Undersea warfare systems market to grow to $11.9 billion by 2026, analysts say
NewsNovember 29, 2016
BANER, India. Market analysts at Absolute Reports say that the global undersea warfare systems market will be valued at $7.1 billion in 2016 and project it to grow at a compound annual growth rate (CAGR) of 5.36 percent over 2016-2026, to reach $11.9 billion by 2026.
The report, titled "The Global Undersea Warfare Systems Market" consists of four categories: combat systems,
manned & unmanned systems, sensors, and communication & countermeasures.
This market will be dominated by the combat systems segment, which is expected to account for 58.7 percent of the market over the forecast period, followed by manned & unmanned systems, sensors, and communication & countermeasures with shares of 17.0 percent, 15.9 percent, and 8.4 percent respectively. North America is forecast to dominate the sector with a share of 33.5 percent, followed by Asia Pacific and Europe with shares of 28.4 percent and 28.2 percent.
Demand for "USW systems is expected to be driven by growing disputes over maritime borders, offshore resources, and trade routes," the analysts say. Anti-access area denial (A2/AD) and counter A2/AD are also becoming a vital part of maritime strategies employed by navies across the globe.
New maritime technology applications such as unmanned vehicles and maritime robots, stealth submarines, enhanced detection ranges of sonar, undersea communications, and network centric warfare also getting more investment dollars, they say.
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