DUBLIN--(BUSINESS WIRE)--The "Global Submarine Market to 2031" report has been added to ResearchAndMarkets.com's offering.

The "Global Submarine Market to 2031" report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years. The 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 submarines market over the forecast period.

Navies across the globe are enhancing their undersea warfare capabilities by commissioning advanced submarines, primarily to maintain/gain asymmetric advantages over their opponents and to protect their territorial waters against any intrusion. Disputes over offshore territories and maritime boundaries, due to the need to exploit offshore resources, including unexplored oil and gas reserves and fertile fishing zones, are expected to be a major driver of the strengthening of submarine-based capabilities for many nations. In addition, the need to maintain a credible sea-based deterrent by worldwide nuclear armed countries is expected to further drive investment in the procurement of submarines will continue to grow across the globe over the forecast period.

The Nuclear-powered attack submarine (SSN) segment is expected to be the largest segment and accounts for 36.1% of the global submarine market over the forecast period. The SSN segment is expected to receive robust investment over the forecast period, owing to the advantages associated with SSNs compared to conventionally-powered submarines. Nuclear submarines derive their energy from the on-board nuclear reactor, thereby becoming air independent and eliminating the need to surface. Also, the huge amount of power generated by the nuclear reactor helps the SSNs to operate at high speed for longer durations. According to Chandan Nayak, Defense Analyst at the publisher: "Various countries across the globe are focusing on the ongoing naval expansion initiatives, along with capability enhancement of existing submarine fleets in order counter adversary forces and to protect territorial waters, have resulted in the growth of submarine market over the next decade."

North America region is expected to dominate the global submarine market from 2021 to 2031. The US's dominance in the submarine market is influenced by the country's affinity for advanced military platforms in order to maintain an edge over its adversaries. The country is presently undertaking multiple high-value programs to procure new-generation submarines. For instance, the multi-billion dollar Columbia-class procurement program to develop and deploy 12 SSBNs will significantly increase the country's share of the global submarine market over the next decade.

Key Highlights

• The global submarine market is expected to grow at a CAGR of 4.36% over the forecast period
• The global submarine market is classified into five categories: Nuclear-Powered Attack Submarine (SSN), Nuclear-Powered Ballistic Missile Submarine (SSBN), Diesel AIP Submarine (SSP), Diesel Electric Submarine (SSK), and Midget Submarine (SSM)
• North America is expected to dominate the global submarine market over the forecast period with a market share of 45.2%, followed by Europe and Asia-Pacific regions
• SSN is expected to be the largest segment among other submarine categories over the forecast period

In particular, the report provides an in-depth analysis of the following:

• Market size and drivers: Detailed analysis during 2021-2031, including highlights of 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 submarines projects 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 2021-2031
• 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

Key Topics Covered:

• Executive Summary
• Market Dynamics
• Global Submarine Market Segment Analysis
• Global Submarine Market Regional Analysis
• Global Submarine Market Trend Analysis
• Key Programs Analysis
• Competitive Landscape Analysis

Companies Mentioned

• 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

For more information about this report visit https://www.researchandmarkets.com/r/gt2o06

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900