Submarine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Submarine Market is Segmented by Category (SSN, SSBN, and SSK) and Geography.

Market Snapshot

submarine market
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: North America
Largest Market: North America
CAGR: >4 %

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Market Overview

The submarine market is expected to register a CAGR of over 4% during the forecast period. 

  • The growing emphasis of many countries toward modernizing their naval defense units, like submarines, surface-mine countermeasures, unmanned underwater vehicles, and other combat and tactical UUVs, is expected to drive the submarine market in the coming years.
  • The increasing maritime threats, like sea-based terrorism and other illegal activities, pose a challenge to the militaries. In order to counter these challenges, submarines are used for surveillance and under-sea attack purposes.
  • The growing emphasis on the indigenous production of advanced submarines by various countries is opening new avenues for the market.

Scope of the Report

SSN submarines are nuclear-powered submarines, whereas SSBN submarines are ballistic missile submarines. SSK submarines are known as hunter-killer submarines. Furthermore, the report includes the following aspects:

North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Latin America
Rest of Latin America
Middle-East and Africa
United Arab Emirates
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

SSN Segment is Expected to Register the Highest CAGR During the Forecast Period

Currently, the SSN segment has the highest market share out of all the segments. The militaries of several countries opt for these submarines owing to their advantages, such as being faster, more efficient, and having longer endurance capabilities. In addition, SSN submarines do not have to dive to surface periodically for air, which preserves their stealth attribute. Owing to these advantages and their better warfare capabilities, the SSN segment is projected to register the highest CAGR during the forecast period.

Submarine Market _segment

North America is Expected to Dominate the Market During the Forecast Period

In 2018, North America dominated the submarine market, due to the factors, such as the high military spending of the United States and the aggressive procurement of submarines, coupled with the increased focus on unmanned underwater vehicles. Additionally, the revenues from North America are projected to register the highest CAGR during the forecast period. The development of advanced submarines and the focus of the United States on procuring next-generation submarines are the main reasons for the high anticipated growth of the market in the region. Moreover, increasing focus on the Virginia-class submarines that are being built by the United States may contribute to the strong growth of the market in the region, in the coming years.

Submarine Market_geography

Competitive Landscape

Huntington Ingalls Industries, BAE Systems PLC, Daewoo Shipbuilding & Marine Engineering, General Dynamics Corporation, and Hyundai Heavy Industries are some of the prominent players in the market. Major players in the market are trying to make use of the technological advancements to develop and launch new generation submarines, thereby, attracting a larger range of customers. Countries in Asia-Pacific are investing huge amounts for procuring new submarines. Players can shift their focus on these countries from countries, like the United States, which have already made long-term contracts with the existing players. Acquisitions of other players can help the existing players gain a huge market share. In January 2019, Hyundai Heavy Industries Group signed a deal to consolidate two of South Korea's biggest shipbuilders, thereby, helping Hyundai Heavy Industries Group to increase its market revenues.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 Category

      1. 5.1.1 SSN

      2. 5.1.2 SSBN

      3. 5.1.3 SSK

    2. 5.2 Geography

      1. 5.2.1 North America

        1. United States

        2. Canada

      2. 5.2.2 Europe

        1. United Kingdom

        2. Germany

        3. France

        4. Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.2.4 Latin America

        1. Brazil

        2. Mexico

        3. Rest of Latin America

      5. 5.2.5 Middle-East and Africa

        1. United Arab Emirates

        2. Saudi Arabia

        3. Egypt

        4. Rest of Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Navantia

      2. 6.2.2 Naval Group

      3. 6.2.3 FINCANTIERI SpA

      4. 6.2.4 Huntington Ingalls Industries

      5. 6.2.5 Hyundai Heavy Industries

      6. 6.2.6 General Dynamics Electric Boat

      7. 6.2.7 BAE Systems PLC

      8. 6.2.8 Daewoo Shipbuilding & Marine Engineering

      9. 6.2.9 Saab AB

      10. 6.2.10 ThyssenKrupp Marine Systems

      11. 6.2.11 United Shipbuilding Corporation

      12. 6.2.12 ASC PTY LTD


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Frequently Asked Questions

The Submarine Market market is studied from 2018 - 2026.

The Submarine Market is growing at a CAGR of >4% over the next 5 years.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

BAE Systems PLC, Daewoo Shipbuilding & Marine Engineering, Huntington Ingalls Industries, General Dynamics Electric Boat, Hyundai Heavy Industries are the major companies operating in Submarine Market.

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