Submarine Propulsion Systems Market Size (2024 - 2029)

The submarine propulsion systems market is projected to experience growth driven by evolving geopolitical scenarios and maritime disputes, which are expected to increase investments in submarines. The demand for new propulsion systems is anticipated to rise due to a growing emphasis on establishing nuclear triads and enhancing deterrence capabilities. Modernization plans aimed at replacing outdated propulsion systems with advanced alternatives are also expected to contribute to market expansion. However, the high costs associated with air-independent propulsion systems and the emergence of new technologies may pose challenges to the market's long-term growth.

Market Size of Submarine Propulsion Systems Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Submarine Propulsion Systems Market Summary
Study Period 2019-2029
Market Size (2024) USD 8.03 Billion
Market Size (2029) USD 9.55 Billion
CAGR (2024 - 2029) 3.53 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Submarine Propulsion Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Submarine Propulsion Systems Market Analysis

The Submarine Propulsion Systems Market size is estimated at USD 8.03 billion in 2024, and is expected to reach USD 9.55 billion by 2029, growing at a CAGR of 3.53% during the forecast period (2024-2029).

Evolving geopolitical scenarios and maritime disputes are anticipated to drive investments in submarines. Furthermore, growing emphasis on establishing the nuclear triad and enhancing deterrence capabilities is expected to propel demand for new propulsion systems. The modernization plans to enhance the operability of submarines and extend their life by replacing old propulsion systems with advanced propulsions are expected to bolster the growth of new propulsion systems during the forecast period.

This increase in the market value of submarine propulsion systems may be ascribed to governments' increased investments to enhance their underwater defense and make it as safe and secure as feasible. The requirement for longer submerged periods, more value potency, increased R&D expenditure, and technical developments in submarine systems will provide sufficient prospects for market growth. On the other hand, the high costs associated with air-independent propulsion systems for submarines equipped with modern technologies will offer a substantial obstacle to market growth in the long term, and emerging new technologies may also impede the submarine propulsion systems market.

Submarine Propulsion Systems Industry Segmentation

Submarine propulsion systems generate enough power to enable multi-axis movement of the submarine in the water depending on the source of energy and the method of energy extraction.

The Submarine Propulsion Systems Market has been segmented by Type (Nuclear Propulsion Systems, Diesel-electric Propulsion Systems, and Air Independent Propulsion Systems) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The report offers the market size in value terms in USD for all the abovementioned segments.

Type
Nuclear Propulsion Systems
Diesel-electric Propulsion Systems
Air Independent Propulsion Systems
Application
Commercial
Defense
Geography
North America
United States
Canada
Europe
United Kingdom
France
Germany
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Rest of Middle-East and Africa
Need A Different Region Or Segment?
Customize Now

Submarine Propulsion Systems Market Size Summary

The submarine propulsion systems market is poised for growth, driven by evolving geopolitical tensions and the need for enhanced maritime security. As countries invest in modernizing their naval fleets, the demand for advanced propulsion systems is expected to rise. This is fueled by the emphasis on establishing a nuclear triad and improving deterrence capabilities. The modernization of aging submarine fleets, coupled with the replacement of outdated propulsion systems with advanced technologies, is anticipated to further bolster market expansion. However, the high costs associated with air-independent propulsion systems and the challenges posed by emerging technologies may present obstacles to long-term market growth.

In the Asia-Pacific region, rapid expansion and modernization of naval forces are key drivers of market growth. Territorial disputes and increased military spending have led to significant investments in naval capabilities, with countries like China, India, and Japan focusing on enhancing their submarine fleets. The region's push for indigenous manufacturing capabilities, alongside strategic procurements such as leasing used submarines, is expected to propel demand for new propulsion systems. The market is semi-consolidated, with major players like Rolls Royce, Naval Group, and General Dynamics Corporation leading the charge. Long-term contracts and collaborations with governments and submarine construction companies are crucial for these firms to expand their global footprint and secure new contracts.

Explore More

Submarine Propulsion Systems Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Nuclear Propulsion Systems

      2. 2.1.2 Diesel-electric Propulsion Systems

      3. 2.1.3 Air Independent Propulsion Systems

    2. 2.2 Application

      1. 2.2.1 Commercial

      2. 2.2.2 Defense

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 France

        3. 2.3.2.3 Germany

        4. 2.3.2.4 Russia

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Latin America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Rest of Latin America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirates

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Rest of Middle-East and Africa

Submarine Propulsion Systems Market Size FAQs

The Submarine Propulsion Systems Market size is expected to reach USD 8.03 billion in 2024 and grow at a CAGR of 3.53% to reach USD 9.55 billion by 2029.

In 2024, the Submarine Propulsion Systems Market size is expected to reach USD 8.03 billion.

Submarine Propulsion Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)