Submarine Sensor Market Showcase Impressive Growth Rate between 2018 to 2024

The Submarine Sensor Market study focuses major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. It provides information on trends and developments, and focuses on markets and materials, capacities and technologies, and on the changing structure.

The submarine sensor market in Asia Pacific is anticipated to witness growth due to the increasing focus of several government organizations in the deployment of submarines. In April 2016, the government of Australia announced that it will be spending USD 50 billion on a fleet of 12 submarines that will be built in South Australia by French shipbuilding company DCNS. In September 2017, China added a nuclear-powered submarine to its expanding fleet of submarines.

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Technological advancements in the sensor industry driven by the growing electronics sector globally will expand the submarine sensor market growth. The advent of technologies such as AI and IoT coupled with the developments in sensors will enable enhanced remote monitoring and controlling of the submarine. The development of electromagnetic sensors that enable accurate object detection will support the industry growth. The introduction of wireless technologies will further enable an enhanced transmission of data collected by the sensors.

The underwater sensor network facilitates the water quality and underwater habitat monitoring. These components can also be used for underwater exploration of pipes and gas lines. The enhanced sensor and capabilities powered by low cost and high-speed electronic circuits are anticipated to propel the submarine sensor market growth.

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The installation and designing of technologically-advanced submarines involve the complex integration of hardware and software. The high maintenance costs associated with these submarines will hamper the submarine sensor market growth. Moreover, data breaching owing to cyber wars is also hindering the submarine sensor industry growth. Technological advancements have led to a rise in the number of cyber security attacks. The risk of the unwanted transfer of critical and sensitive data in AI-infused submarines will restrict the industry growth.

The demand for fast attack submarines (SSN) will drive the submarine sensor market growth. They are designed for seeking and destroying enemy surface ships and submarines that carry out surveillance and intelligence missions and for supporting battle group operations. SSNs can also be used to attack specific targets with the launch of speedy missiles. The characteristics such as longer endurance and high speed offered by SSNs are thereby increasing their demand, fueling the submarine sensor market growth.

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Key players operating in the submarine sensor market include Lockheed Martin, Northrop Grumman, Atlas Elektronik, Harris Corporation, Thales Group, Raytheon, and Safran Electronics & Defense. The industry is highly consolidated with a few players holding the majority of the market share.