Sellbyville, DE -- (SBWIRE) -- 05/31/2019 -- The SSK submarine segment will showcase significant growth in submarine combat system market owing to submarine modernization plan of several countries. SSK are compact, agile, and less noisy as compared to their counterparts. Additionally, industry players are securing contracts from governments to equip their submarines with latest weapons. For instance, in June 2018, Leonardo secured contract from Italian navy to equip their U212A class of SSKs with Black Shark Advanced (BSA) torpedoes. These torpedoes are guided with fiber optic wires and integrates an energy production section for training or operational purposes.
Europe holds a significant revenue share in the submarine combat system market owing to the presence of multiple manufacturers across the region. Industry players are engaged in strategic partnerships and joint ventures for improving their market share. For instance, in October 2017, Thyssenkrupp Marine System and Kongsberg established a joint venture named Kta Naval Systems for developing and maintaining next generation combat systems for the Norwegian Defense.
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Technological advancements of combat system include usage of artificial intelligence (AI) and computed automation that enhances remote supervision and monitoring of submarines. The countries including Russia are developing advanced super-cavitating torpedoes. These torpedoes are propelled by rocket engines and attain high speeds of 200 knots an hour. These technical developments will further support penetration of submarine combat system market over the study timeframe.
The governments across the globe are focusing to enhance and enlarge maritime warfare capabilities in their naval fleet. The rising political disputes among countries, development of advanced submarine system, and growing requirement to modernize the weapon systems will drive the submarine combat system market.
Additionally, growing usage of fast attack submarines coupled with advantages offered by this system such as stealth capabilities and faster operations will support the market growth.
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The industry participants are investing in R&D to introduce new technologically advanced software solutions including integrated ship control management and monitoring system (ISCMMS). Multiple countries are upgrading these systems to enhance the performance of submarines. For instance, in March 2018, Saab signed USD 17.21 million contract with Australia to provide ISCMMS for Australia's Collins class submarines. All these will further support submarine combat system market growth. However, the high upgradation and maintenance costs of combat systems may hinder the market growth over study timeframe.
Rising deployment of new submarines offering longer range and multi mission capabilities are positively influencing the submarine combat system market expansion over the projected timeframe. Incorporation of AI and computed automation technologies along with improvements in infrared sensors are prominently supporting the remote monitoring and supervision of naval vessels. For instance, in 2018, China initiated working on its AI powered autonomous submarines, that are suitable for reconnaissance missions.
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Higher cost associated with upgrading conventional submarines with advanced modular combat technologies may restrict the submarine combat system market over the forecast timeframe. Additionally, higher maintenance cost incurred for maintaining efficient performance may further limit the market reach. However, industry players are continuously investing in R&D for introducing cost effective defense technologies, along with advanced and efficient combat systems for boosting the industry share.
The submarine combat system market is highly competitive owing to the presence of major manufacturers including Atlas Elektronik, Thales Group, Saab, Lockheed Martin, Raytheon, BAE Systems PLC, Naval Group and Northrop Grumman. Industry players are emphasizing on offering innovative stealth technologies and customized solutions by establishing long term contracts with government organizations. For instance, in September 2016, Australian Defense Ministry awarded a contract to Lockheed Martin for incorporating combat systems in its 12 submarines.
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