Submarine market to grow by USD 8,990.05 million from 2022 to 2027; Fleet replacement programs drive growth – Technavio
NEW YORK, Aug. 8, 2023 /PRNewswire/ — The submarine market size is estimated to increase by USD 8,990.05 million from 2022 to 2027, with a CAGR of 5.45%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report – Request a sample report
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability.
Find Technavio’s Exclusive Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
The submarine market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below –
Anschutz, ASC Pty Ltd., BAE Systems Plc, Daewoo Shipbuilding and Marine Engineering Co. Ltd., Fincantieri Spa, General Dynamics Corp., Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Lockheed Martin Corp., Mazagon Dock Shipbuilders Ltd., Mitsubishi Heavy Industries Ltd., NauticExpo, Naval Group, Navantia SA, Saab AB, Submarine Manufacturing and Products Ltd., The Boeing Co., ThyssenKrupp AG, Triton Submarines LLC, and United Shipbuilding Corp.
Submarine market – Segmentation
The market is segmented by Type (SSN, SSBN, and SSK), Application (Military and Commercial), and Geography (North America, APAC, Europe, Middle East and Africa, and South America)
- The SSN segment will be significant during the forecast period. SSN is a type of attack submarine that operates on a nuclear propulsion system that works independently of air, helping in minimizing the need for the vessel to reach the surface often. For example, the first nuclear-powered attack submarine was the US Navy’s USS Nautilus. SNNs are used to perform multiple other functions such as intelligence gathering as well as insertion and extraction of special forces. Hence, due to such factors, the SNN segment of the submarine market is estimated to grow during the forecast period.
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Submarine market – Market Dynamics
Key Drivers
Fleet replacement programs drive the growth of the submarine market. There is a growing need for submarines to be replaced since most of the submarines in countries are nearing the end of their service life.
Furthermore, the replacement offers multiple advantages in terms of high performance and efficiency and is also considered a cost-effective measure for governments in the long run. Hence, such factors drive the growth of the submarine market during the forecast period.
Significant Trends
Multi-mission submarines are an emerging submarine market trend. Vendors increasingly focus on developing submarines that can perform multiple functions to make them more operationally flexible. Multi-mission submarines are designed for improved littoral warfare, surveillance, as well as open ocean operations.
Submarines such as the Virginia class (SSN-774 class), which are deployed by the US Navy, have a flexible design for future enhancements. Hence, such trends fuel the growth of the submarine market during the forecast period.
Major Challenges
Limitations in submarine-building capabilities challenge the growth of the submarine market. Submarines are very complex platforms in terms of design. Only a few countries have the capability to design and build their own submarines, and thus, when emerging countries undertake a submarine manufacturing project, they depend heavily on developed countries for the implementation of technology and design.
Furthermore, 5-7 years of training is required for an individual to become a skilled shipbuilder, and hiring requires huge funds and cannot be made in advance. Hence, such challenges impede the growth of the submarine market during the forecast period.
Submarine market – Regional Analysis
The market is segmented by region North America, APAC, Europe, Middle East and Africa, and South America. An analysis of key leading countries has been included.
- APAC will account for 39% of the global submarine market growth. With the presence of leading revenue-generating countries such as China, Japan, Korea, and India, APAC is the fastest-growing region in the global submarine market. Factors including maritime border disputes and the need to attain naval supremacy drive the growth of the regional market. Owing to the growing pressure along the South China Sea and the British-Indian Ocean Territory, the governments of Japan, Australia, China, and India are focusing on increasing the fleet of silent patrolling submarines. Hence, such factors drive the growth of the submarine market in APAC during the forecast period.
