The global submarine market is anticipated to grow at a moderate CAGR of 3.8% during the forecast period (2024–2031). The pivotal factor in the expansion of the submarine market can be attributed to increased R&D spending by private and state-owned players in extending their submarine fleet and technology. For instance, in June 2021, the US Navy asked for nearly $110.0 million in FY22 R&D funds to develop a next-generation destroyer, submarine. The fiscal year 2022 submission asks for approximately $29.8 million to develop SSN(X) and about $79.7 million for concept development of the DDG(X), which will succeed the Arleigh Burke-class destroyers. According to the navy’s research and development budget justification books, the service expects to start building SSN(X), its next-generation attack submarine in the second half of the 2030s. The service will use the FY 2022 research and development funding to help gear up for an analysis of alternatives (AOA) study.
Browse the full report description of “Submarine Market Size, Share & Trends Analysis Report by Type (Ballistic Missile Submarines (SSBNs), Nuclear-Powered Attack Submarines (SSNs), and Diesel-Electric Attack Submarines (SSKs)), by Propulsion Nuclear, and Non-Nuclear), and by Application (Military surveillance and combat, Marine Weather Monitoring and Scientific Research, and Others). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/submarine-market
Moreover, collaborations were also recorded in several countries across domains to re-vamp and develop the combat technology of existing and upcoming submarines. For instance, in July 2022, Indian defense PSU Bharat Electronics Limited (BEL) signed a contract with the Ministry of Defense, Government of India, worth around $33.25 million, towards the supply of nine Integrated ASW Complex (IAC) MOD ‘C’ Systems. IAC MOD 'C' is a integrated Anti-Submarine Warfare (ASW) system for all surface ships of the Indian Navy. IAC MOD ‘C’ computes fire control solutions and facilitates the firing of ASW weapons such as Torpedoes and Rockets. The fire control system can be customized to meet the requirements of any platform of interest from small ships to large ships configuration. In addition, the system facilitates countermeasure capability for incoming torpedoes through a decoy launching system. IAC MOD C has been indigenously developed by BEL in association with DRDO.
Market Coverage
• The market number available for 2023-2031
• Base year: 2024
• Forecast period: 2024-2031
• Segment Covered-
o By Type
o By Propulsion
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape: Naval Group, Lockheed Martin Corp, Thyssenkrupp AG, General Dynamics Corp., and Huntington Ingalls Industries, Inc., among others.
Key questions addressed by the report
Global Submarine Market Report Segment
By Type
By Propulsion
By Application
Global Submarine Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/submarine-market