Submarine Market

Global Submarine Market Size (2024 to 2029)

The global submarine market is expected to reach USD 28.12 billion in 2024 and USD 37.63 billion by 2029, growing at a CAGR of 6% during the forecast period.

A submarine is a submersible vessel that can operate autonomously underwater. Owing to their capacity to complement other strategic resources and multi-operational capabilities, submarines are the focal point of naval forces. Submarines with various capacities, such as nuclear submarines, ballistic missile submarines, and others, are available to satisfy various demands. The military sector is a major buyer of submarines in the global market. Furthermore, the commercial sector's demand for submarines is progressively increasing, which is expected to fuel the worldwide submarine market's growth.

MARKET DRIVERS

The proliferation of nuclear-powered ships and submarines has been aided by commercial vendors and maritime forces investing in R&D. Submarines have evolved from sluggish submerged vehicles to battleships capable of maintaining 20-25 knots undersea for weeks on end as a result of this. Because nuclear-powered vessels can stay at sea for long periods without refuelling, the market is expanding, with wealthy countries opting for nuclear-powered submarines.

Unmanned underwater vehicles (UUVs) are being more widely used, which is propelling the market forward. In naval intelligence, surveillance and reconnaissance, mine countermeasures operations, and anti-submarine warfare tasks, UUVs have a wide range of applications. Individuals employ these low-cost cars for marine diving and coastal tourism activities. As a result, this specific form of vehicle, which has both naval and commercial applications, is a major growth driver for the worldwide submarine industry.

MARKET RESTRAINTS

Vehicle longevity is a significant disadvantage in the submarine market. Since the average vehicle lifespan is 30 to 40 years, the demand for newer vehicles is lower than the demand for fleet refurbishment and maintenance.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Submarine Market Analysis By Type

Over the forecast period, the nuclear-powered assault submarine (SSN) category is predicted to be the largest, accounting for 36.1 % of the worldwide submarine market. Due to the benefits of SSNs over conventionally propelled submarines, the SSN segment is likely to receive significant investment over the forecast period. Nuclear submarines get their power from an onboard nuclear reactor, making them air-tight and obviating the need to surface. In addition, the nuclear reactor's massive amount of power allows the SSNs to run at high speeds for longer periods.

Global Submarine Market Analysis By Application

The surveillance sub-segment has the highest share in the global market. The combat sub-segment is expected to grow the fastest during the forecast period.

REGIONAL ANALYSIS

With a market share of 36.84 %, North America is the largest region in terms of global submarine demand. In response to China's bolstering of its naval capabilities, the United States is reevaluating its naval fleet. Because their economic objectives are similar, both parties in a trade war are tightening their shipment channels in terms of security deployment. Because the United States Naval is allowed to operate globally and adjust its presence as needed without prior clearance, navy forces are frequently the first to respond to any crisis. As a result, the federal government has allocated a large portion of its budget to the navy, bolstering the submarine market in North America. As a result of the parent sector's financial support, the market for submarines in North America is expected to grow.

KEY MARKET PLAYERS

• China Shipbuilding Group (China)
• Samsung Heavy Industries (South Korea)
• STX Offshore And Shipbuilding (South Korea)
• Daewoo Shipbuilding and Marine Engineering (South Korea)
• Fincantieri (Italy)
• Sumimoto Heavy Industries (Japan)
• Mitsubishi Heavy Industries (Japan)
• United Shipbuilding Corporation (Russia)
• Chantiers de l’Atlantique (France)
• BAE Systems (UK)

RECENT HAPPENINGS IN THE MARKET

• In 2022, BAE Systems plans to hire around 1,700 apprentices and graduates across the UK. The Company's greatest intake of early-career employment in a single year was more than 900 apprentices and 750 graduate and undergraduate positions. The majority of the jobs will be in the North of England, but there will also be changed in the South, Scotland, and Wales.
• Daewoo Shipbuilding & Marine Engineering (DSME), a South Korean shipbuilder, has commissioned tank design from French LNG containment expert GTT for four new LNG carriers. GTT will deliver the design for the new ships' tanks as part of this deal. It will also provide engineering services related to the project. Each of the four LNG carriers will have a capacity of 174,000 cubic meters of LNG. They will highlight the GTT NO96 L03 membrane containment system, a GTT-developed technology.
• The Italian Navy has awarded a contract to a Fincantieri-led RTI consortium to build a second logistic support ship (LSS). The contract was made with the Organisation Conjointe de Cooperation sur l'Armement for about €410 million (OCCAR). The contract also includes logistics and maintenance support for the first ten years of the vessel's existence. The order also includes the delivery of Fincantieri Mechanical Systems and Components Unit-made naval components and machinery.

DETAILED SEGMENTATION OF THE GLOBAL SUBMARINE MARKET INCLUDED IN THIS REPORT

This research report on the global submarine market has been segmented and sub-segmented based on the type, application, and region. 

By Type

• Nuclear Powered Submarine
• Diesel Electric Submarine 
• Ballistic Missile Submarine

By Application 

• Surveillance
• Combat
• Marine Environmental Monitoring
• Detection of Oil Resources
• Scientific Research and Others.

By Region

• North America
• Europe 
• Asia Pacific
• Latin America 
• Middle east and Africa