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What are the key data covered in this submarine market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the submarine market between 2023 and 2027
- Precise estimation of the size of the submarine market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the submarine market across North America, APAC, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of submarine market vendors
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Submarine market scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 5.45% |
Market growth 2023-2027 | USD 8,990.05 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 4.95 |
Regional analysis | North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution | APAC at 39% |
Key countries | US, China, Japan, South Korea, and Russia |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Anschutz, ASC Pty Ltd., BAE Systems Plc, Daewoo Shipbuilding and Marine Engineering Co. Ltd., Fincantieri Spa, General Dynamics Corp., Hyundai Heavy Industries Co. Ltd., Kawasaki Heavy Industries Ltd., Lockheed Martin Corp., Mazagon Dock Shipbuilders Ltd., Mitsubishi Heavy Industries Ltd., NauticExpo, Naval Group, Navantia SA, Saab AB, Submarine Manufacturing and Products Ltd., The Boeing Co., thyssenkrupp AG, Triton Submarines LLC, and United Shipbuilding Corp. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global submarine market 2017 – 2021
- Exhibit 18: Historic Market Size – Data Table on global submarine market 2017 – 2021 ($ million)
- 4.2 Type Segment Analysis 2017 – 2021
- Exhibit 19: Historic Market Size – Type Segment 2017 – 2021 ($ million)
- 4.3 Application Segment Analysis 2017 – 2021
- Exhibit 20: Historic Market Size – Application Segment 2017 – 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 – 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)
- 4.5 Country Segment Analysis 2017 – 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 30: Chart on Type – Market share 2022-2027 (%)
- Exhibit 31: Data Table on Type – Market share 2022-2027 (%)
- 6.2 Comparison by Type
- Exhibit 32: Chart on Comparison by Type
- Exhibit 33: Data Table on Comparison by Type
- 6.3 SSN – Market size and forecast 2022-2027
- Exhibit 34: Chart on SSN – Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Data Table on SSN – Market size and forecast 2022-2027 ($ million)
- Exhibit 36: Chart on SSN – Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on SSN – Year-over-year growth 2022-2027 (%)
- 6.4 SSBN – Market size and forecast 2022-2027
- Exhibit 38: Chart on SSBN – Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Data Table on SSBN – Market size and forecast 2022-2027 ($ million)
- Exhibit 40: Chart on SSBN – Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on SSBN – Year-over-year growth 2022-2027 (%)
- 6.5 SSK – Market size and forecast 2022-2027
- Exhibit 42: Chart on SSK – Market size and forecast 2022-2027 ($ million)
- Exhibit 43: Data Table on SSK – Market size and forecast 2022-2027 ($ million)
- Exhibit 44: Chart on SSK – Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on SSK – Year-over-year growth 2022-2027 (%)
- 6.6 Market opportunity by Type
- Exhibit 46: Market opportunity by Type ($ million)
- Exhibit 47: Data Table on Market opportunity by Type ($ million)
7 Market Segmentation by Application
- 7.1 Market segments
- Exhibit 48: Chart on Application – Market share 2022-2027 (%)
- Exhibit 49: Data Table on Application – Market share 2022-2027 (%)
- 7.2 Comparison by Application
- Exhibit 50: Chart on Comparison by Application
- Exhibit 51: Data Table on Comparison by Application
- 7.3 Military – Market size and forecast 2022-2027
- Exhibit 52: Chart on Military – Market size and forecast 2022-2027 ($ million)
- Exhibit 53: Data Table on Military – Market size and forecast 2022-2027 ($ million)
- Exhibit 54: Chart on Military – Year-over-year growth 2022-2027 (%)
- Exhibit 55: Data Table on Military – Year-over-year growth 2022-2027 (%)
- 7.4 Commercial – Market size and forecast 2022-2027
- Exhibit 56: Chart on Commercial – Market size and forecast 2022-2027 ($ million)
- Exhibit 57: Data Table on Commercial – Market size and forecast 2022-2027 ($ million)
- Exhibit 58: Chart on Commercial – Year-over-year growth 2022-2027 (%)
- Exhibit 59: Data Table on Commercial – Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Application
