Undersea warfare systems market to see billions in global growth
FREEMONT, Calif. According to a new market intelligence report, titled "Global Undersea Warfare Systems Market, Analysis & Forecast, 2019 - 2024", the undersea warfare systems market is expected to reach $14.61 billion by 2024.
The report, published by BIS Research Analysis, states that the global undersea warfare systems market is expected to witness a significant growth over the forecast period 2019-2024, due to an escalating demand for underwater security. The global undersea warfare systems market has evolved significantly with the increasing threats from the underwater systems such as submarines and unmanned underwater vehicles.
Undersea warfare systems are categorized on the basis of type such as weapons and countermeasures, sensors and sonars, communication systems, unmanned systems, and airborne detection systems. The U.S. is one of most prominent countries for the North America undersea warfare systems market, with China, Japan, South Korea, and India representing the significant growth in Asia.
The key manufacturers of undersea warfare systems are actively putting their efforts toward the development of more advanced systems for cost effectiveness and enhanced endurance. According to the report, the global undersea warfare systems market was $9.96 billion in 2018.