North America submarine combat system market is projected to grow at 7% during the forecast timeframe. Majority of this growth can be associated with the presence of established defense manufacturers and industry players in the region. The region is anticipated to invest significantly in defense equipment to expand its range of weapon systems and acquire advanced technologies such as electronic warfare systems.
A number of companies in North America are obtaining contracts from government and defense organizations in the Asia Pacific to expand their geographical footprint. Increasing defense investments and surging demand for advanced submarine combat systems and equipment in both developed and developing regions such as North America and Asia Pacific will boost overall submarine combat system market growth.
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Torpedoes combat system industry will record a CAGR of 7% through 2026. Government and defense organizations worldwide have invested substantially in the procurement of advanced submarine combat systems market over the past few years. Ongoing political insurgences between the U.S., China, Russia, India, Iran, and Saudi Arabia will boost the demand for advanced weapon systems, including torpedoes, to reinforce national security.
Growing defense budgets and investment trends will serve as a major factor driving global submarine combat system market forecast. Many countries across the globe have significantly increased their military and defense expenditure. In 2018, the defense spending was estimated to be worth US$1,822 billion worldwide, an increase of 2.6% compared to the previous year. The U.S., China, France, and Saudi Arabia accounted for more than half of the market share.
Modernization and replacement of existing submarine and naval fleets has been a key area of focus for government and defense organizations. In addition, growing deployment of next-generation submarine combat systems integrated with advanced navigation and surveillance systems will further bolster the industry outlook. Global submarine combat system market size will reach US$8 billion in valuation by 2026.
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Companies operating in submarine combat system market are constantly making research and development efforts to develop novel technologies. These industry participants also seek long-term collaboration opportunities with different government and defense organizations. In the defense sector, transaction usually happen through long-term contracts and agreements. Majority of these agreements are multi-year supply contracts that involve government and political parties. Geopolitical developments across major countries involved in defense contracts and partnerships will influence future combat system trends.
Considering the type of submarine, SSK segment was estimated to be worth US$2 billion in 2019 and will grow at 6% through 2026. SSKs are used for both anti-submarine warfare (ASW) and anti-surface warfare (ASUW). Mounting national concerns to secure sea lines of communications are driving the segment growth. SSKs offer advantages such as a smaller form factor, lower noise, and excellent agility. Additionally, these submarines offer advanced features such as minimum acoustic signature and improved efficiency in underwater navigation and surveillance.
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Ongoing technological developments and design modifications in submarines and weapon systems have increased the need for advanced submarine combat systems that are compatible with modern submarines. Government and defense organization are implementing advanced combat systems into submarines to boost maritime mission capabilities and weapon control configuration.
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