- Exhibit 60: Market opportunity by Application ($ million)
- Exhibit 61: Data Table on Market opportunity by Application ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 63: Chart on Market share by geography 2022-2027 (%)
- Exhibit 64: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 65: Chart on Geographic comparison
- Exhibit 66: Data Table on Geographic comparison
- 9.3 North America – Market size and forecast 2022-2027
- Exhibit 67: Chart on North America – Market size and forecast 2022-2027 ($ million)
- Exhibit 68: Data Table on North America – Market size and forecast 2022-2027 ($ million)
- Exhibit 69: Chart on North America – Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on North America – Year-over-year growth 2022-2027 (%)
- 9.4 APAC – Market size and forecast 2022-2027
- Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)
- 9.5 Europe – Market size and forecast 2022-2027
- Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 ($ million)
- Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
- Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)
- 9.6 Middle East and Africa – Market size and forecast 2022-2027
- Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
- Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
- Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
- 9.7 South America – Market size and forecast 2022-2027
- Exhibit 83: Chart on South America – Market size and forecast 2022-2027 ($ million)
- Exhibit 84: Data Table on South America – Market size and forecast 2022-2027 ($ million)
- Exhibit 85: Chart on South America – Year-over-year growth 2022-2027 (%)
- Exhibit 86: Data Table on South America – Year-over-year growth 2022-2027 (%)
- 9.8 US – Market size and forecast 2022-2027
- Exhibit 87: Chart on US – Market size and forecast 2022-2027 ($ million)
- Exhibit 88: Data Table on US – Market size and forecast 2022-2027 ($ million)
- Exhibit 89: Chart on US – Year-over-year growth 2022-2027 (%)
- Exhibit 90: Data Table on US – Year-over-year growth 2022-2027 (%)
- 9.9 China – Market size and forecast 2022-2027
- Exhibit 91: Chart on China – Market size and forecast 2022-2027 ($ million)
- Exhibit 92: Data Table on China – Market size and forecast 2022-2027 ($ million)
- Exhibit 93: Chart on China – Year-over-year growth 2022-2027 (%)
- Exhibit 94: Data Table on China – Year-over-year growth 2022-2027 (%)
- 9.10 Russia – Market size and forecast 2022-2027
- Exhibit 95: Chart on Russia – Market size and forecast 2022-2027 ($ million)
- Exhibit 96: Data Table on Russia – Market size and forecast 2022-2027 ($ million)
- Exhibit 97: Chart on Russia – Year-over-year growth 2022-2027 (%)
- Exhibit 98: Data Table on Russia – Year-over-year growth 2022-2027 (%)
- 9.11 Japan – Market size and forecast 2022-2027
- Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 ($ million)
- Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
- Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
- Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)
- 9.12 South Korea – Market size and forecast 2022-2027
- Exhibit 103: Chart on South Korea – Market size and forecast 2022-2027 ($ million)
- Exhibit 104: Data Table on South Korea – Market size and forecast 2022-2027 ($ million)
- Exhibit 105: Chart on South Korea – Year-over-year growth 2022-2027 (%)
- Exhibit 106: Data Table on South Korea – Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 107: Market opportunity by geography ($ million)
- Exhibit 108: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 109: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 110: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 111: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 112: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 113: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 114: Matrix on vendor position and classification
- 12.3 ASC Pty Ltd.
- Exhibit 115: ASC Pty Ltd. – Overview
- Exhibit 116: ASC Pty Ltd. – Product / Service
- Exhibit 117: ASC Pty Ltd. – Key offerings
- 12.4 BAE Systems Plc
- Exhibit 118: BAE Systems Plc – Overview
- Exhibit 119: BAE Systems Plc – Business segments
- Exhibit 120: BAE Systems Plc – Key offerings
- Exhibit 121: BAE Systems Plc – Segment focus
- 12.5 Daewoo Shipbuilding and Marine Engineering Co. Ltd.
