Global undersea warfare systems market generated revenue approximately $8,257.9 million, in 2016 and is estimated to grow at a CAGR of 6.6% during 2017-2021
NEW YORK, May 15, 2018 /PRNewswire/ -- The Global Undersea Warfare Systems Market is Anticipated to Reach $11.4 Billion by 2021, Reports BIS Research
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The global undersea warfare systems market is expected to witness a significant growth over the forecast period 2017-2021 due to the rising number of underwater threats. These systems are able to detect, track and classify any upcoming danger from an unidentified submarine, torpedo attacks, and lethal sea mine. The Undersea warfare system manufacturers are developing advanced underwater technologies to counter underwater threats. There has been the emergence of the unmanned underwater systems which is impacting the market with the high adoption across the globe. In addition, the global undersea warfare systems market is significantly growing due to the high defense spending across various countries. This high scale growth of the undersea warfare systems industry is subsequently influencing the market, therefore new advanced underwater technologies are being developed. The adoption of the undersea warfare systems in order to protect the country from rising enemy attacks is one of the key drivers for the growth of the global undersea warfare systems market.
Moreover, continuous improvements in the underwater technologies as well as the technological development of airborne detection systems is providing an opportunity for the growth of the global undersea warfare systems market. There are mainly five types of undersea warfare systems that include weapons & countermeasures, unmanned underwater systems, sensors & sonars, communication systems, and airborne detection systems. In addition to this, the market of the airborne detection systems is expected to have the highest growth rate during the forecast period 2017-2021 due to the high demand across Asia-Pacific region. By analysis, the global undersea warfare systems market generated revenue approximately $8,257.9 million, in 2016 and is estimated to grow at a CAGR of 6.6% during 2017-2021. North America is expected to acquire the most revenue in the global undersea warfare systems market by 2021 with the U.S. acquiring the most market share, globally. However, Asia-Pacific is expected to have the highest growth rate during the forecast period 2017-2021.
Following points provide a concrete description of the report content and the topics covered in the report:
• This report identifies the global undersea warfare systems market under different segments such as types, and regions
• It examines the prime supply side factors affecting the growth of the market along with the current and future trends, market drivers, restraints, and challenges prevalent in the global undersea warfare systems market
• The report also highlights the value chain of the industry with the major focus on the technology roadmap
• A detailed competitive analysis has been included in this report which focuses on the ¬key market developments & strategies followed by the top players in the market. Additionally, market share analysis model has been included in the existing study which analyzes the share of the market players in the global undersea warfare systems market
• Different types of the global undersea warfare systems market, such as weapons & countermeasures, unmanned underwater systems, sensors & sonars, communication systems and airborne detection systems, have been estimated and analyzed in the report
• The global undersea warfare systems market has been analyzed in the report for the major regions including North America, Europe, Asia-Pacific, and rest of the world
• A detailed Porter's Five Forces analysis has been included in the report. Furthermore, the report also focuses on providing information on the key participants and future opportunities in the global undersea warfare systems market
• The study provides detailed analysis of the 15 key players in the global undersea warfare systems market including ATLAS ELEKTRONIK GmbH, BAE Systems plc., ECA Group, General Dynamics, Harris Corporation, Kongsberg Gruppen, Leonardo, Lockheed Martin, Northrop Grumman, Raytheon Company, S.A. de Electronica Submarina (SAES), Saab AB, Thales Group, Boeing and Ultra Electronics, in the Company Profiles section. This section covers business financials, company snapshots, key products & services, major developments, future programs (if any), and , the individual SWOT analysis.
Executive Summary
The underwater environment presents several security challenges to the defense forces due to the presence of undersea threats in the form of unidentified lethal submarines, undersea weapons and sea mines, among others. Therefore, it gives rise to the development and procurement of the undersea warfare systems by various nations in order to counter any underwater threat. The Undersea warfare systems proves to be beneficial for strengthening the country's naval power. Some of the major undersea warfare systems includes weapons and countermeasures, sensors and sonars, communication systems, unmanned systems, and airborne detection systems. Manufacturers have made various developments, in the field of the undersea warfare systems. The manufacturers are also collaborating with other companies in order to geographically expand their product offerings across different regions of the globe. Furthermore, the manufacturers have received various contracts from the naval forces of different nations for the procurement of specific undersea warfare systems.
There has been increasing tensions among various nations due to rising wars and conflicts. Therefore, several countries across the globe are putting their efforts to strengthen their military capabilities by increasing their defense spending on military products and equipment. This also includes the budget for undersea warfare systems to encounter any arising underwater threats from enemy submarines and underwater weapons attacks. As a result, various nations are procuring submarines and anti-submarine warfare frigates which further increases the demand for undersea warfare systems which are required for these platforms in support of carrying out their operations. Therefore, the rising defense spending is one of the biggest driver that is impacting the growth of the global undersea warfare systems market.
The global undersea warfare systems market is expected to reach over $11,393.6 million by 2021. Owing to the rising defense spending to strengthen the country's military capabilities for encountering any kind of enemy attacks, including the threats from underwater attacks, the global undersea warfare systems market is expected to grow significantly at a CAGR of 6.6% during the forecast period 2017-2021. The global undersea warfare systems market majorly focuses on the types that include weapons & countermeasures, unmanned underwater systems, sensors & sonars, communication systems, and airborne detection systems. The weapons and countermeasures acquired the highest market share, in 2017 and is estimated to continue its dominance till 2021. The reason for such strong market share is attributed to the high cost of weapon and countermeasure systems as compared with the other undersea warfare systems. However, the market of the unmanned underwater systems is estimated to grow with the highest CAGR, during the forecast period 2017-2021 due to the advancements in the underwater technologies.
North America is expected to dominate the global undersea warfare systems market, however, Asia-Pacific is expected to grow with the highest CAGR, during 2016-2021. ATLAS ELEKTRONIK GmbH, BAE Systems plc., ECA Group, General Dynamics, Harris Corporation, Kongsberg Gruppen, Leonardo, Lockheed Martin, Northrop Grumman, Raytheon Company, S.A. de Electronica Submarina (SAES), Saab AB, Thales Group, Boeing and Ultra Electronics, among others are the major players of the global undersea warfare systems market.
The U.S. is the most prominent nation in North America followed by Canada for the growth of the global undersea warfare systems market. The increased demand for undersea warfare systems in the U.S. is due to its high defense spending. Europe is another leading region for further enhancing and deploying the undersea warfare systems. Some of the prominent countries in the European region include the U.K., Germany, France, and Russia. In addition, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2017-2021. Some of the prominent nations in Asia-Pacific region include China, Japan, India, and South Korea. The rising demand is result of growing conflicts among nations due to disagreements over the South China Sea across Asia-Pacific region. Furthermore, rest of the countries in Asia-Pacific region are expected to display the increasing growth rate in the global undersea warfare systems market. The Asia-Pacific region could provide a lot more opportunities to the new entrants in the market. The rest of the world includes Middle-East, Africa and Latin America: the region is estimated to have a significant growth rate for the global undersea warfare systems market during the forecast period 2017-2021.
Countries Covered
• North America
• U.S.
• Canada
• Europe
• Russia
• U.K.
• France
• Germany
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of the World
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