Market Size of Submarine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Submarines Market Analysis
The submarine market is anticipated to register a CAGR of 4% during the forecast period.
- The global submarine market witnessed unprecedented challenges due to the COVID-19 pandemic. The challenges faced by manufacturers in receiving raw materials such as high-strength alloy steel and titanium in order to develop new and advanced submarines owing to border restrictions by various countries led to delays in the production process. Moreover, a decline in the orders for new submarine acquisitions by defense forces worldwide also led to a decline in the production and supply process.
- Furthermore, layoffs by various companies owing to the pandemic led to a decrease in the workforce which further led to delays in order deliveries, thereby leading to key market players coping with heavy losses. The market showcased a strong recovery post-covid due to increased demand from the defense personnel of various countries for purchasing advanced submarine systems to carry out various tactical operations will lead to growth in the market in coming years.
- In the present scenario, governments worldwide are also planning to make investments in procuring advanced submarine systems, which can then be deployed to carry out a range of activities, from missile attacks to underwater detection to surveillance activities. Moreover, the growth of the submarine market is driven by factors such as the rise in geopolitical conflicts across the globe, increasing terrorism activities in international waters, and the demand to have a comprehensive underwater study of enemy territories to gain strategic stabilities.
- In addition, for naval intelligence, mine countermeasures (MCM) operations such as intelligence, surveillance, and reconnaissance roles, there has been significant growth in the demand for submarine systems globally. Moreover, the use of 3D printing has now made it possible to design and develop complex submarine parts as well as missile fins and guidance systems and provides additional benefits such as cost-effectiveness.
- Furthermore, emerging trends such as making use of crewless submarines to detect ships or submarines which may pose a threat to other friendly submarines or to key national infrastructure such as deep-sea cables and pipelines will lead to the market witnessing significant growth during the forecast period.
