Submarine Combat System Market Will Generate Revenue of $9.5 Billion By 2025Press Release
May 06, 2019
Submarine Combat System Market is set to grow from its current market was valued at over USD 4.5 Billion in 2018 to USD 9.5 Billion by 2025, according to a new research report by Global Market Insights, Inc.
"The governments across the globe are focusing to enhance and enlarge maritime warfare capabilities in their naval fleet. The rising political disputes among countries, development of advanced submarine system, and growing requirement to modernize the weapon systems will drive the Submarine Combat System Market. Additionally, growing usage of fast attack submarines coupled with advantages offered by this system such as stealth capabilities and faster operations will support the market growth.
Technological advancements of combat system include usage of artificial intelligence (AI) and computed automation that enhances remote supervision and monitoring of submarines. The countries including Russia are developing advanced super-cavitating torpedoes. These torpedoes are propelled by rocket engines and attain high speeds of 200 knots an hour. These technical developments will further support penetration of Submarine Combat System Market over the study timeframe.
The SSK submarine segment will showcase significant growth in Submarine Combat System Market owing to submarine modernization plan of several countries. SSK are compact, agile, and less noisy as compared to their counterparts. Additionally, industry players are securing contracts from governments to equip their submarines with latest weapons. For instance, in June 2018, Leonardo secured contract from Italian navy to equip their U212A class of SSKs with Black Shark Advanced (BSA) torpedoes. These torpedoes are guided with fiber optic wires and integrates an energy production section for training or operational purposes.
Torpedoes weapon segment will showcase significant growth rate in Submarine Combat System Market. This can be credited to higher procurement and commissioning of high-tech, longer range and lethal submarines that can launch heavyweight torpedoes. The development of new torpedoes allow navy to destroy targets at ranges up to 5 miles and at speed greater than 28 knots. In addition, the new torpedoes are integrated with digital guidance, and digital fusing system and propulsion improvements.
Latin American Submarine Combat System Market will witness momentous gains over the study timeframe owing to upgradation of combat systems on existing submarine fleet as part of extensive defense programs. For instance, in 2014, Brazilian Navy announced to upgrade its four Tupi-class submarines with MK-48 torpedoes including extensive electronic refurbishment.
European Submarine Combat System Market share will hold dominance over the study timeframe. The dominance can be attributed to the purchase of new submarines and modernization of naval fleet by several countries. For instance, in 2016, the UK Defense Secretary approved the replacement of existing Vanguard submarines with four Dreadnought nuclear deterrent submarines. These submarines will be equipped with Trident D5 missiles and MK 48 torpedoes.
The industry participants in the market includes Atlas Elektronik, Lockheed Martin, Northrop Grumman, Thales Group, Raytheon, and BAE Systems. The other notable players in the industry includes Saab, and Naval Group. Contract with the several navy forces is the key strategy adopted by industry participants to enhance their market share. For instance, in February 2019, Lockheed Martin announced that company received USD 20 million contract from the U.S. Navy to design and develop electronic warfare (EW) system.