Global Submarines Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
18 Oct, 2021
The submarines market consists of sales of submarines by entities (organizations, sole traders, and partnerships) that manufacture submarines. The nuclear submarines are also included in the market.
Global Submarines Market Size And Drivers:
The global submarines (including nuclear submarines) market is expected to grow from $23.35 billion in 2020 to $23.61 billion in 2021 at a compound annual growth rate (CAGR) of 1.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $29.44 billion in 2025 at a CAGR of 5.7%. The rising investment for submarines is expected to propel the growth of the submarines market in the coming years.
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Trends In The Global Submarines Market
The integration of 3D printing or additive manufacturing in the submarines is a key trend gaining popularity in the submarines market. Major companies operating in the submarines sector are using 3D printing to build optimized submersible components and to improve performance by reducing essential properties such as weight. For instance, in February 2020, ThyssenKrupp Marine Systems, a Germany based company that provides naval vessels, surface ships, and submarines has announced the plans to expand the use of 3D printing for the production of submarine components. Thyssenkrupp Marine Systems has announced that the hydraulic block has been revamped by additive manufacturing for a submarine that has traditionally weighed 14 kg and now weighs only 2.1 kg.
Global Submarines Market Segments:
The global submarines market is further segmented –
By Type: Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile Submarine
By Platform: Commercial, Military
By Application: Surveillance, Combat, Marine Environmental Monitoring, Others
By Geography: The global submarines market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/submarines-global-market-reportSubmarines Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides submarines market overviews, analyzes and forecasts market size and growth for the global submarines market, submarines market share, submarines market players, submarines market segments and geographies, submarines market’s leading competitors’ revenues, profiles and market shares. The submarines market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.