The global undersea warfare systems market has been categorized based on its types including weapons and countermeasures, sensors and sonars, communication systems, unmanned systems and airborne detection systems. Undersea warfare systems are manufactured by a number of companies for the various defense applications including anti-submarine warfare and mine countermeasures, among others. The weapons and countermeasures market acquired the highest market share in 2018 and is expected to maintain its leading position during the forecast period, 2019-2024. Furthermore, the weapons and countermeasures market is expected to acquire ~36.54% of the global undersea warfare systems market by 2024. The highest procurement of weapons and countermeasure systems is influenced by the need for protecting the country from growing undersea threats.
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The weapons and countermeasures market is estimated to report the highest revenue generation of $5.34 billion by 2024 at a CAGR of 5.62%, during 2019-2024. However, unmanned underwater systems is expected to grow at the highest CAGR of 8.94% to generate $1.76 billion, by 2024. The high demand of the unmanned systems is attributed to their capability of autonomous and independent operations. Hence, they also eliminate several threats to humans, by eliminating the direct involvement of humans in carrying out dangerous naval missions. Moreover, unmanned systems are extremely versatile and can be used in carrying out multiple underwater missions that include monitoring, mine countermeasures, anti-submarine warfare, intelligence, surveillance and reconnaissance, among others.
North America is the most prominent region for the growth of the undersea warfare systems market with the U.S. acquiring the highest market share in 2018. The revenue generation of the undersea warfare systems market for North America was valued at $4.53 billion in 2018 and is expected to grow at a CAGR of 6.32% during the period, 2019-2024. The U.S. recorded the highest revenue of $3.94 billion for the undersea warfare systems market in 2018 and is expected to cross $5.60 billion by 2024. Moreover, the U.S. recorded the highest defense spending ~$716 billion in 2019. Thus, the increasing defense spending is expected to enhance the procurement of defense related products and equipment across the U.S. Moreover, the U.S. is focusing on strengthening its underwater security to protect the nation from the consequences of growing tensions with the nations having strong base for underwater weapons such as China. Canada is another prominent nation which is attributing to the growth of the undersea warfare systems market in North America during the period, 2019-2024.
The competitive landscape of the undersea warfare systems market includes different strategies undertaken by the manufacturers to gain market presence. Some of the strategies adopted by undersea warfare systems manufacturers are new product launches and developments, partnerships, agreements, and contracts, mergers and acquisitions. Among all the strategies adopted, partnerships, contracts, and agreements is currently dominating the market and is the most widely adopted strategy among the undersea warfare systems manufacturers.
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The undersea warfare systems market is a mature industry which involves the leading players that are dominating the market. Lockheed Martin is one of the leading manufacturers of undersea warfare systems that supplies its products and equipment to various naval forces across the globe. Lockheed Martin has received multiple contracts from the various naval forces time and again for the development of the undersea warfare systems. For instance, the company Lockheed Martin is planning to launch new Navy anti-submarine warfare (ASW) shipboard sonar undersea warfare systems by May 2020.
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