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Submarine Combat System Market Growth Trajectory Through 2024-2033|Raytheon Technologies Corporation, Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd.

Submarine

The Submarine Combat System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Submarine Combat System Global Market Report 2024, The submarine combat system market size has grown rapidly in recent years. It will grow from $10.12 billion in 2023 to $11.82 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to geopolitical tensions, naval modernization programs, threat perception, strategic deterrence, global maritime security concerns.

The submarine combat system market size is expected to see rapid growth in the next few years. It will grow to $20.81 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to undersea warfare evolution, unmanned underwater vehicles, regional military build-ups, upgradation and retrofitting, increasing submarine export market. Major trends in the forecast period include cybersecurity concerns, collaboration and defense alliances, technological advancements, sustainable and green technologies, enhanced underwater communication.

Rising terrorism is expected to propel the growth of the submarine combat system market going forward. Terrorism refers to acts of violence, intimidation, or destruction conducted by individuals, groups, or organizations intending to instill fear, create panic, and achieve political, ideological, or religious objectives. Submarine combat systems detect underwater terrorist attacks to find potential threats and track the functioning of enemy ships. For instance, in March 2023, according to the Institute for Economics and Peace (IEP) report, an Australia-based research organization for developing metrics to analyze peace, the Sahel region in sub-Saharan Africa accounted for 43% of global terrorism deaths. Further, in 2021, the number of global terrorist attacks increased to 5,226, with many attacks in the Middle East and North Africa, followed by South Asia and Sub-Saharan Africa. Therefore, rising terrorism is driving the growth of the submarine combat system market.

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The submarine combat system market covered in this report is segmented –

1) By System: Sensors, Electronic Support Measures (ESM), Armaments
2) By Weapon System: Electronic Warfare, Torpedoes, Ballistic Missiles, Cruise Missiles, Mines
3) By Submarine Type: Ship Submersible Hunter Killer (SSK), Ship Submersible Nuclear (SSN), Ship Submersible Ballistic Nuclear (SSBN), Ship Submersible Guided Missile Nuclear (SSGN)

Technological advancements are a key trend gaining popularity in the submarine combat systems market. Major companies operating in the submarine combat systems market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Leonardo S.p.A., an Italy-based aerospace, defense, and security company, launched the Athena MK2/U submarine combat system. Athena MK2/U is the most sophisticated and comprehensive ground-unit combat management system (CMS) platform. Target motion analysis (TMA), video processing, heavy torpedo management, and extensive use of artificial intelligence algorithms across various functions have all been integrated into the ATHENA MK2/E surface units to accommodate the specific characteristics of the underwater environment.

The submarine combat system market report table of contents includes:

1. Executive Summary

2. Submarine Combat System Market Characteristics

3. Submarine Combat System Market Trends And Strategies

4. Submarine Combat System Market – Macro Economic Scenario

5. Global Submarine Combat System Market Size and Growth

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32. Global Submarine Combat System Market Competitive Benchmarking

33. Global Submarine Combat System Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Submarine Combat System Market

35. Submarine Combat System Market Future Outlook and Potential Analysis

36. Appendix