Global submarine market worth US$186.3 billion over next decade


The global submarine market is expected to grow by 1.22% during 2011-2021 as nations are expected to buy 154 submarines worth US$186.3 billion.

ASDReports says that as submarines form an essential core of today’s naval fleets as a result of their flexible mission capabilities and ability to complement other strategic resources, the market will continue to grow over the next decade.

Around the world, 41 countries possess submarine capability and together operate 450 submarines. Most of these nations are modernizing their fleets or increasing them as a result of changing security situations.

At the moment the world submarine market stands at US$16.4 billion, but is set to rise by a compound annual growth rate (CAGR) of 1.02 % to US$18.2 billion by 2021.

North America is expected to constitute 47% of the market during the next decade, amounting to a total market value of US$87.3 billion. The US, as the largest defence spender in North America, accounts for almost the entire amount. European nations are expected to cumulatively spend US$46.3 billion across the next decade and constitute 25% of the total submarine market.

Regional hostility prevailing among Asian states is driving the submarine market, which is expected to cumulatively be worth US$44 billion there over the next decade, accounting for 23.6% of the total market. Brazil and Argentina are the main spenders in the submarine sector in Latin America, totalling US$8.6 billion, or 4.61% of the total market.