South Korea Submarine Market was valued at USD 3.3 Billion in 2022 and is projected to reach USD 5.3 Billion by 2030, growing at a CAGR of 6.1% from 2024 to 2030.
South Korea's submarine market is experiencing significant growth, driven by domestic advancements and increasing international demand. The nation's shipbuilders, notably HD Hyundai Heavy Industries (HD HHI) and Hanwha Ocean, are at the forefront of this expansion, developing indigenous submarines tailored for both the Republic of Korea Navy (ROKN) and export markets.**Domestic Developments:**- **KSS-III Program:** This initiative marks South Korea's commitment to enhancing its naval capabilities. The KSS-III submarines, such as the ROKS Dosan Ahn Changho, are equipped with the Korean Vertical Launching System (K-VLS), capable of deploying up to ten indigenous "Chonryong" land-attack cruise missiles and "Hyunmoo" submarine-launched ballistic missiles (SLBM). These vessels also incorporate advanced technologies, including Samsung SDI's lithium-ion batteries, offering extended underwater endurance and improved performance. citeturn0search13**Export Initiatives:**- **Mid-Size Submarine Development:** HD HHI has embarked on developing an indigenous mid-size submarine aimed at the export market. This move is strategic, considering the global demand for versatile and cost-effective submarines. Dr. Won-Ho Joo, COO of HD HHI’s Naval & Special Ship Business Unit, emphasized the importance of collaboration between HD HHI and Hanwha Ocean to enhance competitiveness in international bids. citeturn0search0- **International Collaborations:** South Korean shipbuilders are actively seeking partnerships to expand their global footprint. HD HHI has signed a technical cooperation agreement with Babcock Canada for the Canadian Patrol Submarine Project (CPSP) and an MOU with Poland's PGZ for the Orka Project. Similarly, Hanwha Ocean has engaged with Canadian defense companies, aiming to position South Korea as a key player in the global submarine market. citeturn0search0**Industry Dynamics:**- **Government Advocacy:** The South Korean government is actively encouraging collaboration between domestic shipbuilders to strengthen their position in securing international contracts. Defense Acquisition Program Administration (DAPA) Minister Seok Jong-gun highlighted the necessity of unity between HD HHI and Hanwha Ocean to enhance prospects in bids like Canada's submarine project. citeturn0search3- **Technological Advancements:** The integration of air-independent propulsion (AIP) systems with lithium-ion batteries in submarines like the KSS-III Batch-II enhances operational capabilities, allowing for prolonged submerged operations with reduced noise, meeting the evolving requirements of modern navies. citeturn0search2**Market Implications:**South Korea's proactive approach in developing advanced submarines and fostering international collaborations positions it as a formidable contender in the global submarine market. The emphasis on indigenous technology, coupled with strategic partnerships, aligns with the increasing demand from navies worldwide seeking modern, efficient, and reliable underwater capabilities.As a defense industry analyst, witnessing South Korea's rise in the submarine market underscores the nation's dedication to technological innovation and strategic expansion. The collaborative efforts between industry giants and the government's supportive stance are pivotal in navigating the complex landscape of international defense procurement.The trajectory of South Korea's submarine market reflects a blend of domestic ingenuity and global ambition, setting the stage for a significant impact on the future of naval defense industries worldwide.
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BAE Systems
Daewoo Shipbuilding & Marine Engineering
General Dynamics Electric Boat
Huntington Ingalls Industries
Kawasaki Heavy Industries
Lockheed Martin
Mitsubishi Heavy Industries
Saab
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Submarine Market
Attack Submarines
Ballistic Missile Submarines
Guided Missile Submarines
Special Purpose Submarines
Tourism Submarines
Research Submarines
Mining Submarines
Oil & Gas Submarines
Nuclear Submarines
Diesel-Electric Submarines
Nuclear Propulsion
Diesel Propulsion
Hybrid Propulsion
Military & Defense
Commercial & Industrial
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Submarine Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Submarine Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Submarine Market, By Type
6. South Korea Submarine Market, By Application
7. South Korea Submarine Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Submarine Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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