Anti-Submarine Warfare Systems Global Market Report 2024

The anti-submarine warfare system market size has grown strongly in recent years. It will grow from $16.37 billion in 2023 to $17.4 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth witnessed in the historic period can be attributed to several factors, including efforts towards fleet modernization within the navy, increasing geopolitical tensions, a heightened focus on preparedness for underwater warfare, advancements in unmanned systems technology, and collaborative defense projects.

The anti-submarine warfare system market size is expected to see strong growth in the next few years. It will grow to $22.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The projected growth in the forecast period can be ascribed to several factors, including the escalation of defense budgets, heightened investments in maritime surveillance capabilities, a surge in government funding for defense initiatives, the proliferation of submarines globally, and escalating risks posed to submarines. Key trends expected in this period encompass product innovation, advancements in technology, strategic partnerships and collaborations between defense contractors and governments, the incorporation of advanced stealth capabilities, advancements in data fusion, artificial intelligence, and machine learning applications.

The anticipated rise in defense budgets is poised to drive the expansion of the anti-submarine warfare (ASW) systems market in the foreseeable future. Defense budgets, representing the financial allocations by governments for the support, maintenance, and armament of their military forces, play a crucial role in fueling advancements in ASW systems. These allocations provide essential funding for the research, development, procurement, and deployment of technologies aimed at countering submarine threats and ensuring maritime superiority. An illustrative example comes from April 2023, as outlined in a report by the Stockholm International Peace Research Institute, where global military spending surged by 3.7% in real terms, reaching a historic high of$2.24 trillion in 2022. Of note, European military expenditure experienced a notable upswing, soaring by 13%. Dominating the landscape, the United States, contributing 39% to the world's military spending, and China, with a 13% share, retained their positions as the leading two spenders. Thus, the upward trajectory of defense budgets serves as a catalyst for the expansion of the anti-submarine warfare (ASW) systems market.

Prominent entities within the anti-submarine warfare system domain are actively engaged in the development of cutting-edge technologies, including anti-submarine torpedoes, aimed at mitigating evolving submarine threats and bolstering maritime security. Anti-submarine torpedoes, specifically engineered to incapacitate or destroy submarines, stand as a pivotal component in this endeavor. Notably, in September 2023, BAE Systems, a UK-based provider of defense, aerospace, and information security solutions, in collaboration with Malloy Aeronautics, a UK-based manufacturer of military drone systems, unveiled an inert variant of the Sting Ray training anti-submarine torpedo. Distinguished by its electric-powered vertical take-off and landing capabilities, this anti-submarine torpedo boasts a payload capacity of up to 200kg, speeds reaching 140 km/h, and an operational range of 80km, contingent upon payload specifications. Additionally, its design facilitates easy disassembly for transportation, with dimensions akin to those of a small car.

In July 2023, Thales Defense & Security Inc., a prominent French manufacturer specializing in electrical systems, finalized the acquisition of Advanced Acoustic Concepts (AAC) for an undisclosed sum. This strategic move enables TDSI to broaden its footprint in the US defense sector by enhancing its engineering and industrial capacities. The acquisition entails reinforcing TDSI's US operations and capabilities leveraging AAC's expertise. Advanced Acoustic Concepts LLC, based in the United States, is recognized for its provision of advanced anti-submarine warfare systems.

Major companies operating in the anti-submarine warfare systems market are Raytheon Technologies Corporation (RTX), Lockheed Martin Corporation, General Dynamics Corporation, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., BAE Systems PLC, L3Harris Technologies Inc., Thales Group, Leonardo S.p.A., Huntington Ingalls Industries Inc., IHI Corporation, Singapore Technologies Engineering Ltd, Rheinmetall Air Defence AG, Fincantieri S.p.A., Elbit Systems Ltd., Israel Aerospace Industries (IAI), Saab AB, Naval Group, Damen Schelde Naval Shipbuilding, Kawasaki Heavy Industries Ltd., Aselsan A.S., Japan Marine United Corporation, Mazagon Dock Shipbuilders Limited, Navantia S.A., Garden Reach Shipbuilders & Engineers Ltd., DSIT Solutions Ltd., Kongsberg Defence & Aerospace (Kongsberg Gruppen ASA)

North America was the largest region in the anti-submarine warfare system market in 2023. The regions covered in the anti-submarine warfare systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the anti-submarine warfare systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Anti-submarine warfare (ASW) systems serve the critical function of detecting, tracking, and eliminating enemy submarines, safeguarding naval forces and securing sea routes. They are essential for protecting maritime operations and ensuring the safety of sea lanes.

The key components of ASW systems include sensors, electronic support measures, and armaments. Sensors are instrumental in detecting and monitoring various environmental phenomena, generating signals in response to these detections. They are deployed across a range of platforms including submarines, surface ships, helicopters, maritime patrol aircraft, and unmanned systems. ASW systems find application across various industries, notably in naval forces and among aerospace and defense contractors.

The anti-submarine warfare system market research report is one of a series of new reports that provides anti-submarine warfare system market statistics, including anti-submarine warfare system industry global market size, regional shares, competitors with a anti-submarine warfare system market share, detailed anti-submarine warfare system market segments, market trends and opportunities, and any further data you may need to thrive in the anti-submarine warfare system industry. This anti-submarine warfare system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The anti-submarine warfare (ASW) systems market consists of sales of fixed wing aircraft, air-dropped ASW weapons, underwater acoustic training targets and sonobuoys. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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