July 16, 2020
According to the research report titled ‘Global Air-independent Propulsion (AIP) System Market Analysis, 2020’, available with Market Study Report LLC, global air-independent propulsion (AIP) system market is expected to record considerable growth through 2025.
The growth of global air-independent propulsion (AIP) system market is mainly attributed to the increasing defense investment in countries like France, Japan, India, China, US, etc. Besides this, burgeoning demand for diesel-electric submarines owing to its low cost compared to nuclear submarines is positively impacting the industry expansion globally. However, the COVID-19 pandemic outbreak is likely to impact profits due to the temporary termination of submarine manufacturing.
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The report comprises of an in-depth analysis of statistics of global air-independent propulsion (AIP) system market with respect to regional and global assessment of industry forecast, size, CAGR segmentation, shares of fit type, system type, etc.
Moreover, shifting focus on submarine and strategic alliances with other countries, pertaining to submarine is projected to influence the market size of global AIP system. For instance, last year Russia declared that it offered the Indian government to jointly develop a new submarine range based on its Amur-1650 SSK intended for use in the Indian Navy.
Based on fit type, global air-independent propulsion system market is divided into retro and line fit. The line fit segment held a significant share in the market in 2019 and is likely to depict a similar trend in the ensuing years. Technological advancement need in developed nations and rising submarine manufacturing facilities worldwide augment the revenue contribution from this segment.
Speaking of system type, the market is segmented into Closes Cycle Steam Turbines, Fuel Cell, and Stirling Cycle Engine. Reportedly, the Stirling Cycle engine held a significant fraction of the market share in 2019 pertaining to its high efficiency. Features like low noise generation and minimum power consumption compared to traditional diesel generators in submarine further augment the growth of Stirling Cycle segment.
From the regional point of view, the industry is divided into North America, South America, Asia Pacific, Europe, and Middle East and Africa. APAC is projected to capture the biggest market share in the global air-independent propulsion system market, during 2020-2025. North America held a significant market share owing to increasing number of AIP system providers, in consort with government’s major focus on submarine sector in the US. The US government declared an investment of USD 5 billion on submarine development in 2019, which further fueled the regional profits.
Major companies in global air-independent propulsion system market are Navantia, China Shipbuilding Industry Corp., Siemens, DCNS, United Shipbuilding Corp., UTC, Kongsberg Gruppen, Lockheed Martin Corp., SAAB, and General Dynamics among others.