A submarine is an underwater naval platform that can stay submerged for extended periods and is deployed for multiple defense functions. It is considered crucial for a nation’s maritime security and is used for both offensive and defensive purposes. Submarines are designed for greater agility and stealth capabilities. These vessels are armed with powerful weapons such as missiles and torpedoes.
Technavio’s analysts forecast the global submarine market to grow at a CAGR of 4.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global submarine market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Submarine Market 2017-2021
Technavio recognizes the following companies as the key players in the global submarine market: BAE Systems, General Dynamics, Saab, DCNS, DSME, and Huntington Ingalls Industries.
Other Prominent Vendors in the market are: Fincantieri, Kawasaki Heavy Industries, Lockheed Martin, Mitsubishi Heavy Industries, Navantia, ThyssenKrupp Marine Systems, and Thales.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is multi-mission submarines. To make submarines more operationally flexible, vendors are developing submarines that can perform multiple functions. For instance, submarines like the Virginia-class ones of the US have a flexible design for future enhancements. They are designed for improved littoral warfare, surveillance, and open ocean capabilities.”
According to the report, one driver in the market is fleet replacement programs. With most of the submarines in countries nearing the end of their service life, there is a growing need for them to be replaced. The average life span of a submarine is around 40 years, and prolonged usage after their planned life will likely lead to high maintenance expenses and risks. Submarine parts like hydraulic systems, planes, rudders, batteries, main engine, gearbox, and nuclear propulsion systems must be regularly repaired and replaced.
Further, the report states that one challenge in the market is project delays. The development and construction of submarines is a long-drawn process and involves a considerable amount of funding. In several instances, these projects face multiple roadblocks that delay their completion by several months or even years. The factors that further delay the projects include issues with transfer of technology, cancellation of associated deals, and political constraints. In 2016, the contract for procuring 98 Black Shark torpedoes from Whitehead Alenia Systemi Subacquei (WASS) was canceled by the Indian MoD.
BAE Systems, General Dynamics, Saab, DCNS, DSME, and Huntington Ingalls Industries. Fincantieri, Kawasaki Heavy Industries, Lockheed Martin, Mitsubishi Heavy Industries, Navantia, ThyssenKrupp Marine Systems, and Thales.