Submarine Combat System Market size valued anticipated to witness over 7% CAGR between 2020 and 2026

Submarine Combat System Market Size
Submarine Combat System Market size worth USD 4 billion in 2019 and expected to experience more than 7% CAGR between 2020-2026.

The market for submarine combat systems covers an anti-submarine warfare system that utilizes warships and other submarines to pursue, locate, harm, and destroy hostile submarines. Nations are mainly involved in developing anti-submarine warfare systems for their security. Additionally, the inclusion of advanced combat systems greatly increases configurations of weapons as well as sea mission capabilities and speeds up the market size.

To receive major market trends

Launch of new and upcoming submarine programs with long-range and multi-mission capabilities is expected to drive the market on account of embracing sophisticated submarine combat systems.

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Submarine Combat System Market worth USD 4 billion in 2019 and expected to register over 7% CAGR during 2020-2026.

The submarine combat system industry includes an anti-submarine warfare system that utilizes warships and other submarines to follow, find, hurt, and sink enemy submarines. Nations are majorly involved in the development of anti-submarine warfare systems for their security. Moreover, the use of advanced combat systems greatly increases weapon control configurations and maritime mission capabilities, moving the market size at a faster rate.

To obtain principal market trends

Deployment of new and emerging submarine programs that provide long-range and multi-mission capabilities is expected to drive the market owing to uptake of advanced submarine combat systems.

Submarine Combat System Market Report Attributes
Report Attribute Details
Base Year 2019
Submarine Combat System Market Size in 2019 USD 4 Billion (2019)
Forecast Period 2020 to 2026
Forecast Period 2020 to 2026 CAGR 7%
2026 Value Projection USD 8 Billion (2026)
Historical Data for 2015 to 2019
No. of Pages 200
Tables, Charts & Figures 198
Segments covered Submarine Type, Weapon System
Growth Drivers
Rising threats to the national security aiding the market expansion
Growing buying of submarines
Growing investment in defense industry
Upgradation of sophisticated weapon system
Pitfalls & Challenges
Heavy investment involved in purchase and upgradation of submarine fight systems
Bureaucratic government interventions restricting adoption of technology

Growth opportunities existing in this marketplace are:

For example, in July 2018, General Dynamics Mission Systems entered into a strategic contract with the U.S. Navy for USD 18.3 million to modernize the U.S. Navy AN/BYG-1 submarine combat system. The primary submarine combat weapon system included in this market comprises electronic warfare, torpedoes, ballistic missiles, cruise missiles, and mines.

The growing uptake of advanced submarine combat weapon systems to enhance the submarine capability will enhance the market share of submarine combat systems. Defense organizations across various countries are entering strategic collaborations with major industry players to augment their submarine fleet with improved capabilities & advanced submarine combat systems.

For example, in January 2018, Australia’s Department of Defense inked a contract with Lockheed Martin Australia for USD 700 to develop and design future submarine combat systems with improvement in operational capabilities.

Submarine Combat System Market Analysis
The SSBN segment within the submarine combat system market is likely to experience over 11% growth through 2026 as a result of growing government concerns about enhancing sea line protection and countering & deterring adversary weapons.

These underwater fighting systems are far better in nuclear deterrence and are endowed with such features as total annihilation of the opponent and capability of staying under water for a longer duration without being detected.

Torpedoes weapon segment in the combat system market in China submarines will retain a significant revenue share by 2026 due to increased capability of deployability in below as well as above water levels. The cutting-edge features of torpedoes are combined with sophisticated devices facilitating the control over the depth and direction of the weapon, which is driving the market share.

Government agencies are eyeing torpedoes that can offer more approach-and-attack capabilities, allowing for increased likelihood of enemy annihilation and survivability against an otherwise fatal retaliatory strike. An example would be the Mark 48 torpedoes and its enhanced Advanced Capability (ADCAP) torpedo, which are able to engage in anti-surface and anti-submarine mission capabilities with virtually low noise and making it extremely hard for threats to identify and effectively respond against.

More about the principal segments defining this market

The segment of ballistic missiles is expected to grow at a rate of about 5% during the period between 2020 and 2026 driven by growing acquisitions by U.S. and Canada in order to bolster the weapons system fleet which will assist to secure the country.

North America accounts for more than 40% of the world’s defense spending, adding more fuel to the submarine combat system market demand. Underpinning government efforts in the acquisition of ballistic missile in submarines will boost the market revenue.

For example, in October 2017, the U.S. Navy revealed a contract worth USD 5.1 billion with General Dynamics to integrate product and process development of submarines. This contract included technology, design, and component modernization followed by prototype testing for ballistic missile submarines (SSBNs).

Read more about the dominant segments that are influencing this market

Asia Pacific submarine combat system market occupied a revenue share of more than 35% in 2019 due to availability of huge submarine fleet of around 239 submarines. Growing government initiatives & policies adopted to enhance the borders of Asia Pacific nations will further boost the market share over the forecast period.

The area is likely to experience maintenance operations as a result of the expiration of the service life of submarines, which will have a positive effect on the market revenue. In addition, Asian nations are likely to possess more than 100 new submarines by 2030 that will enhance the borders and protect the nation from neighboring countries, increasing market size.

Submarine Combat System Market Share

The companies operating in the market are focusing on strategic partnerships and collaborations with industry participants and government organizations to expand their market shares. For instance, in March 2019, Naval Group and the Australia Defense sector signed a strategic submarine design agreement that includes more than 100 major and critical components that will contribute to an effective submarine design solution. The contract was signed for attack class submarines for the Australian fleet that will enhance market share over the coming years.

Some of the major market players include

• Lockheed Martin Corporation
• Atlas Elektronik GmbH
• Thales Group
• Saab AB
• Raytheon Company
• BAE Systems Plc
• Kongsberg
• Naval Group
• Leonardo S.p.A
• HAVELSAN, Inc.
• Safran
• General Dynamics
• ThyssenKrupp Marine Systems