Submarine Combat System Market Size

Submarine Combat System Market Size

Submarine Combat System Market size valued at USD 4 billion in 2019 and anticipated to witness over 7% CAGR between 2020 and 2026.

The submarine combat system market encompasses an anti-submarine warfare system that uses warships and other submarines to track, detect, damage, and destroy enemy submarines. Countries are primarily engaged in enhancing anti-submarine warfare systems for their safety. Furthermore, incorporation of advanced combat systems significantly enhances weapon control configurations and maritime mission capabilities, accelerating the market size.

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Deployment of new and future submarine programs offering long-range and multi-mission capabilities is anticipated to propel the market due to adoption of advanced submarine combat systems.

For instance, in July 2018, General Dynamics Mission Systems signed a strategic contract with the U.S. Navy worth USD 18.3 million to upgrade the U.S. Navy AN/BYG-1 submarine combat system. The major submarine combat weapon system included in this market consists of electronic warfare, torpedoes, ballistic missiles, cruise missiles, and mines.

The increasing adoption of enhanced submarine combat weapon systems to strengthen the submarine capability will increase the submarine combat system market share. The defense organizations of several countries are signing strategic agreements with key industry participants to increase their submarine fleet with enhanced capabilities & advanced submarine combat systems.

For instance, in January 2018, Australia’s Department of Defense signed a contract with Lockheed Martin Australia worth USD 700 to design and develop future submarine combat systems with enhancement in operational capabilities.