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(MoneyNewsWire.Net, May 19, 2018 ) The submarine combat systems market is estimated to be valued at USD 4.97 Billion in 2016 and reach USD 11.67 Billion in 2022, at a CAGR of 15.3%. The growth in the Asia-Pacific and European regions is attributed to the acquisitions of new submarines and submarine upgradation programs in some countries. The increasing focus on maritime security and submarine upgradation programs are the major drivers in the submarine combat systems market.
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Based on systems, submarine combat systems are classified into sensors, electronic support measures, and armaments. The armament systems segment is expected to growth at highest rate. The increase in new submarine orders along with the replacement of obsolete armaments are expected to drive this market. Electronic support measures are an essential part of submarine combat systems to increase the survivability and stealth features of submarines and hence this segment is expected to witness growth during the forecast period.
Submarine combat systems by submarine types, include, Ship Submersible Hunter Killer (SSK), Ship Submersible Nuclear (SSN), and Ship Submersible Ballistic Nuclear (SSBN). By operation, SSK submarines are the largest in number in operation around the world. The other types of submarines are limited to a few countries that have the technologies to design the SSN and SSBN submarines. The U.S., the U.K., France, Russia, and China are operators of SSN and SSBN submarines.
Retrofit of submarines is a potential market for submarine combat systems manufacturers. The procurement of new submarines is capital intensive, along with the lengthy periods required for their induction. Mid-life upgrades are a cost-effective and time efficient way for navies, and enable them to utilize submarines for their full life cycle. The North American and European regions are lucrative retrofit markets for submarine combat systems.
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The Asia-Pacific region is estimated to have accounted for the largest share of the submarine combat systems market in 2016, followed by Europe and North America. Recent geopolitical developments such as, the South China Sea dispute between China and its neighboring countries such as, Taiwan, Brunei, Malaysia, Philippines, and Vietnam over Spratly and Paracel islands is a major factor in the high investments in naval assets. In Europe, Russia’s growing maritime assertiveness is likely to drive the demand for submarine combat systems. These factors have indirectly fueled the growth of the submarine combat systems market.
The growth of the submarine combat systems market could, however, be affected by certain major restraints in the coming years. These factors include, declining defense budgets of the developed economies of the world, such as, the U.S., Canada, the U.K., Germany, and stringent arms transfer rules and regulations laid down for the defense industry. The major challenge for system manufacturers is the high integration and maintenance costs.
Key players operating in the submarine combat systems market are, Lockheed Martin Corporation (U.S.), SAAB AB (Sweden), Kongsberg Gruppen ASA (Norway), General Dynamics Corporation (U.S.), Atlas Elektronik GmbH (Germany). Contracts and partnerships are the major growth strategies adopted by the top players to strengthen their positions in the submarine combat systems market.
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