Military submarines are known to dive to deep depths, but up is where the global submarine market is actually headed, international analytics firm GlobalData has predicted in a new forecast. In a new report, GlobalData noted that nations including India and China are investing in submarine fleets, while major naval powers like France, the UK, and the U.S. are also procuring next-generation ballistic missile submarines (SSBNs).
Last month, the U.S., UK, and Australia unveiled details of their AUKUS pact plan – which will see Australia get its first nuclear-powered submarines. It was also just last week that General Dynamics Electric Boat awarded Huntington Ingalls Industries (HII) a $567.6-million subcontract to provide long-term material support and advanced construction services for the U.S. Navy’s future Columbia-class submarines.
Subs Going Up
Against that backdrop, the global submarine market is set to grow from a value of $30.0 billion in 2023 to $45.6 billion in 2033, forecasted GlobalData.
“Global Submarine Market 2023-2033” further revealed that the procurement of submarines with multi-mission capabilities and the ability to deploy underwater drones from submarines acting as mother-ships are some of the major factors expected to drive the design and development of next-generation submarines over the forecast period. Moreover, the analytics firm suggested that due to the growing use of artificial intelligence and advanced sensors in anti-submarine warfare, the need for more stealthier and technologically advanced submarines has also increased significantly.
“The growing emphasis on enhancing deterrence capabilities has compelled countries to design submarines which incorporate advanced acoustic reduction technology and multiple independently-targetable reentry vehicle (MIRV) equipped ballistic missiles,” said Aamir Chowdry, aerospace and defense associate analyst at GlobalData, via an email to 19FortyFive.
“Due to their high-survivability and endurance, submarines are more ideal for performing deterrence roles as compared to airborne and land-based platforms,” Chowdry added.
However, due to the high cost of acquisition, lack of technical expertise, and stringent export control regulations, several countries are procuring advanced AIP-equipped conventional submarines to augment their undersea warfare capabilities, the GlobalData report also noted.
Those submarines could be capable of operating submerged for extended periods and are equipped with specialized weapons, and sensors, which enable them to conduct land attacks, undertake ISR missions, and support Special Forces operations.
In addition, while emerging powers are likely to “go deep” with submarines – it will be the world’s leading powers that will continue to operate the largest submarine flotillas.
“Even though the U.S., Russia, and China are likely to remain the dominant players in the global submarine market, other countries such as India and Australia are also investing in advanced submarine capabilities,” Chowdry continued. “As the submarine market continues to evolve and expand, it is likely to have significant implications on global security, particularly for performing roles such as naval deterrence, securing sea lanes of communication (SLOC), and littoral operations.”
Author Experience and Expertise: A Senior Editor for 19FortyFive, Peter Suciu is a Michigan-based writer. He has contributed to more than four dozen magazines, newspapers, and websites with over 3,200 published pieces over a twenty-year career in journalism. He regularly writes about military hardware, firearms history, cybersecurity, politics, and international affairs. Peter is also a Contributing Writer for Forbes and Clearance Jobs. You can follow him on Twitter: @PeterSuciu.