- Exhibit 122: Daewoo Shipbuilding and Marine Engineering Co. Ltd. – Overview
- Exhibit 123: Daewoo Shipbuilding and Marine Engineering Co. Ltd. – Product / Service
- Exhibit 124: Daewoo Shipbuilding and Marine Engineering Co. Ltd. – Key offerings
- 12.6 Fincantieri Spa
- Exhibit 125: Fincantieri Spa – Overview
- Exhibit 126: Fincantieri Spa – Business segments
- Exhibit 127: Fincantieri Spa – Key offerings
- Exhibit 128: Fincantieri Spa – Segment focus
- 12.7 General Dynamics Corp.
- Exhibit 129: General Dynamics Corp. – Overview
- Exhibit 130: General Dynamics Corp. – Business segments
- Exhibit 131: General Dynamics Corp. – Key news
- Exhibit 132: General Dynamics Corp. – Key offerings
- Exhibit 133: General Dynamics Corp. – Segment focus
- 12.8 Hyundai Heavy Industries Co. Ltd.
- Exhibit 134: Hyundai Heavy Industries Co. Ltd. – Overview
- Exhibit 135: Hyundai Heavy Industries Co. Ltd. – Product / Service
- Exhibit 136: Hyundai Heavy Industries Co. Ltd. – Key offerings
- 12.9 Kawasaki Heavy Industries Ltd.
- Exhibit 137: Kawasaki Heavy Industries Ltd. – Overview
- Exhibit 138: Kawasaki Heavy Industries Ltd. – Business segments
- Exhibit 139: Kawasaki Heavy Industries Ltd. – Key news
- Exhibit 140: Kawasaki Heavy Industries Ltd. – Key offerings
- Exhibit 141: Kawasaki Heavy Industries Ltd. – Segment focus
- 12.10 Mitsubishi Heavy Industries Ltd.
- Exhibit 142: Mitsubishi Heavy Industries Ltd. – Overview
- Exhibit 143: Mitsubishi Heavy Industries Ltd. – Business segments
- Exhibit 144: Mitsubishi Heavy Industries Ltd. – Key news
- Exhibit 145: Mitsubishi Heavy Industries Ltd. – Key offerings
- Exhibit 146: Mitsubishi Heavy Industries Ltd. – Segment focus
- 12.11 Naval Group
- Exhibit 147: Naval Group – Overview
- Exhibit 148: Naval Group – Product / Service
- Exhibit 149: Naval Group – Key offerings
- 12.12 Navantia SA
- Exhibit 150: Navantia SA – Overview
- Exhibit 151: Navantia SA – Product / Service
- Exhibit 152: Navantia SA – Key offerings
- 12.13 Saab AB
- Exhibit 153: Saab AB – Overview
- Exhibit 154: Saab AB – Business segments
- Exhibit 155: Saab AB – Key news
- Exhibit 156: Saab AB – Key offerings
- Exhibit 157: Saab AB – Segment focus
- 12.14 Submarine Manufacturing and Products Ltd.
- Exhibit 158: Submarine Manufacturing and Products Ltd. – Overview
- Exhibit 159: Submarine Manufacturing and Products Ltd. – Product / Service
- Exhibit 160: Submarine Manufacturing and Products Ltd. – Key offerings
- 12.15 thyssenkrupp AG
- Exhibit 161: thyssenkrupp AG – Overview
- Exhibit 162: thyssenkrupp AG – Business segments
- Exhibit 163: thyssenkrupp AG – Key offerings
- Exhibit 164: thyssenkrupp AG – Segment focus
- 12.16 Triton Submarines LLC
- Exhibit 165: Triton Submarines LLC – Overview
- Exhibit 166: Triton Submarines LLC – Product / Service
- Exhibit 167: Triton Submarines LLC – Key offerings
- 12.17 United Shipbuilding Corp.
- Exhibit 168: United Shipbuilding Corp. – Overview
- Exhibit 169: United Shipbuilding Corp. – Product / Service
- Exhibit 170: United Shipbuilding Corp. – Key offerings
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 171: Inclusions checklist
- Exhibit 172: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 173: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 174: Research methodology
- Exhibit 175: Validation techniques employed for market sizing
- Exhibit 176: Information sources
- 13.5 List of abbreviations
- Exhibit 177: List of abbreviations
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