According to a new market research report published by Acute Market Reports “Undersea Warfare Systems Market (System Type – Detection Systems, Weapons, Communication Systems and Counter Measure Systems) – Growth, Future Prospects and Competitive Analysis, 2021 – 2029”, the global undersea warfare systems market is estimated to hit US$ 18.2 Bn by 2029.
Browse the full report at https://www.acutemarketreports.com/report/undersea-warfare-systems-market
Market Insights
The proliferation of threats in the undersea environment has created a paradigm shift towards the adoption of advanced undersea warfare systems. This paradigm shift has resulted in navies of various countries to harness the emerging technologies in order to maintain undersea warfare dominance. Today, undersea warfare systems are built using sophisticated technology suitable for critical communication, detection and attack. Undersea warfare systems facilitates commanders with unique tactical and operational options in contested waters, thereby allowing them to act aggressively. Moreover, these systems can be delivered from aircraft, surface ships, submarines or be self-deployed from a friendly port within range.
The most prominent factor driving the undersea warfare systems market is growing tensions over maritime border disputes. These tensions are mostly due to conflicts pertaining to offshore resource ownerships and trade route claims. For instance, the recent South China Sea dispute witnessed severe escalation and tensions involving countries such as China, Japan, Indonesia, Brunei, Malaysia, the Philippines and Vietnam. Moreover, the Arctic sea region has remained in dispute over various reasons. The region is said to contain 25% of the world's undiscovered oil and gas reserves valued at approximately $30 trillion. Russia, Denmark, the U.S. and Norway regard parts of the Arctic seas as their national waters. Another prominent factor driving the undersea warfare systems market is defense modernization initiatives being implemented across various countries such as the U.S., Germany, the U.K. and China. Defense agencies in developed countries are constantly in hunt to adopt the latest technologies in order to gain a competitive edge over other countries, thereby driving the undersea warfare systems market.
The undersea warfare systems market has witnessed rapid R&D activities in the recent past. New advancements in naval technology such as enhanced detection ranges of sonar, unmanned vehicles and maritime robots, undersea communications and stealth submarines among others have emerged in the past few years. The overall undersea warfare systems market, based on system type, is classified into detection systems, weapons, communication systems and counter measure systems. In 2020, the detection segment led the overall market, accounting for more than 45% of the global market value.
Key Trends
