Increasing
underwater threats and rising defense budget are the major factors behind the
growth of the airborne detection systems for submarines market. In 2017,
the market generated a revenue of $611.8 million, and it is predicted to
advance at a CAGR of 7.2% during the forecast period (2017–2023). Airborne
detection systems are comprised of a lightweight mobile detection sensor for
tracking and locating submarines. These systems can be deployed on all kinds of
airborne platforms, such as fixed-wing aircraft, helicopters, and unmanned
aerial vehicles.
Based
on type, the airborne detection systems for submarines market is
categorized into dipping sonars, radars, sonobuoys, and magnetic anomaly
detection systems. Out of these, in 2017, the sonobuoy category held the
largest share of over 45.0% in the market. The benefits associated with
sonobuoys include low cost and swift deployment, which have escalated the
progress of this category. Many small as well as large economies around the
world deploy sonobuoys for the detection of submarines in and around their
naval bases.
Geographically, in 2017,
North America held the largest revenue share of more than 60.0% in the airborne
detection systems for submarines market, and it is further predicted to
maintain its lead during the forecast period. In this region, the U.S.
dominated the market owing to its advanced and strong defense base. The rising
international conflicts are increasing the security concerns, which, in turn,
is boosting the demand for defense services and products, such as airborne
detection systems for submarines.
Nowadays, every country
aims to protect themselves from all kinds of enemy attacks, such as those from
underwater systems. Various countries around the world are focusing on
purchasing defense-related services and products in order to secure themselves
from any misadventure by others. For instance, for protecting underwater
spaces, airborne detection systems for submarines are widely adopted by the
naval departments. Almost all nations’ defense expenditure includes a specific
allocation for marine forces that involves spending for weapons, radar systems,
and other components used by the navy.
For instance, for
FY2018, the U.S. Department of Defense proposed a budget of $639.1 billion, which
shows an 8.9% increase from the 2017. Around 27.0% of this defense budget was
sanctioned for the Marine Corps of the U.S., which is an increase from $1.68
billion in 2017 to $2.13 billion in 2018. Furthermore, many developing
countries in Asia-Pacific have started defense modernization programs,
resulting in an increasing spending for land, air, and marine security. Thus,
the growing defense budget of countries would result in the airborne
detection systems for submarines market prosperity.
Hence, apart from the
growing underwater threat and increasing security concerns, submarine
modernization drives are helping the airborne detection systems for submarine
market prosper.
