![]() ![]() ![]() Consequently, such strong growth trends highlight ample growth opportunities for General Dynamics, as it enjoys a lucrative position in the submarine market. Evidently, per a report from Mordor Intelligence firm, the global submarine market is projected to witness more than 4% CAGR during the period of 2022-2031. Submarines play a very vital role in any defense system and the demand for more reliably-equipped submarines is expected to grow in the days ahead as nations strengthen their naval power. This provides General Dynamics an edge, as it enjoys a dominant position as the manufacturer of nuclear-powered submarines. Such enhanced features made the Virgin-class submarine an ideal choice for the U.S Navy. They are also capable of extended submerged operations with superior stealth, endurance, mobility and firepower. The submarine excels in littoral and open-ocean environments and collects intelligence that is critical to the full spectrum of warfare. In fact, the Virginia-class submarine is one of the most advanced nuclear-powered multisession stealth submarines suitable for marine warfare. To this end, it is imperative to mention that General Dynamics remains one of the two defense contractors on a worldwide basis that is equipped to build stealth missile submarines. Missile submarines with undersea warfare capabilities form an integral part of any nation’s defense system. In recent times, the United States and other countries have globally increased their spending manifold for the upgrade and betterment of defense systems fueled by the rising geopolitical tensions. Work related to this deal will be carried out in Groton, CT. Per the contract terms, Electric Boat will support the preliminary design, detailed design and qualification of Virginia Class Submarine capabilities. Valued at $30.4 million, the contract is expected to be completed by Sep 30, 2024. The award has been offered by the Supervisor of Shipbuilding Conversion and Repair, Groton, CT. General Dynamics Corp.’s GD business unit, Electric Boat, recently secured a modification contract to perform planning and execution efforts for supporting the Virginia Class Submarine Program. ![]()
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