Submarine Market Size, Share, Trends and Forecasts, 2016 to 2022

Summary

During the forecast period, the demand for military submarines is expected to be driven by the need to replace aging submarines, and disputes over maritime borders and trade routes. In addition to a nuclear deterrent role, submarines play more crucial roles such as surveillance and reconnaissance, intelligence gathering, and patrolling and securing maritime borders and trade routes. The growing importance of submarines in these roles is driving the demand for submarines and related MRO services in countries with substantial maritime borders, by compelling them to invest heavily in procurement, mid-life upgrades, and MRO submarine programs.

Key Findings

- The global submarine market is worth US$22.8 billion in 2016, and is expected to increase to US$36.3 billion by 2026, at a CAGR of 4.74% during the forecast period

- The market is expected to be dominated by North America, occupying 37% of market share, followed by Asia Pacific and Europe, with shares of 32% and 24% respectively. The Middle East, Latin America, and Africa are expected to account for the remaining 7% of the overall submarine market

- The SSN segment is estimated to account for 38.3% of the global submarine market. SSK and SSBN segments are also expected to account for a significant portion of the total submarine market during the forecast period, with shares of 35.3% and 26.4% respectively

- Global spending on submarine MROs is projected to increase from US$2.8 billion in 2016 to US$3.3 billion in 2026, registering a CAGR of 1.67% during the forecast period

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Synopsis

The Global Submarine Market 2016-2026 report offers a detailed analysis of the industry with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for Submarines, key market trends, and challenges faced by industry participants.

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