Lockheed Martin Corporation (U.S.), and SAAB AB (Sweden), are the Leading Players in the Submarine Combat Systems Market
The submarine combat systems market is expected to be valued at USD 4.97 Billion in 2016 and projected to reach USD 11.67 Billion in 2022, at a CAGR of 15.3%. The key players in the submarine combat systems market are identified through the annual market revenues generated from various business segments by them through the delivery of submarine combat systems upgradations and services. The leading market players in the submarine combat systems market are located in the North American and European regions.
Contracts is the key strategy adopted by the industry players to grow in the submarine combat systems market. This strategy accounted for 83% of the total growth strategies adopted by the submarine combat systems market players from 2011 to 2016. The acquisitions, partnerships, and agreements strategy accounted for 17% of the total growth strategies. Market players are focusing on new and upgradation contracts, launching new technologies, and acquiring new business. Their core competencies include, a widespread geographical presence.
Lockheed Martin Corporation (U.S.), is one of the world’s largest companies and leading players in designing, developing and integration of submarine combat systems. In 2015, the company spent around USD 839 Million in R&D towards enhancements in support for platforms, systems, and services. The main strategy is strategic collaborations through valuable contracts, acquisitions, and partnerships with other leading stakeholders in this market, and providing innovative cost effective customer solutions, which provides a competitive advantage to the company. For instance, in November 2016, Lockheed Martin Rotary and Mission Systems (U.S.), a subsidiary of Lockheed Martin Corporation (U.S.), received a contract worth USD 21.3 Million from the U.S. Navy to upgrade submarine sonar COTS. Under this contract, the company will produce pre-cable kits, and Acoustic Rapid Commercial Off-The-Shelf (COTS) Insertion (A-RCI) Technical Insertion – 16 (TI-16) systems, along with production support. In October 2016, Lockheed Martin Corporation (U.S.) received a contract worth USD 1.4 billion from the Government of Canada to provide combat systems for 12 new submarines.
SAAB AB (Sweden), is the second leading player in the submarine combat systems market. The company operates in varied business segments, namely, aeronautics, dynamics, electronic defence systems, security & defence solutions, support & services, and industrial products & services. The company has undertaken a large number of agreements and partnerships, and contracts with other leading companies in this market. For instance, in October, 2016, SAAB AB (Sweden), signed a Memorandum of Understanding (MoU) with Polska Grupa Zbrojeniowa S.A. (Poland) to plan and deliver Polish naval programs, including submarine construction and surface ship for the Polish Navy. In June 2014, SAAB AB (Sweden) acquired ThyssenKrupp Marine Systems AB, a subsidiary of ThyssenKrupp AG (Germany), for USD 50.4 Million. This acquisition strategy helped SAAB AB to enhance its capabilities in the naval domain and reinforce its position as the leading supplier of military systems.
Related Reports:
Submarine Combat Systems Market by System (Sensors, Electronic Support Measures, Armaments), Submarine Type (Ship Submersible Hunter Killer, Ship Submersible Nuclear, Ship Submersible Ballistic Nuclear), Retrofit, Region - Global Forecast to 2022
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