. These sensors play a crucial role in identifying potential threats and providing real-time detection underwater through submarine combat systems. They encompass diverse weapon systems, including electronic warfare, torpedoes, ballistic missiles, cruise missiles, and mines, all utilized in various types of submarines such as ship submersible hunter-killer (SSK), ship submersible nuclear (SSN), ship submersible ballistic nuclear (SSBN), and ship submersible guided missile nuclear (SSGN).
The submarine combat system research report is one of a series of new reports from The Business Research Company that provides submarine combat system market statistics, including the submarine combat system industry's global market size, regional shares, competitors with an submarine combat system market share, detailed submarine combat system market segments, market trends and opportunities, and any further data you may need to thrive in the submarine combat system industry. This submarine combat system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The submarine combat system market size has grown rapidly in recent years. It will grow from $10.12 billion in 2023 to $11.82 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The historical period's growth can be ascribed to factors such as geopolitical tensions, naval modernization programs, threat perception, strategic deterrence, and global maritime security concerns.
The submarine combat system market size is expected to see rapid growth in the next few years. It will grow to $20.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period is linked to the evolution of undersea warfare, the development of unmanned underwater vehicles, regional military build-ups, upgradation and retrofitting initiatives, and the expanding submarine export market. Noteworthy trends in the forecast period encompass concerns about cybersecurity, collaboration and defense alliances, technological advancements, the adoption of sustainable and green technologies, and the enhancement of underwater communication.
The anticipated growth in the submarine combat system market is expected to be driven by the increasing threat of terrorism. Terrorism involves acts of violence, intimidation, or destruction carried out by individuals, groups, or organizations with the aim of instilling fear, creating panic, and achieving political, ideological, or religious objectives. Submarine combat systems play a crucial role in detecting underwater terrorist attacks, identifying potential threats, and monitoring the activities of enemy ships. For instance, a report from the Institute for Economics and Peace (IEP) in March 2023 revealed that the Sahel region in sub-Saharan Africa accounted for 43% of global terrorism deaths. In 2021, the number of global terrorist attacks rose to 5,226, with a concentration in the Middle East and North Africa, followed by South Asia and Sub-Saharan Africa. Consequently, the increasing threat of terrorism is a key factor propelling the growth of the submarine combat system market.
The growth of the submarine combat system market is expected to be fueled by the rise in military expenditure. Military expenditure denotes the financial resources allocated by governments or nations to fund their military forces, defense infrastructure, and related activities. An escalation in military expenditure enables nations to invest in state-of-the-art technologies and innovations to enhance their maritime defense capabilities. In April 2023, the Stockholm International Peace Research Institute reported that global military expenditure reached a record high of $2,240 billion in 2022, representing a 3.7% increase in real terms compared to the previous year. The top three spenders in 2022 were the United States, China, and Russia, accounting for 56% of the world total. The United States, as the largest military spender, allocated a budget of $877 billion, constituting 39% of the total global military spending. Thus, the upward trend in military expenditure is a significant factor contributing to the growth of the submarine combat system market.
Technological advancements stand out as a prominent trend gaining traction in the submarine combat systems market. Leading companies in the submarine combat systems market are embracing novel technologies to maintain their competitive positions. For example, in February 2023, Leonardo S.p.A., an Italy-based aerospace, defense, and security company, introduced the Athena MK2/U submarine combat system. Recognized as the most sophisticated ground-unit combat management system (CMS) platform, the Athena MK2/U integrates target motion analysis (TMA), video processing, heavy torpedo management, and artificial intelligence algorithms across various functions, catering to the unique characteristics of the underwater environment.
Prominent companies in the submarine combat system market are intensifying their efforts to introduce advanced naval communication systems, aiming to gain a competitive advantage. Advanced naval communication systems involve cutting-edge communication technologies tailored for maritime operations. In February 2023, Bharat Electronics Limited, an India-based aerospace and defense company, announced its provision of indigenous communication and combat systems for the P-75I submarine. The P-75I submarine project, initiated by the Indian Navy to acquire six diesel-electric submarines with advanced air-independent propulsion systems, will feature state-of-the-art, entirely indigenous communication and combat systems. This initiative reflects India's ongoing commitment to modernize its naval fleet and enhance maritime security capabilities.
In August 2021, VT Group, a US-based defense and services company specializing in submarine combat systems, acquired ASSETT, Inc. for an undisclosed amount. This strategic acquisition reinforces VT Group's capabilities by incorporating innovative technology and expertise in AI and ML applications for undersea systems, including submarine combat systems. ASSETT, Inc., a US-based company, contributes valuable knowledge and solutions to the Navy and clients within the defense and intelligence sectors.
Major companies operating in the submarine combat system market report are Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems Plc., Thales Group, L3Harris Technologies Inc., Kawasaki Heavy Industries Ltd., Huntington Ingalls Industries Inc., Fincantieri S.p.A., Leonardo S.p.A, Hyundai Heavy Industries Co. Ltd., Samsung Heavy Industries Co. Ltd., Naval Group, Saab AB, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Kongsberg Gruppen ASA, Damen Shipyards Group, Bharat Heavy Electricals Ltd., Austal Limited, Navantia S.A., Mazagon Dock Shipbuilders Limited, ASC Pty Ltd., Atlas Elektronik GmbH, HAVELSAN Inc., ThyssenKrupp Marine Systems GmbH, Hellenic Shipyards Co., Odense Maritime Technology Private Limited, DCN International S.A.
North America was the largest region in the submarine combat system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the submarine combat system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the submarine combat system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The submarine combat system market includes revenues earned by entities from products such as sonar systems, fire control systems, and navigation systems. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The submarine combat system market consists of providing services such as system integration, training and simulation, and technical support services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Submarine Combat System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on submarine combat system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for submarine combat system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The submarine combat system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.