There has been increasing tensions among various nations due to rising wars and conflicts. Therefore, several countries across the globe are putting efforts to strengthen their military capabilities by increasing their defense spending on military products and equipment. This also includes the budget for undersea warfare systems to encounter any arising underwater threats from enemy submarines and underwater weapons attacks. As a result, various nations are procuring submarines and anti-submarine warfare frigates which further increases the demand for undersea warfare systems which are required for these platforms in support of carrying out their operations. Therefore, the rising defense spending is one of the biggest drivers that is impacting the growth of the global undersea warfare systems market.
In addition, improvements in the underwater technology could become one of the greatest advantages for the market growth. The increasing technological developments in the airborne detection systems is another factor that could impact the demand for the undersea warfare systems.
Moreover, there are large number of companies that are continuously investing in further enhancing the advanced undersea warfare systems for stronger underwater security requirements. Some of the leading manufacturers of undersea warfare systems include ATLAS ELEKTRONIK GmbH, BAE Systems plc., ECA Group, General Dynamics, Harris Corporation, Kongsberg Gruppen, Leonardo, Lockheed Martin, Northrop Grumman, Raytheon Company, S.A.
de Electronica Submarina (SAES), Saab AB, Thales Group, Boeing, and Ultra Electronics.
According to a new market intelligence report by BIS Research titled "Global Undersea Warfare Systems M…cast, 2017 - 2021", the undersea warfare systems market is expected to reach $11.4 billion by 2021. The underwater environment presents several security challenges to the defense forces due to the presence of undersea threats in the form of unidentified lethal submarines, undersea weapons and sea mines, among others.
This gives rise to the development and procurement of the undersea warfare systems by various nations to counter the growing underwater threats. The Undersea warfare systems proves to be beneficial for strengthening the country’s naval power.
Some of the major undersea warfare systems include weapons and countermeasures, sensors and sonars, communication systems, unmanned systems, and airborne detection systems. There have been several developments, by the manufacturers, in the field of the undersea warfare systems.
The manufacturers are also collaborating with other companies to geographically expand their product offerings across different regions of the globe. Furthermore, the manufacturers have received various contracts from the naval forces of different nations for the procurement of the specific undersea warfare systems.
The global undersea warfare systems market is categorized on the basis of types that include weapons & countermeasures, unmanned underwater systems, sensors & sonars, communication systems, and airborne detection systems. The weapons and countermeasures market generated the highest revenue, in 2017 and this trend is expected to continue till 2021.
However, the unmanned underwater systems market is estimated to grow at the highest CAGR, during 2016-2021 due to its dynamic applications including anti-submarine warfare and mine-countermeasures, among others.
North America is one of the prominent regions for the growth of the global undersea warfare systems market. In 2016, North America dominated the global undersea warfare systems market with the U.S.
acquiring the maximum market share, globally. However, the geographical analysis of this market unveils an immense potential for its growth in the Asia-Pacific countries.
China is estimated to acquire the largest market share, whereas, India is expected to show the highest growth rate in this region, during 2016-2021. The European market is likely to foresee numerous growth opportunities during the forecast period 2017-2021.
The increasing demand as a consequence of wars and conflicts across the world is expected to increase the requirement of the advanced undersea warfare systems and is likely to propel the growth of the global undersea warfare systems market in the future.
Key questions answered in the report:
- What are the trends in the global undersea warfare systems market across different regions?
- What are the major driving forces that tend to increase the demand for the undersea warfare systems during the forecast period 2017-2021?
- What are the major challenges inhibiting the growth of the global undersea warfare systems market?
- What is the estimated revenue generated by the global undersea warfare systems market by type in 2016, and what will be the estimates by 2021?
- Which type (weapons & countermeasures, unmanned underwater systems, sensors & sonars, communication systems and airborne detection systems) of the undersea warfare systems market will dominate in the coming years?
- What is the total estimated revenue generated by each type for different regions in the global undersea warfare systems market in 2016, and what will be the estimates by 2021?
- Who are the key players in the global undersea warfare systems market?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- What major opportunities do the undersea warfare systems companies foresee?
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