Underwater Warfare Market by Systems (Sonar, Electronic Warfare, Weapons, Communications, Unmanned), Platform (Submarine, Surface Ship, Naval Helicopter), Capability (Attack, Protect, Support) and Region - Global Forecast to 2028

Underwater Warfare Market by Systems (Sonar, Electronic Warfare, Weapons, Communications, Unmanned), Platform (Submarine, Surface Ship, Naval Helicopter), Capability (Attack, Protect, Support) and Region - Global Forecast to 2028

The Underwater Warfare market is valued at USD 3.7 billion in 2023 and is projected to reach USD 5.7 billion by 2028, at a CAGR of 9.0% from 2023 to 2028. Over the last few years, the Underwater Warfare industry has continued to evolve with expanding use cases, better cost efficiencies, and a more significant impact of new technological developments in the naval industry. The Underwater Warfare market is experiencing growth driven by increasing naval budgets and an increase in government initiatives. Increased demand for advanced technological-based sonar systems, weapon systems and Unmanned systems is driving the Underwater Warfare market.

""Based on type, the Weapons Systems segment is estimated to have the second largest market share in 2023.""

The Weapons Systems segment in the Underwater Warfare market is being driven by due to rising need for advanced and lethal underwater weapons. There is rise in need of modern weapon systems, such as guided torpedoes, mines, depth charges, and rocket weapons for countering future undersea threats. The increasing investments by naval forces globally for development and deployment of modern weapons systems to maintain control in the undersea domain is driving the market growth.

""Based on platform, the Submarines is estimated to have the second largest market share in 2023.""

The Submarine segment within the Underwater Warfare market is being driven by a rise in technological development. The Submarines are a crucial component of undersea warfare which provides the ability to conduct various operations. The rise in development of submarines based on technological advancement such as stealth submarines, unmanned vehicles, and enhanced sonar detection ranges, and nuclear capabilities driving the market growth.

""Based on regions, the Asia Pacific region is estimated to have the largest market share in 2023.""

The Asia Pacific region is witnessing robust growth in the Underwater Warfare market, driven by the rising geopolitical tensions. The nations across the region are actively replacing aging fleets with advanced submarines, sonars, and unmanned underwater vehicles (UUVs). The rising government initiatives and increasing naval budget for development of underwater warfare technologies are driving the market growth for underwater warfare market.

The break-up of the profile of primary participants in the Underwater Warfare market:

By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%

By Designation: C Level – 40%, Director Level – 25%, and Others – 35%

By Region: North America – 40%, Europe – 25%, Asia Pacific – 20%, Middle East – 10% Rest of the World (RoW) – 5%

Major companies profiled in the report include Raytheon Technologies (US), L3Harris Technologies Inc. (US), Elbit Systems Ltd. (Israel), Northrop Grumman Corporation (US), and Thyssenkrupp AG (Germany) among others.

Research Coverage:

This market study covers the Underwater Warfare market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on type, platform, capability, and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.

Reasons to buy this report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall Underwater Warfare market. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities. The Underwater Warfare market is experiencing substantial growth, primarily driven by the increasing seaborne trade and increase in marine fleet size. The increasing trend toward international cooperation and joint operations among nations is fostering demand for Underwater Warfare, contributing to regional and global stability. The report provides insights on the following pointers:

Market Drivers: Market Drivers such as Increasing budget for unmanned underwater systems, Increasing geopolitical tensions and other drivers covered in the report.

Market Penetration: Comprehensive information on Underwater Warfare offered by the top players in the market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Underwater Warfare market

Market Development: Comprehensive information about lucrative markets – the report analyses the Underwater Warfare market across varied regions.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Underwater Warfare market

Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the Underwater Warfare market