SELBYVILLE , Delaware, April 2, 2019 /PRNewswire/ -- The submarine combat systems market is set to hike from USD 4.5 billion in 2018 to around USD 9.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The governments across the globe are focusing to enhance and enlarge maritime warfare capabilities in their naval fleet. The rising political disputes among countries, development of advanced submarine system, and growing requirement to modernize the weapon systems will drive the submarine combat system market.
Additionally, growing usage of fast attack submarines coupled with advantages offered by this system such as stealth capabilities and faster operations will support the market growth.
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Technological advancements of combat system include usage of artificial intelligence (AI) and computed automation that enhances remote supervision and monitoring of submarines. The countries including Russia are developing advanced super-cavitating torpedoes. These torpedoes are propelled by rocket engines and attain high speeds of 200 knots an hour. These technical developments will further support penetration of submarine combat systems market over the study timeframe.
The industry participants are investing in R&D to introduce new technologically advanced software solutions including integrated ship control management and monitoring system (ISCMMS). Multiple countries are upgrading these systems to enhance the performance of submarines.
The SSK submarine segment will showcase significant growth in submarine combat system market owing to submarine modernization plan of several countries. SSK are compact, agile, and less noisy as compared to their counterparts. Additionally, industry players are securing contracts from governments to equip their submarines with latest weapons.
Browse key industry insights spread across 200 pages with 359 market data tables & 9 figures & charts from the report, "Submarine Combat System Market Size, By Submarine (SSK, SSN, SSBN, SSGN), By Weapon (Torpedoes, Ballistics Missiles, Cruise Missiles, Mines) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, France, Italy, Germany, Russia, Greece, China, Japan, India, South Korea, Australia, Brazil, Peru, Colombia, Iran, Turkey, Algeria), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Torpedoes weapon segment will showcase significant growth rate in submarine combat systems market. This can be credited to higher procurement and commissioning of high-tech, longer range and lethal submarines that can launch heavyweight torpedoes. The development of new torpedoes allow navy to destroy targets at ranges up to 5 miles and at speed greater than 28 knots. In addition, the new torpedoes are integrated with digital guidance, and digital fusing system and propulsion improvements.
European submarine combat system market share will hold dominance over the study timeframe. The dominance can be attributed to the purchase of new submarines and modernization of naval fleet by several countries.
Latin American submarine combat systems market will witness momentous gains over the study timeframe owing to upgradation of combat systems on existing submarine fleet as part of extensive defense programs.
The industry participants in the market includes Atlas Elektronik, Lockheed Martin, Northrop Grumman, Thales Group, Raytheon, and BAE Systems. The other notable players in the industry includes Saab, and Naval Group. Contract with the several navy forces is the key strategy adopted by industry participants to enhance their market share.
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