Global Submarine Combat System Market Overview: Market Trends, Strategies, And Opportunities
The Business Research Company’s Submarine Combat System Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LANDON, GREATER LANDON, UK, June 28, 2024 /EINPresswire.com/ — The global submarine combat system market is projected to grow from $10.12 billion in 2023 to $11.82 billion in 2024, at a compound annual growth rate (CAGR) of 16.8%. This growth is attributed to geopolitical tensions, naval modernization programs, threat perception, strategic deterrence, and global maritime security concerns. The market is anticipated to reach $20.81 billion by 2028, driven by the evolution of undersea warfare, the rise of unmanned underwater vehicles, regional military build-ups, and the increasing submarine export market.
Rising Terrorism Drives Market Growth
Rising terrorism is expected to propel the growth of the submarine combat system market going forward. Submarine combat systems are critical in detecting underwater terrorist attacks, identifying potential threats, and tracking enemy ships. According to a March 2023 report by the Institute for Economics and Peace (IEP), the Sahel region in sub-Saharan Africa accounted for 43% of global terrorism deaths. Additionally, global terrorist attacks increased to 5,226 in 2021, with significant incidents occurring in the Middle East, North Africa, South Asia, and sub-Saharan Africa. Therefore, rising terrorism is driving the growth of the submarine combat system market.
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Key Players and Market Trends
Major companies operating in the submarine combat system market include Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems Plc., Thales Group, L3Harris Technologies Inc., Kawasaki Heavy Industries Ltd., Huntington Ingalls Industries Inc., Fincantieri S.p.A., Leonardo S.p.A, Hyundai Heavy Industries Co. Ltd., Samsung Heavy Industries Co. Ltd., Naval Group, Saab AB, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Kongsberg Gruppen ASA, Damen Shipyards Group, Bharat Heavy Electricals Ltd., Austal Limited, Navantia S.A., Mazagon Dock Shipbuilders Limited, ASC Pty Ltd., Atlas Elektronik GmbH, HAVELSAN Inc., ThyssenKrupp Marine Systems GmbH, Hellenic Shipyards Co., Odense Maritime Technology Private Limited, and DCN International S.A.
Technological Advancements in Naval Communication
Companies in the submarine combat system market are increasingly focusing on introducing advanced naval communication systems. For instance, in February 2023, Bharat Electronics Limited, an Indian aerospace and defense company, announced it would provide indigenous communication and combat systems for the P-75I submarine. This project, initiated by the Indian Navy, aims to acquire six diesel-electric submarines equipped with advanced air-independent propulsion systems. The state-of-the-art and completely indigenous communication and combat systems on the P-75I submarine will significantly bolster India’s maritime security capabilities.
Segments:
• System: Sensors, Electronic Support Measures (ESM), Armaments
• Weapon System: Electronic Warfare, Torpedoes, Ballistic Missiles, Cruise Missiles, Mines
• Submarine Type: Ship Submersible Hunter Killer (SSK), Ship Submersible Nuclear (SSN), Ship Submersible Ballistic Nuclear (SSBN), Ship Submersible Guided Missile Nuclear (SSGN)
Geographical Insights: North America Leading, Asia-Pacific Fastest-Growing
North America was the largest region in the submarine combat system market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period. The regions covered in the submarine combat system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Submarine Combat System Global Market Report 2024 from TBRC covers the following information:
1. Market size data for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Submarine Combat System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on submarine combat system market size, submarine combat system market drivers and trends, submarine combat system market major players, competitors’ revenues, market positioning, and market growth across geographies. The submarine combat system market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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