May 18, 2020
According to the research report titled ‘Submarine Combat System Market Size By Submarine Type By Weapon System, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global submarine combat system market is predicted to register a remunerative growth rate during 2020-2026.
Technological advancements in submarines is a major factor driving the growth of the submarine combat system market. The system helps in tackling various challenges during modern submarine missions in blue & brown water such as intelligence gathering, area clearing & sea denial and naval force support.
As per submarine type, SSN segment is projected to grow with a CAGR of 8% during 2020-2026. Features such as better endurance, mobility and speed due to nuclear power are boosting the nation preference for SSN submarine. It is designed to engage with surface ships and enemy submarines. SSN submarines are also used to carry out intelligence, surveillance and reconnaissance missions as well as to conduct mine warfare and support battle group operations.
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Alternatively, SSGN segment accounted for 7% of total market share in 2019 and is slated to register modest growth in the subsequent years. SSGN submarine can carry various missiles and can launch them to distant targets. It offers enhanced capabilities and flexibility as well as dual crew deployment, exceptional payload capacity and inherent stealth.
In terms of weapon system, ballistic missiles segment is predicted to expand with a CAGR of 10% between 2020 and 2026. This type of weapon system integrates complex devices in order to control the direction as well as the depth of submarines. Ballistic missiles are used for accurate and quick delivery of payloads. Moreover, these missiles are relatively cheaper and hence, are widely adopted in submarines.
Meanwhile, cruise missiles segment is reckoned to witness a y-o-y growth rate of 6% through 2026. These missiles can not only travel at supersonic speeds but also with better precision. They can be launched from several platforms like land, air or sea.
The report states that mines weapon system segment accounted for 8% revenue share in 2019 and is poised grow decently over the forecast period. primarily due to its high efficiency and low cost.
Considering the geographical landscape, Europe held 25% share of submarine combat system market in 2019 and is anticipated to witness consistent growth throughout the study period. Increasing threats of terrorism and rising cross-border conflicts are augmenting the regional demand.
On the other hand, Latin America submarine combat system industry is estimated to record a 5% growth rate during 2020-2026. High concentration of natural gas, oil and mineral reserves have impelled the underwater mining activities across the region, thereby promoting the business scenario.
Thyssenkrupp Marine Systems, General Dynamics, Safran, HAVELSAN Inc., Leonardo S.p.A., Naval Group, Kongsberg, BAE Systems Plc., Raytheon Co., Saab AB, Thales Group, Atlas Elektronik GmbH and Lockheed Martin Corp. are the major companies in submarine combat system market.