Submarine Combat Systems Market is estimated to be valued at USD 4.97 Billion in 2016 and is projected to reach USD 11.67 Billion in 2022, at a CAGR of 15.3%.
The electronic support measure system segment is projected to witness high growth during the forecast period.
Based on system, the electronic support measure system segment of the submarine combat systems is projected to grow at a higher CAGR during the forecast period. Enhancement in sensors and armament technologies have resulted in better anti-submarine warfare technologies. Electronic support measures systems are required for defensive measures and secure communications of submarines. These systems use different technologies to increase submarine’s capabilities of survivability and stealth by reducing chances of detection by enemy platforms, avoidance of incoming threats.
Browse 106 market data Tables and 82 Figures spread through 186 Pages and in-depth TOC on “Submarine Combat Systems Market – Global Forecast to 2022”
The retrofit segment is estimated to witness highest growth during the forecast period.
Retrofit of submarines are essential for submarine’s mid-life upgradation. The new systems installed on the submarines are cost efficient methods to modernize submarines systems. Naval forces across the world are focusing on upgrading submarines to enhance their anti-submarine warfare techniques. Hence, defense agencies are increasing their budgets for the procurement of new generation sensors and submarine combat systems. Europe is the largest market for retrofit during the forecast period.
Europe is expected to witness highest growth in retrofit market during the forecast period.
Cold war period saw a huge investment in submarine platforms. After end of cold war, submarines induced in late 1990’s are estimated to undergo mid-life upgrades. Russia is expected to be main contributor to submarine combat systems market during the forecast period. The older submarines are likely to go upgradation program and thus drive the retrofit market of submarine combat systems. The growth would be seen in Europe and Asia Pacific region owing to their new submarine acquisition and submarine upgradation program.
The Asia-Pacific region is estimated to have accounted for the largest share of the submarine combat systems market in 2016, followed by Europe and North America. Recent geopolitical developments such as, the South China Sea dispute between China and its neighboring countries such as, Taiwan, Brunei, Malaysia, Philippines, and Vietnam over Spratly and Paracel islands is a major factor in the high investments in naval assets. In Europe, Russia’s growing maritime assertiveness is likely to drive the demand for submarine combat systems. These factors have indirectly fueled the growth of the market.
The major players identified in submarine combat systems are Lockheed Martin (U.S), BAE Systems (UK), Raytheon (U.S.) and Atlas Elektronik (Germany). These key players have adopted the key strategies of contracts and new product developments to strengthen their position in the sonar system market.
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