The submarines have to face challenging situations while they are carrying out operations, they should be able to carry out their tasks with utmost precision. Rising challenges such as locating enemies, tracking, and defeating them in sea and land are increasing demand for the sophisticated submarine combat system. This leads to expansion of the global submarine combat system market during the forecast period.
The naval force should be equipped with latest technology such as satellite based navigation, ISTAR (intelligence surveillance, target acquisition, and reconnaissance) combat system to carry out their underground operations.
Transparency Market Research (TMR) report sheds some precise and relevant insights on share, size, and trends of the global submarine combat system market.
Global Submarine Combat System Market: Notable Developments
The recent development of the in the global submarine combat system market are:
- In March 2019, the Indian received INS Vikrant also known as IAC-1 for its combat management system. This was developed with collaboration of Tata Power Strategic Engineering and Weapon and Electronic System Engineering Establishment and MARS in Russia.
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- In June 2019, Saab, the pioneer in submarine combat system provider signed an agreement with the United States government for its AT4 and Carl Gustaf Ammunition. The objective of the agreement was to allow military and naval forces to buy their ammunition and AT4 weapon.
Some of the companies that operate in the global submarine combat system include Thales Group, Lockheed Martin, Saab, Northrop Grumman, Atlas Elektronik, and BAE Systems PLC. Manufacturing companies are focusing on integrating latest technologies with customized product lines, aiding the growth of the global submarine combat system market.
Global Submarine Combat System Market: Drivers and Restraints
Some of the drivers that are expected to surge the global submarine combat system market are:
Technological Advancements to Boost Submarine Combat System Market
Fast paced technological advancement and modernization in naval fleets are getting popular and providing growth opportunities in the global submarine combat system market. Increasing advancement in electronics and telecommunication system, need for twenty-four hours’ surveillance, infrared system to check upon radar gun signals are paving the way for expansion of the global submarine combat system over the forecast period.
Moreover, advent of artificial intelligence and internet of things (IoT) are expected to provide support to submarine combat system.
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High Cost to Restrain Growth
High cost of installation of advanced combat systems and renewing the old combat system may hamper the growth of the global submarine combat system market during the forecast period.
Nevertheless, the rising research and development to introduce innovative products at a lower price is projected to provide ample of growth opportunities to the global submarine combat system market in the upcoming years.
Additionally, cruise missiles are also expected to provide growth opportunities in the submarine combat system market due to its precision and ability to carry a large load.
Global Submarine Combat System Market: Geographical Analysis
On the basis of geography, North America is expected to register a higher growth in the global submarine combat systems market in the near future. The growth in this region is mainly due to ease of strategic collaborations with original equipment manufacturing systems to cater to challenging situations.
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Previously, it was Europe that held the global submarine combat system market, due to high involvement of original equipment manufacturing systems to carry out joint ventures and partnerships for innovative product development for submarine combat system.
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