by Staff Writers
Amsterdam, Netherlands (SPX) Nov 21, 2011
The global submarine market is expected to increase by a CAGR of 1.22% during the forecast period 2011-2021 of the new report on ASDReports.com.
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.
Worldwide, 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.
A total of 154 submarines are to be procured over the forecast period, costing US$186.3 billion.
The market, which currently stands at US$16.4 billion, is set to rise by a CAGR of 1.02 % to US$18.2 billion by 2021. North America is expected to constitute 47% of the market during the forecast period, a total of US$87.3 billion.
The US, as the largest defense spender in North America, accounts for almost the entire amount.
European nations are expected to cumulatively spend US$46.3 billion across the forecast period 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 across the forecast period, 23.6% of the total market.
Brazil and Argentina are the main spenders in the submarine sector in Latin America, totaling US$8.6 billion, 4.61% of the total market.
Naval Warfare in the 21st Century
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
Berlin 'threatens 6th sub sale to Israel'
Tel Aviv, Israel (UPI) Nov 1, 2011
Germany has reportedly threatened to halt the delivery to Israel of a sixth Dolphin class submarine, supposedly capable of firing nuclear-tipped missiles at Iran, in protest against plans to build 1,100 homes for Jewish settlers in an East Jerusalem suburb. Israel has three Dolphins operational and is expecting to take delivery of two advanced variants over the next two years, so the lo ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|