Military Embedded Systems

Nuclear ballistic-missile subs to be fastest-growing segment in next 10 years, study says

News

September 16, 2019

Lisa Daigle

Assistant Managing Editor

Military Embedded Systems

LONDON. The global submarine market is currently valued at $22.4 billon and will increase at a compound annual growth rate (CAGR) of 3.4% to reach $31.3 billion by 2029, according to GlobalData?s latest report, "The Global Submarine Market 2019 ?2029."

According to the market study, naval forces across the world are beefing up their undersea warfare capabilities by commissioning advanced submarines, primarily to gain asymmetric advantage over their opponents and protect their national interests.

Due to this expected upsurge in force, the report says that nuclear-powered ballistic missile submarines are expected to account for a 40% revenue share of the total global submarine market by 2029, up from 29% for nuclear in 2019.

For additional information, visit the GlobalData website.

 

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