According to the research report titled ‘Global Submarine Market Size study, by Platform Type (Military, Commercial), Application (Surveillance, Combat, Marine Environmental Monitoring, Detection of Oil Resources, Scientific Research, Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global submarine market valuation is expected to multiply at a CAGR of 4% over 2021-2027.
 

As per the findings of report, growing marine border disputes between the countries, and increasing defense budget are the key factors driving global submarine market growth. Rising government investment in submarine projects is enhancing the overall market outlook. Moreover, integration of lithium-ion batteries in submarines is anticipated to add to the industry progression.
 

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For the record, the Ministry of Defense cites that the Indian government invested USD 6.6 billion in Indian shipyards to manufacture submarines. Similar initiatives taken by the governments of other nations is creating expansion opportunities for businesses operating in this domain.
 

Notably, submarines are used for several applications, including exploration, salvage, marine science, facility inspection & maintenance, and military purposes.
 

Despite the favorable prospects, hefty cost of maintenance is likely to restrict the expansion of worldwide submarine industry over the study period.
 

Based on platform type, the market is split into military, and commercial. Elaborating on application spectrum, the industry segmentation comprises scientific research, detection of oil resources, marine environmental monitoring, combat, surveillance, and others.
 

Coming to regional landscape, Latin America (Mexico, Brazil), Asia Pacific (South Korea, Australia, Japan, India, China), North America (Canada, the United States), and Europe (Italy, Spain, France, Germany, the United Kingdom) are the leading contributors to the overall industry development. Among these, North America dominates global submarine market share presently, creditable to the presence of leading companies in the region.
 

On the other hand, Asia Pacific industry is projected to generate modest revenue by the year 2027, attributable to increasing maritime disputes, and growing trade volume in Indo-Pacific.
 

The competitive landscape of the marketplace is defined by well-known firms such as BAE Systems plc, Kawasaki Heavy Industries Ltd., Thales Group, Lockheed Martin Corporation, Fincantieri S.p.A., Daewoo Shipbuilding & Marine Engineering Co. Ltd., Mazagon Dock Shipbuilders Ltd., Huntington Ingalls Industries (HII), General Dynamics Corporation (GD), and Saab AB (Svenska Aeroplan AB).