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Naval Destroyers and Submarines Market Trends

Report ID: GMI7070
Published Date: Oct 2023
Report Format: PDF

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Naval Destroyers and Submarines Market Trends

Many nations are focusing on modernizing their existing fleets of destroyers and submarines rather than building entirely new vessels. This includes the upgrading of sensors, weapon systems, and propulsion technologies. Submarines, especially advanced nuclear-powered ones, were in high demand due to their strategic importance in intelligence gathering, deterrence, and stealth operations. Several nations are expanding their submarine fleets.

The advancements in stealth technology, such as quieter propulsion systems and advanced hull designs, are a priority for both destroyers and submarines to reduce detection and enhance their effectiveness. The ongoing research & development in next-generation weapons systems including electromagnetic railguns and directed energy weapons will enhance the offensive & defensive capabilities of naval vessels. While defense spending is increasing in some regions, budget constraints and economic challenges are influencing procurement decisions, leading to a focus on cost-effective solutions.

Authors: Suraj Gujar, Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size for naval destroyers and submarines was valued at over USD 100 million in 2022 and is anticipated to grow at over 5.5% CAGR between 2023 and 2032.

The destroyers segment is estimated to register over 5% CAGR from 2023 to 2032 as modern destroyers are versatile assets that can perform multiple roles within a naval force.

Asia Pacific naval destroyers and submarines industry share was over 40% in 2022 and will grow through 2032 owing to the increasing geopolitical tensions, particularly in the South China Sea, driving countries to bolster their naval capabilities.

BAE Systems, Daewoo Shipbuilding & Marine Engineering, General Dynamics Electric Boat, Huntington Ingalls Industries, Mitsubishi Heavy Industries, Naval Group, and ThyssenKrupp Marine Systems.