Submarine Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The nuclear-powered submarines (SSN) segment is anticipated to grow with the highest CAGR during the forecast period. A nuclear submarine is a submarine that is powered by a nuclear reactor but is not necessarily nuclear-armed. Nuclear submarines have considerable performance advantages over "conventional" (typically diesel-electric) submarines. Nuclear propulsion, being completely independent of air, frees the submarine from the need to surface frequently, as is necessary for conventional submarines. 

The large amount of power generated by a nuclear reactor allows nuclear submarines to operate at high speed for long periods, and the long interval between refuelings grants a range virtually unlimited, making the only limits on voyage times being imposed by such factors as the need to restock food or other consumables. However, due to the high cost of nuclear technology, only a few countries across the globe have the means of acquiring such a vessel.

The submarine market is anticipated to register a CAGR of 4% during the forecast period.

The global submarine market witnessed unprecedented challenges due to the COVID-19 pandemic. The challenges faced by manufacturers in receiving raw materials such as high-strength alloy steel and titanium in order to develop new and advanced submarines owing to border restrictions by various countries led to delays in the production process. Moreover, a decline in the orders for new submarine acquisitions by defense forces worldwide also led to a decline in the production and supply process.

Furthermore, layoffs by various companies owing to the pandemic led to a decrease in the workforce which further led to delays in order deliveries, thereby leading to key market players coping with heavy losses. The market showcased a strong recovery post-covid due to increased demand from the defense personnel of various countries for purchasing advanced submarine systems to carry out various tactical operations will lead to growth in the market in coming years.

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