Submarine Market Size to Garner $33.9 Billion, by 2031 with 4.0% CAGR: States Allied Market Research
The global submarine market size is expanding rapidly due to factors such as expansion of Chinese naval capacities and surge in defense spending allocation toward naval activities.
Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Submarine Market by Type (Ballistic Missile Submarines (SSBNs), Nuclear-Powered attack submarines (SSNs), Diesel-electric attack submarines (SSKs) and others), by Propulsion (Nuclear, Non-Nuclear), by Application (Military surveillance and Combat, Marine Weather Monitoring and Scientific Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. The report indicates that the global market size for submarine is estimated to garner $33.9 billion by 2031, having generated a share of $23.3 billion in 2021, with a noteworthy CAGR of 4.0% throughout the forecast timeframe of 2022 to 2031.
Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/11040
Drivers, restraints, and opportunities:
The global submarine market is expanding rapidly due to factors such as expansion of Chinese naval capacities and surge in defense spending allocation toward naval activities. However, the high cost of repair and maintenance hampers market growth to some extent. Nevertheless, rise in geopolitical issues among different nations will provide prolific growth opportunities in the upcoming years.
The diesel-electric attack submarines (SSKs) and others segment to maintain its dominance
In terms of type, the diesel-electric attack submarines (SSKs) and others segment garnered the major share of more than two-fifths of the overall market in 2021. SSK submarines are widely adopting submarines owing to their capabilities. Moreover, the ballistic submarines (SSBNs) segment would cite the fastest growth with 4.4% CAGR from 2022 to 2031. The growth is attributed to improvement of navy capabilities by numerous countries with nuclear power.
The nuclear segment to witness the fastest growth by 2031
In terms of propulsion, the non-nuclear segment garnered the major share of more than half of the overall market revenue in 2021, owing to its latest operations and capabilities. The nuclear segment, on the other hand, is anticipated to portray a noteworthy CAGR of 4.2% from 2022 to 2031. Nuclear submarines are more dynamic as compared to non-nuclear submarines which heightened the demand for nuclear submarines.
Procure Complete Research Report (PDF/ Excel with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) – https://www.alliedmarketresearch.com/submarine-market/purchase-options
The military surveillance and combat segment to maintain its dominance by 2031
Based on application, the military surveillance and combat segment garnered the major share of more than two-thirds of the total market revenue in 2021 and would cite the fastest growth with 4.1% CAGR throughout the forecast timeframe. The growth is attributed to the rising focus on new technologies for combat systems and military surveillance to secure the homeland of the nations based in the ocean area.
APAC grabbed the largest share in 2021
On the basis of regional analysis, the Asia-Pacific region held the highest revenue of nearly two-fifths of the global submarine market. The growth is attributed to a surge in spending on defense across the Asia-Pacific to prevent growing regional disputes and terrorism in nations like, Afghanistan, China, and India. Europe, on the other hand, is projected to portray the largest CAGR of 5.1% from 2022 to 2031. This is due to a rise in the adoption of advanced and latest technologies to counter illegal submarine operations. European countries are progressively incorporating advanced submarines into their defense arsenals to enhance their protection and defense capabilities against the growing instances of submarine activities. This is anticipated to stimulate the demand for submarines across the region.
Leaders in Industry of Submarine Manufactures:
- Bollinger Shipyards
- Thyssenkrupp AG
- Mitsubishi Heavy Industries, Ltd.
- Lockheed Martin Corporation
- Kawasaki Heavy Industries, Ltd.
- Huntington Ingalls Industries, Inc.
- General Dynamics Corporation
- BAE Systems pl
Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/11040
Similar Regional/ Country Specific Submarine Industry Reports We Have:
China Submarine Market Research Report 2023-2032
Russia Submarine Market Research Report 2023-2032
U.S. Submarine Market Research Report 2023-2032
North Korea Submarine Market Research Report 2023-2032
South Korea Submarine Market Research Report 2023-2032
Japan Submarine Market Research Report 2023-2032
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
CONTACT: Contact: David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. USA/Canada (Toll Free): +1-800-792-5285 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 firstname.lastname@example.org Web: www.alliedmarketresearch.com Allied Market Research Blog: https://blog.alliedmarketresearch.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.