Portland, OR, June 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global undersea warfare systems market was estimated at $15.8 billion in 2021 and is expected to hit $24.8 billion by 2031, registering a CAGR of 3.2% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for stealth undersea warfare systems, advent of underwater drones for undersea warfare, and government support for strengthening undersea warfare capabilities drive the growth of the global undersea warfare systems market. On the other hand, operational complexities associated with undersea unmanned systems and high upfront and operational costs of attack submarines impede the growth to some extent. However, development of lightweight torpedoes and rise in defense spending are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic gave way to delayed development of undersea warfare systems and slowdown in their trials & demonstration. This, in turn, impacted the global undersea warfare systems market.
- However, with the relaxation of lockdown measures, initiation of vaccination drives, and the consequent opening of markets across the world, the market has already started getting back on track.
The global undersea warfare systems market is analyzed across type, mode of operation, application, and region. Based on type, the weapon systems segment accounted for the major share in 2021, holding more than one-third of the global market. The communication & surveillance systems segment, however, would exhibit the fastest CAGR of 6.2% throughout the forecast period.
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Based on mode of operation, the manner operations segment generated the highest share in 2021, accounting for more than half of the global market. The remotely operations segment, on the other hand, would exhibit the fastest CAGR of 5.9% from 2022 to 2031.
Based on region, the market across North America held the lion’s share in 2021, garnering more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 5.7% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global undersea warfare systems market report include General Dynamic Corporation, Kongsberg Gruppen, Leonardo S.p.A., Lockheed Martin Corporation, BAE Systems Plc., Thales Group, Northrop Grumman Corporation, Raytheon Technologies Corporation, L3Harris Technologies Inc., SAAB AB. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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