Naval Destroyers and Submarines Market Size
Naval Destroyers and Submarines Market was valued at more than USD 100 million in 2022 and is expected to grow at a CAGR of 5.5% during the period from 2023 to 2032.
With tensions escalating globally, nations are investing more in their defense budgets, especially in their navies. They’re constructing and renovating destroyers and submarines, which are significant vessels for defending their interests on the seas, safeguarding commerce routes, and demonstrating their power. Geopolitical tensions and evolving security threats are having nations concerned about their fleets. They need to have the best and most advanced vessels, such as destroyers and submarines, since they can be utilized in various ways. New technology and systems, such as stealth technology, improved weapons, and underwater warfare, are making these vessels even more desirable. This is big business for the manufacturers of these ships and weapons. Nations desire to be the dominant force at sea, so the market is expanding. For instance, in August 2023, India entered into a $2.8 billion contract to construct Fleet Support Vessels (FSVs) for its navy. Hindustan Shipyard Limited (HSL), a Vizag company, will construct five 45,000-ton warships, the largest ships to be constructed at the Ministry of Defense-owned shipyard.
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Naval Destroyers and Submarines Market Report Attributes
Report Attribute Details
Base Year 2022
Naval Destroyers and Submarines Market Size in 2022 USD 107.1 Million
Forecast Period 2022 to 2032
Forecast Period 2022 to 2032 CAGR 5.5%
2032 Value Projection USD 180 Million
Historical Data for 2018 – 2022
No. of Pages 220
Tables, Charts & Figures 278
Segments covered Type, system, application, and region
Growth Drivers
Increasing global defense spending
Growing demand for Anti-Submarine Warfare (ASW) capabilities
Rising focus on maritime security
Growing demand for submarines from emerging economies
Development of new technologies
Pitfalls & Challenges
High development & production costs
Long procurement cycles
Long procurement cycles are a pitfall in the na
Hey, so buying new warships is like navigating a super complicated maze. It’s forever because you need to double-check everything a million times, interview a lot of people, and ensure it’s all legal and safe. And on top of that, you need to adhere to strict regulations for ensuring everyone and the environment is safe. But wait, there’s more! Nations will occasionally be like, “Nah, we’re working on other things,” or “We don’t have the budget for it at the moment.” And then there are the global events that can just turn everything around. It all means that it takes much, much longer to construct these ships. So what ends up happening? Well, it might end up costing a lot more than you intended, the technology is outdated, and it’s difficult to stay ahead of all the bad guys out there that want to create chaos in the ocean. That’s not good if you need to have a powerful navy!
COVID-19 Impact
The COVID-19 pandemic resulted in multi-dimensional effects on the naval destroyers and submarines market. Though defense expenditures were still strong across most nations, lockdowns and restrictions disrupted the supply chains and production timetables, with a negative impact on the supply of new vessels. Priorities in healthcare as well as recovering the economy prompted some governments to temporarily shift investments from their military budgets. The pandemic also reflected on the sensitivity of military properties to international crises. It also reaffirmed the significance of naval assets in ensuring national interests and upholding maritime security, likely to stimulate long-term investment in modernizing & expanding naval fleets.
Naval Destroyers and Submarines Market Trends
Most countries are investing in updating their current fleets of destroyers and submarines instead of constructing totally new ones. This involves the updating of sensors, weapons, and propulsion technologies. Submarines, particularly sophisticated nuclear-powered ones, were sought after because of their value as strategic assets for intelligence gathering, deterrence, and stealth operations. Various countries are increasing their fleets of submarines.
The developments in stealth technology, like quieter propulsion and sophisticated hull design, are a priority for both submarines and destroyers to minimize detection and maximize their effectiveness. The current research & development of next-generation weapons systems like electromagnetic railguns and directed energy weapons will increase the offensive & defensive capabilities of naval ships. While defense expenditure is rising in some of these regions, budget constraints and economic pressures are affecting procurement strategies, with an emphasis on cost-saving solutions.
Naval Destroyers and Submarines Market Analysis
Find out more about the major segments driving this market
On the basis of system, the market is segmented into marine engine systems, weapon launch systems, control systems, electrical systems, and communication systems. The electrical systems segment the market in 2022 with a share of more than 8%.
Electric systems provide substantial benefits in energy efficiency, lower acoustic signatures, and increased stealth. Sophisticated electric propulsion systems like Integrated Electric Drive (IED) enable quieter operations, further enabling submarines to go undetected.
Electrical systems provide the platform for the integration of high-power sensors, communication networks, and advanced weapons, thus improving the situational awareness and combat efficiency of ships. Electrical systems are also flexible to future technology enhancements, making them a strategic option for the navies seeking to retain their competitive advantage in naval warfare in the future while minimizing the use of conventional mechanical systems, which could be noisy and inefficient.
Find out more about the major segments driving this market
On the basis of type, the market is divided into destroyers and submarines. The segment of destroyers is anticipated to record a CAGR of more than 5% during 2032.
New-generation destroyers are multi-role ships that can fill several roles within a naval fleet. With modern radar equipment, they can both defend against airborne threats, deal with surface warships, and carry out anti-submarine missions. This ability to serve on several missions limits the use of specialized ships and provides cost savings, thus destroyers are favored by countries desiring flexibility in naval warfare.
The fusion of advanced technologies including the Aegis combat system, which offers enhanced command & control capabilities, boosts the situational awareness as well as the missile defense. The sophisticated sensors and missile systems also allow destroyers to engage threats at longer ranges with greater precision, thus increasing the overall performance.
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Naval Destroyers and Submarines Market Share
The players in the industry focus on implementing different growth strategies to strengthen their offerings and expand their market reach. These strategies involve new product developments & launches, partnerships & collaborations, mergers & acquisitions, as well as customer retention. These players also heavily invest in research & development initiatives to introduce innovative and technologically advanced solutions in the market. Some of the major players operating in the naval destroyers and submarines industry are mentioned below
- BAE Systems
- Daewoo Shipbuilding & Marine Engineering
- General Dynamics Electric Boat
- Huntington Ingalls Industries
- Mitsubishi Heavy Industries
- Naval Group
- ThyssenKrupp Marine Systems