The Global Submarine Payload Market is estimated to witness a CAGR of 4 % from 2018 till 2023.
Submarines are equipped wih payload systems, which accomodate advanced technologies and enhance the submarine’s warfighting capabilities. The submarine payloads support various applications related to military, marine geoscience data collection, environmental monitoring, detection of oil resources, and others. The increasing need for intelligence, surveillance, and reconnaissance (ISR) will enable manufacturers to improve the quality of submarine payload.
The factor that drives the growth of the global submarine payload market need is the extensive investment in the development and installation of command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) systems, missiles, radars, and sensors on the submarines by countries such as the U.S., Russia, China, India, Iran, Japan, South Korea, Turkey, and the UK. However, the restraint for the submarine payload market is that very few countries can work on the development of submarin payload system due to limited defense expenses and unavailability of modern research facilities.
On the basis of region, the market is segmented into North America, Asia Pacific, Europe, the Middle East, and South America. The North America region has witnesses a rise in defense budgets and spending of the countries.
In the Asia Pacific region, growing border disputes and rise in number of military conflicts in the Indian Ocean and South China Sea, have resulted in requirement of submarine payloads in regions such as Australia, China, India, Japan, Korea, Malaysia, Pakistan, Singapore, Taiwan, and Vietnam. For instance, Northrop Grumman Corporations Electronic Systems signed a contract of $34 million with U.S. Navy Strategic Systems Programs (SSP) to adapt missile tubes of fleet ballistic missile submarines for launching missiles, ranging from nuclear ballistic missiles to conventional cruise missiles. The market for Submarine Payload is estimated to witness a CAGR of 4% during the forecast period.
The key players in the global submarine payload market are BAE Systems (U.K), General Dynamics (U.S.), Lockheed Martin (U.S.), Northrop Grumman (U.S.), DSME (South Korea), Raytheon (U.S.), Thales (France), Fincantieri (Italy), Huntington Ingalls Industries (U.S.), and Kawasaki Heavy Industries (Japan).