European submarine combat systems market share will hold dominance over the study timeframe. The dominance can be attributed to the purchase of new submarines and modernization of naval fleet by several countries. For instance, in 2016, the UK Defense Secretary approved the replacement of existing Vanguard submarines with four Dreadnought nuclear deterrent submarines. These submarines will be equipped with Trident D5 missiles and MK 48 torpedoes.
Rising demand for upgrading existing naval based defense solutions with advanced technologies and weaponry will propel the submarine combat systems market share over the forecast timeframe. Defense agencies are striving to enhance their maritime warfare strategies owing to persisting political and military concerns across the globe. Increasing utilization of high-speed submarines offering improved stealth capabilities for launching cruise missiles against ground targets in covert operations will provide a positive outlook for the industry expansion.
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Governments across the globe are focusing on increasing their defense budgets for adopting innovative technologies and improving their country security. For instance, according to the Stockholm International Peace Research Institute, the global military budget rose to USD 1,739 Billion in 2017, accounting for an increase of over 1.1% compared to 2016. Rising research projects for enhancing the naval and maritime capabilities are providing strong growth prospects for submarine combat systems market share.
Rising deployment of new submarines offering longer range and multi mission capabilities are positively influencing the submarine combat systems market expansion over the projected timeframe. Incorporation of AI and computed automation technologies along with improvements in infrared sensors are prominently supporting the remote monitoring and supervision of naval vessels. For instance, in 2018, China initiated working on its AI powered autonomous submarines, that are suitable for reconnaissance missions.
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Higher cost associated with upgrading conventional submarines with advanced modular combat technologies may restrict the submarine combat systems market over the forecast timeframe. Additionally, higher maintenance cost incurred for maintaining efficient performance may further limit the market reach. However, industry players are continuously investing in R&D for introducing cost effective defense technologies, along with advanced and efficient combat systems for boosting the industry share.
SSK will account for a significant volume share owing to increasing product upgradation and modernization programs by multiple military organizations across the globe. The benefits offered by the system including lower noise, compact size along with integrated navigation and operational management sensors positively influencing the submarine combat systems market over the study timeframe. The incorporation of advanced electric and diesel powertrain in these submarines along with lower manufacturing cost compared to the other submarines are further expanding the segment share.
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Modern torpedoes are incorporated with innovative systems for facilitating precise direction and depth control, thereby offering efficient performance and operations during a mission. Additionally, advancements in propulsion technologies with a balanced distribution of power and efficiency for supporting longer-range and high-power output during missions further boosts the submarine combat systems market.
The submarine combat systems market is highly competitive owing to the presence of major manufacturers including Atlas Elektronik, Thales Group, Saab, Lockheed Martin, Raytheon, BAE Systems PLC, Naval Group and Northrop Grumman. Industry players are emphasizing on offering innovative stealth technologies and customized solutions by establishing long term contracts with government organizations. For instance, in September 2016, Australian Defense Ministry awarded a contract to Lockheed Martin for incorporating combat systems in its 12 submarines.
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