The report, now available on ASDReports, "Submarine Combat Systems Market by System (Sensors, Electronic Support Measures, Armaments), Submarine Type (Ship Submersible Hunter Killer, Ship Submersible Nuclear, Ship Submersible Ballistic Nuclear), Retrofit, Region - Global Forecast to 2022", The 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 increase in the growth of the market size can be attributed to the increasing investments in maritime security and enhancement of naval capability. The increasing tensions in South East Asia and the balance of power in the world is expected to drive the submarine combat systems market.
The electronic support measure system segment is projected to witness high growth 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 for submarines. These systems use different technologies to increase submarine capabilities in survivability and stealth by reducing the chances of detection by enemy platforms, and avoidance of incoming threats.
The retrofit segment is expected to witness highest growth during the forecast period
Retrofits of submarines are essential for mid-life upgradation of submarines. The new systems installed on submarines are cost-efficient methods to modernize submarines systems wherein submarines are fit with new generation sensors and submarine combat systems. Europe is expected to be the largest market for retrofit during the forecast period.
Europe is expected to witness highest growth in retrofit market during the forecast period
The cold war period saw huge investments in submarine platforms. After the end of the cold war, submarines introduced in late 1990’s are expected to undergo mid-life upgrades. Russia is expected to be the main contributor to the submarine combat systems market during the forecast period. The older submarines are likely to go undergo upgradation programs and thus drive the retrofit market of submarine combat systems.
The major players in the submarine combat systems market are, Lockheed Martin (U.S), BAE Systems PLC (UK), Raytheon Company (U.S.), and Atlas Elektronik GmbH (Germany).
Source: ASDReports - Market Research
Date: Feb 3, 2017