Hanwha Aerospace's Ambitious Move: Expanding into Submarine and Ships Manufacturing with Overseas Base

Hanwha Ocean, a subsidiary of Hanwha Aerospace, announced plans to establish an overseas base to expand into submarine and ships manufacturing.

The company's KRW 900 billion expansion strategy encompasses a diverse range of initiatives, including securing an overseas production base for maritime and defense industries, making investments in eco-friendly fuel-based propulsion systems, eco-friendly carriers, and autonomous ship technologies.

Driven by the projected growth in defense budgets, the global ship market is anticipated to reach a cumulative size of around $986 billion over the next decade. Capitalizing on this opportunity, Hanwha Ocean has devised a strategy to rapidly expand into the $243 billion submarine and surface ship market.