Growing demand for unmanned underwater vehicles,surge in usage of nuclear-powered submarines To Drive Submarine Market

Global Submarine Market is predicted to reach USD 29.2971 billion at a CAGR of 3.20% during the forecast period:

Market Research Future (MRFR) has published a cooked research report on the “Global Submarine Market” that contains information from 2018 to 2030. The Global Submarine Market is estimated to register a CAGR of 3.20% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the Global Submarine Market — Navantia SA, Kockums AB, JSC PO Sevmash, Lockheed Martin Corp, ASC Pty Ltd, FINCANTIERI SpA, DCNS, ThyssenKrupp Marine Systems AG, and General Dynamics Electric Boat Corp.

Market Highlights

The Submarine Market is accounted to register a CAGR of 3.20% during the forecast period and is estimated to reach USD 29.2971 billion by 2030.

The submarine market has been primarily driven by military applications, as submarines play a crucial role in naval warfare and defense strategies. The market size and growth of the global submarine market can be influenced by factors such as geopolitical tensions, defense budgets, technological advancements, and maritime security requirements. While precise market figures are not readily available, various reports and studies provide insights into the global submarine market.

Segment Analysis

The Global Submarine Market has been segmented based Product Type, Operating Platforms and application.

The Submarine market segmentation is based on type nuclear powered submarine, diesel electric submarine, and ballistic missile submarine. The nuclear-powered submarine segment held the majority share in 2022 concerning the submarine market revenue. The main benefit of nuclear submarines over conventional ones is sustained high speed (for instance, more than 20 knots, or 37 km/hour). This makes it possible for the nuclear submarine to travel between locations much more quickly than traditional boats.

The Submarine market segmentation is based on Application; the market is segmented into Surveillance, Combat, Scientific Research, Detection of Oil Resources, Marine Environmental Monitoring, and Others. The Surveillance segment dominated the market in 2022. This is due to protect against ambushes or attacks; submarines are frequently used for surveillance. Furthermore, it is predicted that submarine demand will increase given the escalating terror threats and border disputes; these positively impact market growth.

Based on platform, the submarine market data has been segmented into military and commercial. The Military segment dominated the market in 2022. The Navy is investing $21 billion over 20 years to upgrade its infrastructure. Additionally, a $21 billion, 20-year plan to upgrade the US Navy's defense infrastructure is currently in progress. Defense news reports that there are 68 submarines active in the US Navy right now. Additionally, until about 2035, the US Navy plans to begin building two to three Virginia-class attack submarines annually and roughly one Columbia-class submarine annually.

Regional Analysis

The Global Submarine Market, based on region, has been divided into North America, Europe, Asia-Pacific and the Rest of the World. The North America Submarine market accounted for USD 10.763 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to American military spending being the highest in the world. With the introduction of new surface ships and submarines, the US Department of Defense is working to strengthen its naval capabilities in response to the growing threat from Russia and China.

Europe’s Submarine market accounts for the second-largest market share due to the planned deployment of numerous submarine programs, including the Astute, Successor, Yasen, and Borei classes, which were started a few years ago. By 2028, these submarines will be anticipated to replace the UK Navy's outdated fleet of Vanguard-class vessels. The fifth German-built submarine of the German Dolphin class has been delivered to the Israeli Navy. Further, the Germany Submarine market held the largest market share, and the UK Submarine market was the fastest-growing market in the European region.

The Asia-Pacific Submarine Market is expected to grow at the fastest CAGR from 2022 to 2030. This is because of the rise of submarine investment. Since the beginning of the industrial revolution, the developing world has experienced the majority of economic growth, which China, India, and other emerging economies have largely fueled. Moreover, China’s Submarine market held the largest market share, and the India Submarine market was the fastest-growing market in the Asia-Pacific region.

Key Findings of the Study

• The Global Submarine Market is expected to reach USD 29.2971 billion by 2030, at a CAGR of 3.20% during the forecast period.


• The Submarine market segmentation is based on type nuclear powered submarine, diesel electric submarine, and ballistic missile submarine. The nuclear-powered submarine segment held the majority share in 2022 concerning the submarine market revenue.


• The Submarine market segmentation is based on type nuclear powered submarine, diesel electric submarine, and ballistic missile submarine.


• Navantia SA, Kockums AB, JSC PO Sevmash, Lockheed Martin Corp, ASC Pty Ltd, FINCANTIERI SpA, DCNS, ThyssenKrupp Marine Systems AG, and General Dynamics Electric Boat Corp.