The ocean covers around 140 million square miles, almost 72% of the earth’s surface with almost 600 million people residing in the coastal area. Almost, 2.4 billion amongst them live within 100 km of the coast. This topographical condition has compelled towards constant protection and surveillance by the defense sector of economies across the globe. This has created scope for the naval capabilities to heighten with greater defense budget every year, where submarines play a significant part in surveillance, counter-surveillance, and combat. The direct-indirect socio-political friction amongst the countries is contributing to the growth of the naval capabilities, thereby creating a positive disruption in the submarines market size across the globe. Due to the arrival of the new innovative technologies, the submarine market is expanding further, paving opportunities to the business leaders. In February 2018, a team came up with 3D printed syntactic flotation foam that would take the submarines to a new depth. While the 3D printing technology is making a mark in every field, this syntactic foam created from the technology is both light and strong to withstand ocean depth and pressure. This innovation will generate impeccable opportunities for several submarine industry players in the upcoming years.
As of 2018, the global submarine market size was evaluated at around $27.2 billion, which is expected to increase at a CAGR of 3.24% during the forecast period 2019-2025. The report details submarines market size by type and market size by applications, submarines market share by top 5 companies and also the market share by startups.
Submarines Market Trends & Growth Drivers:
While the manufacturing of submarines is gaining traction, several market players are investing in research and development to evolve naval technologies and add major momentum to the combat approach. Here are the growth drivers and trends driving the submarines market across the world –
- iBubble Submarine Drone to Create a Demand Influx in the Global Submarines Market –
This latest submarine innovation by France is equipped with high definition camera and acts as a companion following everywhere with a battery up to an hour. This discovery will create an impact on the submarines market as it can be used in various ways for underwater study as well as investigation. Hence, the global submarines market revenue will increase.
- C-Researcher 3-1100 Personal Submarine to Boost the Submarines Market across the World –
Apart from the general dynamics of a submarine assigned for surveillance or combat, several submarines are used for exploration, tourism, pipeline surveys, oil and gas platform inspection, and others. Recently, U-Boat Worx’s latest C-Researcher 3-1100 personal submarine has been aptly made for the above-mentioned purposes. This latest two passenger-carrying sphere-shaped submarine is going to attract several consumers benefiting the submarines market players.
- Submarine Remotely Operated Vehicles (SUBROV) to Drive the Global Submarines Market –
The role of submarines has changed from a deterrent with the ability to sink ships to an intelligence-gathering tool. The Saab AB’s SUBROV has a scalable and modular design enabling operators to perform tasks through easy integration of new sensors and tools. This ROV system is used for communication, surveillance, AUV recovery, mine countermeasures, inspection, intervention, and others. Thus, this new system will create a positive impact on the submarines market as it will attract several consumers for its diverse usage.
- Australia’s Largest Defense Capital Investment Program to Create Positive Disruption in the Global Submarines Marketplace –
Lockheed Martin Corp. collaborated with the Australian Department of Defence and Naval Group for the Future Submarine Program (FSP), where the company will design various combat systems for the continent for the next 40 years. This will result in the production of innovative and latest submarines. Hence the submarines market will flourish in Australia.
- Thales Group’s Latest Contract to Create an Impact on the Submarines Market –
In 2018, Thales Group bagged a contract from the French Defence Procurement Agency for 3.5 years, where the company will be carrying out studies to bring technological expansions for a sonar system. This system will be placed on France’s future third-generation nuclear-powered ballistic missile submarine (SNLE 3G). This technological advancement will attract consumers paving opportunities to other submarines market leaders to undergo research and development to bring technological shifts in the upcoming years and get benefited by them.
- Naval Group to Increase the Submarines Market Size with their Innovations –
Naval Group has invented novel solutions such as panoramic surveillance system, identification sensors, innovative propellers, and others for the French Naval defense industry. Also, the company put up the Scorpene submarine, BelharraF21 heavyweight torpedo, naval equipment, and others at the Maritime/ Air System and Technologies (MAST) trade show in 2018. The company has also been supporting the Indian Navy through indigenous industrial activities and dedicated design, maintenance support, and services. These are increasing the submarines market revenue across the world.
Submarines Market: Competitive Landscape
The principal business leaders who are currently holding maximum submarines market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are Navantia, Kockums Naval Solutions, JSC PO Sevmash, Lockheed Martin Corporation, ASC Pty Ltd, Fincantieri S.p.A., Naval Group, ThyssenKrupp Marine Systems GmbH, General Dynamics Electric Boat, and others.