Submarine Propulsion System Market Insights Video

According to Cognitive Market Research, the global Submarine Propulsion Systemmarket size is USD 8154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

• North America held the major market share for more than 40% of the global revenue with a market size of USD 3261.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
• Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2446.26 million.
• Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 1875.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
• Latin America had a market share for more than 5% of the global revenue with a market size of USD 407.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
• Middle East and Africa hada market share of around 2% of the global revenue and was estimated at a market size of USD 163.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
• The defense sector is the dominant end-user category in the submarine propulsion system market. Military submarines are a critical component of naval forces worldwide, providing strategic deterrence, intelligence gathering, and defense capabilities.