Submarine Propulsion Systems Market: Industry Insights, Major Key Players and Current Trends Analysis and Forecast: 2022-2031

Japan, Japan, Mon, 04 Apr 2022 04:07:21 / Comserve Inc. / -- The submarine propulsion systems market is anticipated to grow at a CAGR of more than 4% during the forecast period.

The submarine propulsion systems market is anticipated to grow at a CAGR of more than 4% during the forecast period.

- The growing military budgets of the armed forces fuelled by the growing geopolitical tensions between the nations are driving the procurements of submarines to enhance the naval capabilities, which in turn will generate demand for new propulsion systems.
- The modernization plans to enhance the operability of submarines and extend their life by replacement of old propulsion systems with advanced propulsions are expected to bolster the growth for new propulsion systems during the forecast period.
- The increasing investments in nuclear-powered submarines are expected to propel the demand for nuclear propulsion systems in the coming future.

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Key Market Trends

Increasing Demand for Naval Warfare

The growing political tension, as well as the territorial issues across the sea borders of the countries, is bolstering the investments into the modernization of the naval fleet with the procurement of naval vessels like patrol vessels, frigates, and submarines. The increasing demand for underwater warfare and surveillance have led to subsequent procurements of submarines. Also, the aging fleet of older generation submarines has led to modernization programs to replace them with new generation submarines with better combat systems technology as well as stealth capabilities. For instance, France currently has six Barracuda-class nuclear-powered attack submarines on order (first delivery scheduled for 2020, four by 2025 and two by 2030) and Poland government has three submarines expected to be delivered during the forecast period (two submarines by 2022 and the third one by 2025). Such procurements are anticipated to propel the demand for new submarine propulsion systems during the forecast period. Currently, the plan of the countries to replace the existing submarine propulsion systems with AIP systems is anticipated to further drive the growth of the market.

Asia-Pacific Region is Anticipated to Grow with the Highest CAGR During the Forecast Period

China and India are two of the world's largest defense spenders with USD 250 billion and USD 66.5 billion military spending in 2018, respectively. The navies of Asia-Pacific regions are rapidly expanding their fleet and carrying out modernization programs to strengthen their naval capabilities. The on-going territorial issues in the South China Sea and the Indian Ocean between various countries in the region and growing military spending are the major drivers to investments in naval capabilities. China's navy is undergoing a huge naval fleet expansion, which is projected to help China surpass Russia as the largest navy in the world in terms of frigates and submarines by 2020. Also, as the countries in this region are striving to propel their indigenous manufacturing capabilities, the market is expected to experience rapid growth in the coming years. For instance, the Defence Research and Development Organisation (DRDO) is currently developing a fuel cell-based Air Independent Propulsion (AIP) system for Indian Naval submarines. Such developments are driving the growth of the submarines propulsion systems market in the region.

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Competitive Landscape

Some of the prominent players in the submarine propulsion systems market are Naval Group, Rolls Royce plc, thyssenkrupp AG, Siemens AG, and General Dynamics Corporation. There are many regional players in the market that support the local government submarine construction programs. Long term contracts are signed between the propulsion system manufacturers, submarine construction companies, and the governments. Rolls-Royce is one of the major manufacturers that designs, manufactures, and provides support for nuclear submarine propulsion systems. The company has previously supported the UK Royal Navy in the construction of nuclear submarines. The development of new propulsion systems to enhance the operability of the submarine with additional features like stealth will help the companies to receive new contracts and increase their footprint around the world.

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