MILAN (Reuters) -Italy's Fincantieri expects the weight of its revenues in the underwater business to double by 2027, the shipbuilder said on Monday, as it presses on with its expansion in this increasingly profitable sector.

The state-controlled group aims to take advantage of a global market that it estimated at 50 billion euros ($56 billion) per year, "with an accessible component" worth annually 22 billion euros, it said.

The shipbuilder expects revenues in that part of its business to rise to 820 million euros, or 8% of total revenues, up from the 4% recorded in 2024.

It sees earnings before interest, taxes, depreciation and amortisation (EBITDA) from the submarine sector to reach 152 million euros by 2027, with a profit margin close to 19%.

"The underwater business represents a key domain for security, energy, environmental observation and submarine communications," the company said in statement.

In January, Fincantieri completed its acquisition of Leonardo's Underwater Armament Systems (UAS), formerly known as Whitehead Alenia Sistemi Subacquei (WASS), in a deal giving the business an enterprise value of 415 million euros.

In 2023 it had bought Italian engineering group Remazel, specialised in solutions for underwater vessels.

On Monday it added that its unit IDS signed a memorandum of understanding with Italian underwater mechatronics group Graal Tech to develop and market small and medium-sized autonomous underwater vehicles.

"The consolidation of a transversal demand in the defence, dual-use and civil applications sectors makes the underwater sector a strategic priority for governments and industry," Chief Executive Pierroberto Folgiero said at an event in Milan with analysts and investors.

($1 = 0.8887 euros)

(Reporting by Elvira Pollina, writing by Giulia SegretiEditing by Keith Weir)