Submarine Combat System Market Industry Analysis, Size, Share, Growth, Global Trends and Forecast to 2024
Date: 2019-02-13   Author: Ronak Bora  Category: #industry

Submarine Combat System Market Industry Analysis, Size, Share, Growth, Global Trends and Forecast to 2024

Technological progression in the combat system industry driven by rising electronic sector across the globe will expand the submarine combat system market growth over the study timeframe. The emergence of Internet of Things (IoT) and Artificial Intelligence (AI) technologies along with developments in sensors and sonar technologies for improved remote supervision and monitoring of the submarines are positively influencing the submarine combat system market expansion. The advancement in combat system allowing precise object detection will provide positive outlook for the industry expansion.

Undersea security plays a vital role in activities related to the navy submarines. With swiftly evolving technology, under water safety and security is becoming an important factor with extensive application in military and commercial submarines. Continuous investments in R&D for enhancing under water safety is anticipated to contribute significantly towards the submarine combat system market growth.

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Asia Pacific will contribute significantly towards the submarine combat system market place owing to increasing focus from the government organizations across the region for developing advanced submarine solutions. For instance, in 2018, South Korea launched its first missile capable attack submarine worth around USD 700 million, that is capable of firing ballistic and cruise missiles.

The upgradation in commercial off-the-shelf (COTS) technology in submarines enables the navy to study from real-world experience for implementing rapid enhancements in sonar, periscopes, navigation and communication systems. For instance, in 2018, the U.S. Navy along with General Dynamics Corp. announced an agreement for upgrading the existing software on the U.S. Navy AN/BYG-1 submarine combat system for around USD 18.3 million.

The increasing adoption of fast attack submarines owing to benefits offered by these systems including advanced stealth capabilities and faster operations is boosting the submarine combat system market share till 2024. The incorporation of computer algorithms, simultaneous analytics, sensor inputs and large databases enables the submarine systems enables real time data calculation that facilitates quick changes in direction and position, enhancing the combat operations, supporting the industry proliferation over the study timeframe.

Based on submarine, the submarine combat system market size is classified into ship submersible hunter killer (SSK), ship submersible ballistic nuclear (SSBN), and ship submersible nuclear (SSN). The growth in the SSN segment is attributed to the longer endurance and higher speed compared to the counterparts. Further, the improved stealth capabilities offered by these submarines will augment the industry share over the projected timeframe.

Based on system, the submarine combat system market place is categorized into electronic support measures, armaments and sensors. Armaments sub-segment is further categorized into cruise missiles, ballistic missiles and torpedoes. The growth in the armaments segment is attributed to the increasing usage of these submarines for combat missions requiring the incorporation of multiple weapons, supporting the industry growth till 2024.

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Few players operating in the submarine combat system market place include Lockheed Martin, Atlas Elektronik, Saab, Thales Group, Northrop Grumman, ATLAS, Raytheon, BAE Systems and Safran Electronics & defense. The industry is vastly characterized by a few companies holding majority share in the marketplace. The higher initial investment in designing and developing submarines acts as a barrier to the new entrants in the industry. The national government depend on well-established corporations for the manufacture of submarines to certify well-built and high-quality products. Industry participants are engaged in agreements and partnerships for developing technologically advanced submarines.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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