With respect to weapon system, the submarine combat system market is categorized into electronic warfare, ballistic missiles, cruise missiles, mines, and torpedoes
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- With ongoing technological advancements and rising demand for modern submarines, the submarine combat system market is poised to witness a lucrative rate of growth over the coming timespan. Submarine combat system addresses the growing challenges of new and modern submarines missions in brown and blue waters like naval force support, area clearing & sea denial, and intelligence gathering among others.
The submarine combat system market is bifurcated in terms of submarine type, weapon system, and regional landscape.
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Submarine combat system market Key Companies: - Lockheed Martin Corporation, Atlas Elektronik GmbH, Thales Group, Saab AB, Raytheon Company, BAE Systems Plc, Kongsberg, Naval Group, Leonardo S.p.A, HAVELSAN Inc., Safran, General Dynamics, Thyssenkrupp Marine Systems
Based on submarine type, the submarine combat system market is divided into SSK, SSN, SSBN, and SSGN. Among these, the SSN submarine type segment is likely to record a CAGR of 8% over the projected time period due to increasing preference of nations owing to superiority in speed, mobility, and endurance offered by nuclear power.
Also known as attack submarines, these are designed to engage with enemy submarines and surface ships. These are also used to support battle group operations, conduct mine warfare, and to carry out ISR (Intelligence, Surveillance and Reconnaissance) missions.
SSGN submarine type segment had registered over 7% share of revenues in 2019 due to their ability to carry several missiles and deliver them to targets from a long distance. It is a variant of SSBN type of submarine, usually modified to carry platoons of Navy SEALs and their equipment. These are also modified to carry out Tomahawk missiles instead of nuclear warhead tipped missiles.
SSGN is an important element of the future fighting force of Navy. Each SSGN brings mission flexibility and improved capabilities to the warfighter along with inherent stealth, incredible payload capacity, and dual crew deployment concept.
With respect to weapon system, the submarine combat system market is categorized into electronic warfare, ballistic missiles, cruise missiles, mines, and torpedoes. Among these, the ballistic missiles weapon system is set to register a CAGR of 10% due to its capabilities of integrating with complex devices to control the depth and direction.
These missiles are for accurately and rapidly delivering a lethal payload to a target. The lethal payload could include conventional explosives, nuclear or chemical warhead, biological. These missiles are also cheaper, making their submarine combat system market penetration more likely, ensuring that their frequency rises in the near future.
Cruise missiles segment in submarine combat system market is likely to witness a CAGR of over 6% as it is capable of travelling at supersonic or high subsonic speeds with high precision. Cruise missile are fast-moving, guided bombs soaring at a very low trajectory that parallel to the ground. These missiles can be launched from various platforms like sea, air or land. Moreover, these missiles can be categorized by speed, size, and range.
The mines weapon system held 8% of global revenues in 2019 due to its relatively low cost and highly effective weapon system.
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From a regional frame of reference, the Europe submarine combat system market held around 25% market share in 2019 due to rising threats from terrorism and cross-border conflicts supporting the demand for submarine combat system. Latin America submarine combat system is likely to record a CAGR of around 5% through 2026 owing to increasing underwater mining activities due to the presence of multiple mineral, oil and natural reserves.
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