Submarines Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

The Business Research Company’s Submarines Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, February 16, 2022 /EINPresswire.com/ -- The integration of 3D printing or additive manufacturing in submarines is a key trend gaining popularity in the global submarines market. Major companies operating in the submarines sector are using 3D printing to build optimized submersible components and to improve performance by reducing essential properties such as weight. For instance, in February 2020, ThyssenKrupp Marine Systems, a Germany-based company that provides naval vessels, surface ships, and submarines have announced plans to expand the use of 3D printing for the production of submarine components. Thyssenkrupp Marine Systems has announced that the hydraulic block has been revamped by additive manufacturing for a submarine that has traditionally weighed 14 kg and now weighs only 2.1 kg.

In March 2020, Huntington Ingalls Industries, an America-based military shipbuilding company acquired Hydroid Inc., for an undisclosed amount. The acquisition is expected to enhance Huntington Ingalls Industries' capabilities in technical solutions to unmanned underwater vehicle (UUV) business, autonomous underwater vehicles (AUVs), or marine robots. Hydroid Inc., is an America based company that manufactures underwater vehicles.

Read more on the Global Submarines Market Report:
https://www.thebusinessresearchcompany.com/report/submarines-global-market-report

The global submarines (including nuclear submarines) market is expected to decline from $18.96 billion in 2021 to $17.41 billion in 2022 at a compound annual growth rate (CAGR) of -8.2%. The decline in the submarines market growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The submarines market size is expected to reach $21.86 billion in 2026 at a CAGR of 5.8%.

The rising investment in submarines is expected to propel the submarines market growth in the coming years. A submarine is a type of vessel that can move both above and below sea level. Governments across the world are investing in submarines to improve local shipyard capacities and fill holes in the Navy's underwater war force. According to the services new annual report to Congress, the U.S. Navy increased investment on its next-generation nuclear missile submarine project by $2 billion in the fiscal year 2021 and continues to drive towards $5 billion in 2024. Therefore, the rising investment in submarines drives the growth of the submarines market.

Major players covered in the global submarines industry are General Dynamics, Huntington Ingalls Industries, Mazagon Dock Shipbuilders Limited, ThyssenKrupp Marine Systems (TKMS), Kawasaki Heavy Industries Ltd., Daewoo Shipbuilding & Marine Engineering Co. Ltd., FINCANTIERI S.p.A, Lockheed Martin Corporation, BAE Systems, Saab AB, China Shipbuilding Industry Corporation (CSIC), Navantia SA and United Shipbuilding Corporation.

TBRC’s global submarines market report is segmented by type into nuclear powered submarine, diesel electric submarine, ballistic missile submarine, by platform into commercial, military, by application into surveillance, combat, marine environmental monitoring, others.

Submarines Global Market Report 2022 – By Type (Nuclear Powered Submarine, Diesel Electric Submarine, Ballistic Missile Submarine), By Platform (Commercial, Military), By Application (Surveillance, Combat, Marine Environmental Monitoring) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a submarines market overview, forecast submarines market size and growth for the whole market, submarines market segments, geographies, submarines market trends, submarines market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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