Submarines Market Overview:
As stated by the International Chamber of Shipping, the international shipping industry is accountable for carrying around 90% of world trade. Also, according to NASA, 2.4 billion of global population, about 40% lodges within 100 km (60 miles) of an oceanic coast. Due tosuch topography, water bodies adjacent to lands have always been a subject under protection and constant surveillance by the defense sector of economies all over the globe. Consequently, naval capabilities around the globe has been pacing up with greater defense budget year on year. As submarines are significant constituent of navy fleets, authoritative in surveillance, counter-surveillance and combat, global submarines market size reached a staggering $27.2 billion in 2018. Directly influenced by socio-political friction amongst countries, submarines market is estimated to exhibit a CAGR of 3.24% during the forecast period 2019-2025. Apart from manufacturing vehicles, majority of the market players are also involved in evolving existing naval technologies of economies and add further impetus to the approach of combat. For example, Lockheed Martin Corp., is the combat system integrator for the Future Submarine Program (FSP) of Australia, that is said to be the largest defense capital investment program in Australian history. The company will collaborate with Australian Department of Defence and Naval Group to design combat systems for the next 40 years.
Submarines Market Outlook:
North America is the leading region in terms of global submarines market demand with a share of 36.84% in 2018. The U.S. is reassessing it naval fleet as a reaction to China strengthening its naval forces. Both the parties involved in trade war are tightening their shipment routes in terms of security deployment as their economic interests are similar.As the U.S. Navy is permitted to operate globally and change its presence as and when required without any approval, the navy forces are often the forces to respond first to any crisis. This has led to an enormous influx of federal budget allocated towards the navy, augmenting the submarines market in North America. The FY 2019 budget for the U.S. Navy and Marine Corps team is $194.1 billion, an upsurge of 7% ($12.6 billion) from FY 2018 budget. Hence with such monetary funding in the parent sector, the market for submarines in North America is bound to flourish. The submarine programs include funding of $3.0 billion for Columbia class submarine and $7.2 billion for two Block V Virginia class fast attack submarines specifically.
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Submarines Market Growth Drivers:
Submarines Market Recent Developments:
Submarines Market Challenges:
Life span of vehicles is a major drawback for submarines market. The average lifespan is approximately 30 to 40 years , hence the demand for newer vehicles is less compared to the demand for refurbishment and maintenance of existing fleet. However, increasing defense budgets by major economies is allowing the purchase of newer vehicles and maintenance of exiting ones as well. As majority of the market players provide maintenance services as well along with manufacturing, they are leveraging such federal funds.
Submarines Market Companies:
Some of the key players present in the global submarines market are Navantia S.A, Kockums AB, JSC PO Sevmash, Lockheed Martin Corp., ASC Pty Ltd., FINCANTIERI SpA, DCNS, ThyssenKrupp Marine Systems AG, and General Dynamics Electric Boat Corp.
Submarines Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the submarines market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of innovations in submarines market, and their specific advantages to the market.
The Submarines Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
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