Global Submarine Market Worth US$32 Billion by 2024, Says a New Research Report at

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Submarine Market

The Global Submarine market is expected to increase by a CAGR of 5.19% over the next ten years.

This report provides readers with a detailed analysis of both historic and forecast global industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.
Analysis of consumer behavior, economic conditions, and demography reveals emerging opportunities in the Global Submarine market, should anyone be thinking of diversifying the business offerings.

North America leads the global submarine market

The total global submarine market is expected to be cumulatively worth over US$281 billion across the forecast period. The market, which is estimated at US$19 billion in 2014, is set to rise by a CAGR of just under 5.20%, to just under US$32 billion by 2024. North America is expected to constitute 32% of the market during the forecast period with a total spending of US$88.8 billion. In spite of the budget sequestration measures, the US still has the highest spend in the sector and is almost equal to the spending in Asia-Pacific, which is the second largest spending region.

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European nations are expected to cumulatively spend just under US$83 billion across the forecast period, and constitute just shy of 30% of the total submarine market. The rise of regional powers including India and China, with a strong desire for power projection, and growing regional tensions, coupled with maritime conflicts, will drive growth in the submarine sector in the Asia Pacific region.

Additionally, Asian countries are keen to develop indigenous submarines, which will drive further growth in the sector. It is expected that the cumulative spend by Asia in the sector will amount to just under US$88 billion of the total market. Brazil and Argentina are the main spenders in the submarine sector in Latin America, and the countries in the region are expected to cumulatively spend US$12 billion.

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Key Findings

  • The global submarine market is expected to experience a CAGR growth of 5.19% during 2014-2024.
  • North America and Asia Pacific regions are expected to be the largest submarine markets, with a cumulative market share of more than 62%.
  • The SSN segment is expected to dominate the submarine market, with a share of 41.1%.
  • Need to replace obsolete submarines and robust procurement plans in Asia due to increase in maritime security threats is expected to channel more funds towards the sector.

Reasons To Buy

  • This report will give the user confidence to make the correct business decisions based on a detailed analysis of the submarine market and to identify emerging/declining markets over the next 10 years.
  • This report will give the user a thorough fact based analysis with information about demand for various submarine segments in each of the top ten countries and the underlying factors that are driving the demand. For example, The Indian MoD is in the process of outfitting its current fleet consisting only of diesel electric submarines with the more powerful SSNs and SSBNs.
  • The analysts have placed a significant emphasis on the major industries that are driving the submarine market which will provide the user with a clear picture about the future opportunities that can be tapped, resulting in revenue expansion e.g. the Sweden-based company Saab is making significant efforts to acquire TKMS in order to strengthen the Swedish domestic submarine manufacturing capabilities.
  • The major programs section will inform the user about major programs being undertaken by defense ministries and governments in different segments of the submarine market during the forecast period.
  • Detailed profiles of the top submarine manufacturers and service providers around the world with information about their products, alliances, recent contract wins and financial analysis wherever available. This will provide the user with a total competitive landscape of the sector.
  • A deep qualitative analysis of the global submarine sector covering sections including demand drivers, SWOT, industry trends, and latest technological developments.

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