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According to The Business Research Company’s research on the undersea warfare systems market, increasing tensions among various nations due to rising wars and conflicts are expected to propel the growth of the undersea warfare systems market going forward. War is defined as a violent conflict between nations or states. Undersea warfare systems are commonly used by armed forces to oppose underwater threats to maintain and control war situations and protect national security. For instance, in July 2022, according to the UK Ministry of Defence’s update on the Russia-Ukraine War, Ukraine’s forces were using long-range artillery across the Dnipro River to target bridges, and they attacked two times on the Antonivskiy Bridge in Kherson. Therefore, the increasing tensions among various nations due to rising wars and conflicts are driving the growth of the undersea warfare systems market. Therefore, the rising number of underwater threats is driving the growth of the undersea warfare systems market.
The global undersea warfare systems market size is expected to grow from $14.30 billion in 2021 to $15.59 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The undersea warfare systems market share is expected to grow to $19.34 billion in 2026 at a CAGR of 5.5%.
Technological advancement is the key trend gaining popularity in the undersea warfare systems market. Major companies operating in the undersea warfare systems sector are forced to develop technologically advanced systems to extend their growth in new areas. For instance, in June 2022, Spear, an Israel-based unmanned aerial solutions company, launched the Ninox 103 drone that uses an autonomous artificial intelligence-based system. This is designed for underwater and undetectable launches from a submarine. It can also be embedded with point-to-multipoint networking and can fly for up to 50 minutes with a communication range of 10 kilometers while flying at a velocity of 23 mph.
Major players in the undersea warfare systems market are BAE Systems plc, General Dynamics Corporation, Kongsberg Gruppen, L3Harris Technologies Inc., Leonardo S.P.A, Lockheed Martin Corporation, Northrup Grumman Corporation, Raytheon Company, Saab AB, Thales Group, ATLAS ELEKTRONIK GmbH, S.A. de Electronica Submarina, ECA Group, The Boeing Company, Ultra Electronics Corporation, Abeking & Rasmussen, ACO Marine, Adder Technology, Associated Electrical Industries Limited, Aeromaritime Systembau GmbH, and Aeronautical & General Instruments.
The global undersea warfare systems market analysis is segmented by type into communication and surveillance systems, sensors and computation systems, countermeasure systems and payload, unmanned underwater vehicles, weapon systems; by mode of operation into manned operations, autonomous operations, remotely operations; by end-user into navy, air force, army.
North America was the largest region in the undersea warfare systems market in 2021. Asia-Pacific is expected to be the fastest-growing region in the undersea warfare systems market during the forecast period. The regions covered in the undersea warfare systems market overview are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Undersea Warfare Systems Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide undersea warfare systems market forecast size and growth, undersea warfare systems market segments, undersea warfare systems market trends, undersea warfare systems market drivers and restraints, undersea warfare systems market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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