The global submarine sensors market is forecast to grow at a CAGR of 3.12% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: One of latest trends in the market is Ohio-class submarine replacement program. Countries that have high military expenditures, such as the US, the UK, Germany, France, and India, are expected to replace their existing military submarines in the near future, as most of these submarines have either retired or reached the end of their operational life cycle. The replacement of vessels would result in higher investments that would enable the inclusion of high-quality launch systems, missiles, and navigational payloads.
According to the report, one of the primary drivers in the market is increasing deployment of attack submarines. Since the Second World War, the submarine remains as one of the most effective instruments capable of targeting and destroying naval and land-based military assets from far-off locations.
The modern attack submarines are employed to unleash a barrage of nuclear or conventional weapons against ocean-going and land-based enemy targets and are also quite capable of countering enemy submarines and other submerged platforms of similar designs and capabilities. Submarines are also used to assist special forces in covert operations. Therefore, various naval forces are using such assets primarily as a deterrent element in their respective territorial waters.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?