Submarine Market Size and Trend Analysis by Segments, Programs, Competitive Landscape, Region and Forecast to 2033

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Accessing in-depth insights from the ‘Submarine Market’ report can help you:

  • Determine prospective investment areas based on a detailed trend analysis of the global submarine market over the next ten years.
  • Gain extensive understanding about the underlying factors driving demand for different submarine segments in the top spending countries across the world and identify the opportunities offered by each of them.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global submarine market, providing a clear picture about future opportunities that can be tapped, resulting in revenue expansion
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the defense ministries of different countries within the global submarine market.
  • Make correct business decisions based on a thorough analysis of the competitive landscape consisting of detailed profiles of the top submarine solution providers around the world. The company profiles also include information about the key products, alliances, recent contract awarded, and financial analysis, wherever available.

How is the ‘Submarine Market’ report different from other reports in the market?

  • Market Size and Drivers: Detailed analysis during 2023-2033, including the demand drivers and growth stimulators. It also provides a snapshot of the spending and modernization patterns of different regions around the world.
  • Recent Developments and Industry Challenges: Insights into technological developments and a detailed analysis of the existing submarine being executed and planned worldwide. It also provides trends of the changing industry structure and the challenges faced by industry participants.
  • Regional Highlights: Study of the key markets in each region, providing an analysis of the key segments of the market that are expected to be in demand.
  • Major Programs: Details of the key programs in each segment, which are expected to be executed during 2023-2033.
  • Competitive Landscape and Strategic Insights: Analysis of the competitive landscape of the global submarine market. It provides an overview of key players, their strategic initiatives, and financial analysis.

We recommend this valuable source of information to anyone involved in:

  • Defence Startups
  • Original Equipment Manufacturers (OEMs)
  • Defence Planners
  • Submarine Integrators
  • Venture Capital Firms
  • Government Agencies
  • Head of Marketing, Head of Sales, CEOs, and Senior Executives.

To get a snapshot of the submarine market report, download a free report sample

Submarine Market Overview

The submarine market size is valued at $30.0 billion in 2023 and is expected to achieve a CAGR of more than 4% during 2023-2033. Evolving geopolitical scenario and maritime disputes are anticipated to drive investments in submarines. Furthermore, growing emphasis on establishing the nuclear triad and enhancing deterrence capabilities is expected to propel demand for submarines in the coming years.

Submarine Market Outlook 2023-2033 ($ Billion)

Submarine Market Outlook 2023-2033 ($ Billion)

To gain more information on the submarine market forecast, download a free report sample

The submarine market research report covers industry analysis, including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for the submarine market over the forecast period.

Market Size (2023) $30.0 billion
CAGR >4%
Forecast Period 2023-2033
Key Segments Nuclear-Powered Attack Submarine, Nuclear-Powered Ballistic Missile Submarine, Diesel Electric Submarine, Diesel AIP Submarine, and Midget Submarine
Key Regions Asia-Pacific, North America, Europe, Middle East, Africa, and Latin America
Leading Companies General Dynamics Corp, United Shipbuilding Corp, BAE Systems plc, China Shipbuilding Industry Co Ltd (CSIC), Naval Group, ThyssenKrupp AG, China State Shipbuilding Corp Ltd (CSSCL), and Fincantieri SpA

Submarine Market Dynamics

Various seafaring nations worldwide are investing in procuring and upgrading their submarine fleets to safeguard their maritime boundaries. This is because submarines are considered one of the most critical elements of a country’s naval forces, capable of operating covertly and performing various missions, including launching surprise attacks against enemy targets, and serving as a deterrent to potential disputes. Disputes over offshore territories and maritime boundaries, driven by the need to exploit offshore resources, are expected to be a major driver regarding the strengthening of submarine capabilities for many countries.

Furthermore, growing emphasis on establishing the nuclear triad and enhancing deterrence capabilities is expected to propel demand for submarines. For instance, submarines equipped with ballistic missiles are most likely to survive an incoming first strike by hiding underwater and launching a retaliatory second strike at their opponent.

Submarine Market Segments

The key segments in the submarine market are nuclear-powered attack submarines (SSN), nuclear-powered ballistic missile submarines (SSBN), diesel electric submarines (SSK), diesel AIP submarines (SSP), and midget submarines (SSM). Over 2023–33, the market is expected to be dominated by the nuclear-powered attack submarine segment (SSN), mainly driven by several high-value procurement programs worldwide, such as the US Navy’s Virginia-class procurement, the Indian Navy’s SSN program, the Chinese Type 095 program, the Brazilian Navy’s SN-BR project, and the French Navy’s Barracuda-class procurement.

