Overview and Scope
Anti-submarine warfare (ASW) systems are designed to detect, track, and destroy enemy submarines to protect naval forces and secure sea lanes. It is used by naval forces to detect, track, and neutralize enemy submarines, ensuring the protection of maritime operations and sea lanes.
Sizing and Forecast
The anti-submarine warfare system market size has grown strongly in recent years. It will grow from $16.37 billion in 2023 to $17.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to fleet modernization in the navy, growing tensions in geopolitics, an emphasis on preparing for underwater warfare, the creation of unmanned systems, and cooperative defense projects.
The anti-submarine warfare system market size is expected to see strong growth in the next few years. It will grow to $22.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising defense budgets, increasing investments in maritime surveillance capabilities, an increase in government funding, the increasing proliferation of submarines worldwide, and increasing risks to submarines. Major trends in the forecast period include product innovation, technological advancements, partnerships and collaborations between defense contractors and governments, the integration of advanced stealth features, developments in data fusion, artificial intelligence, and machine learning.
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Segmentation & Regional Insights
The anti-submarine warfare systems market covered in this report is segmented –
1) By Systems: Sensors, Electronic Support Measures, Armament
2) By Platform: Submarines, Surface Ships, Helicopters, Maritime Patrol Aircraft, Unmanned Systems
3) By End User: Naval Forces, Aerospace And Defense Contractors
North America was the largest region in the anti-submarine warfare system market in 2023. The regions covered in the anti-submarine warfare systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising defense budgets are expected to propel the growth of the anti-submarine warfare (ASW) systems market going forward. A defense budget, or defense spending, refers to the financial resources allocated by a state to raise, maintain, and equip its armed forces. The increase in defense spending contributes to the advancement of ASW systems by providing the necessary funding for research, development, procurement, and operational deployment of technologies to counter submarine threats and ensure maritime superiority. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending witnessed a real-term increase of 3.7%, reaching a record high of $2,240 billion in 2022. Notably, European military expenditure experienced significant growth, surging by 13%. The United States, contributing 39% to the world’s military spending, and China, with a 13% share, maintained their positions as the top two spenders. Therefore, rising defense budgets are driving the growth of the anti-submarine warfare (ASW) systems market.
Key Industry Players
Major companies operating in the anti-submarine warfare systems market report are Raytheon Technologies Corporation (RTX); Lockheed Martin Corporation; General Dynamics Corporation; Northrop Grumman Corporation; Mitsubishi Heavy Industries Ltd.; BAE Systems PLC; L3Harris Technologies Inc.; Thales Group; Leonardo S.p.A.; Huntington Ingalls Industries Inc.; IHI Corporation; Singapore Technologies Engineering Ltd; Rheinmetall Air Defence AG; Fincantieri S.p.A.; Elbit Systems Ltd.; Israel Aerospace Industries (IAI); Saab AB; Naval Group; Damen Schelde Naval Shipbuilding; Kawasaki Heavy Industries Ltd.; Aselsan A.S.; Japan Marine United Corporation; Mazagon Dock Shipbuilders Limited; Navantia S.A.; Garden Reach Shipbuilders & Engineers Ltd.; DSIT Solutions Ltd.; Kongsberg Defence & Aerospace (Kongsberg Gruppen ASA)
The anti-submarine warfare systems market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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