In light of recent developments, countries like India and China are investing in expanding their submarine fleets, while major naval powers such as France, the UK, and the US are acquiring advanced ballistic missile submarines (SSBNs). The US and France are also directing resources toward nuclear-powered attack submarines, and Australia is poised to become part of the select group of nations operating these submarines through the AUKUS program. As a result, the global submarine market is projected to grow from $30 billion in 2023 to $45.6 billion by 2033, according to forecasts from GlobalData, a data and analytics company.

GlobalData's latest report, "Global Submarine Market 2023-2033," highlights that the demand for submarines with versatile mission capabilities, including the ability to deploy underwater drones from submarines acting as mother-ships, will be significant drivers in shaping the design and development of next-generation submarines in the coming years. Additionally, the increasing integration of artificial intelligence and advanced sensor technologies in anti-submarine warfare has amplified the necessity for submarines that are more stealthy and technologically advanced.

Aamir Chowdry, an Aerospace and Defense Associate Analyst at GlobalData, remarked, "The growing emphasis on strengthening deterrence capabilities has led countries to develop submarines that incorporate advanced acoustic reduction technology and ballistic missiles equipped with multiple independently-targetable reentry vehicles (MIRVs). Submarines, due to their high survivability and endurance, are considered more suitable for carrying out deterrence missions compared to airborne and land-based platforms."

LINK: https://maritimefairtrade.org/governments-adopt-initiative-to-scale-low-carbon-fuel-production/