The SSN segment is expected to experience strong growth over the next decade due to the advantages that nuclear-powered submarines offer over conventionally powered submarines. Additionally, these submarines are designed to remain submerged and undetected for extended periods due to their stealth capability, which allows them to operate at high speeds with minimal noise, further enhancing their operational flexibility.

Submarine Market Analysis by Segments, 2023-2033 (%)

Submarine Market Analysis by Segments, 2023-2033 (%)

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Submarine Market Segmentation by Regions

The key regions in the submarine market are Asia-Pacific, North America, Europe, Middle East, Africa, and Latin America. North America, supported by the US Navy’s multi-year procurement programs, is expected to maintain its leading position globally during the forecast period.

The Asia-Pacific region will hold the second largest position globally. Spending in this region will be largely driven by new procurement programs. Moreover, the rising geopolitical tensions over the South China Sea have led to a surge in military activities among the countries in the region.

Submarine Market Analysis by Regions, 2023-2023 (%)

Submarine Market Analysis by Regions, 2023-2023 (%)

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Submarine Market - Competitive Landscape

Some of the leading companies in the submarine market are General Dynamics Corp, United Shipbuilding Corp, BAE Systems plc, China Shipbuilding Industry Co Ltd (CSIC), Naval Group, ThyssenKrupp AG, China State Shipbuilding Corp Ltd (CSSCL), and Fincantieri SpA.

Segments Covered in the Report

Submarine Segments Outlook (Value, $ Billion, 2023-2033) 

  • Nuclear-Powered Attack Submarine
  • Nuclear-Powered Ballistic Missile Submarine
  • Diesel Electric Submarine
  • Diesel AIP Submarine
  • Midget Submarine 

Submarine Regional Outlook (Value, $ Billion, 2023-2033) 

  • Asia-Pacific
  • North America
  • Europe
  • Middle East
  • Africa
  • Latin America

Key Players

General Dynamics Corp
BAE Systems Plc
Naval Group
United Shipbuilding Corp
China State Shipbuilding Corp
Navantia SA
Huntington Ingalls Industries Inc
Fincantieri SpA
Daewoo Shipbuilding & Marine Engineering Co Ltd
Mitsubishi Heavy Industries Ltd
Saab AB
ThyssenKrupp AG

Table of Contents

  • 1. Executive Summary
  • 2. Global Submarine Market – Overview
  • 3. Market Dynamics

    • 3.1. Demand Drivers
    • 3.2. Trends
    • 3.3. Technological developments
    • 3.4. Key Challenges

  • 4. Global Submarine- Segment Analysis

    • 4.1. Segment Analysis: Nuclear-Powered Attack Submarine
    • 4.2. Segment Analysis: Nuclear-Powered Ballistic Missile Submarine
    • 4.3. Segment Analysis: Diesel Electric Submarine
    • 4.4. Segment Analysis: Diesel AIP Submarine
    • 4.5. Segment Analysis: Midget Submarine

  • 5. Global Submarine Market – Regional Analysis

    • 5.1. Global Submarine– Regional Overview
    • 5.2. Regional Analysis: North America

      • 5.2.1. Supplier share analysis
      • 5.2.2. Leading countries in the region
      • 5.2.3. Regional volume share

    • 5.3. Regional Analysis: Asia-Pacific

      • 5.3.1. Supplier share analysis
      • 5.3.2. Leading countries in the region
      • 5.3.3. Regional volume share

    • 5.4. Regional Analysis: Europe

      • 5.4.1. Supplier share analysis
      • 5.4.2. Leading countries in the region
      • 5.4.3. Regional volume share

    • 5.5. Regional Analysis: Middle East

      • 5.5.1. Supplier share analysis
      • 5.5.2. Leading countries in the region
      • 5.5.3. Regional volume share

    • 5.6. Regional Analysis: Latin America

      • 5.6.1. Supplier share analysis
      • 5.6.2. Leading countries in the region
      • 5.6.3. Regional volume share

    • 5.7. Regional Analysis: Africa

      • 5.7.1. Supplier share analysis
      • 5.7.2. Leading countries in the region
      • 5.7.3. Regional volume share

  • 6. Competitive Landscape and Key Programs

    • 6.1. Leading Market Players
    • 6.2. Key Programs

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