World Submarine and MRO Market to Reach USD 36.6 Bln by 2025
The worldwide submarine market space is expected to increase from a value of USD 22.9 billion in 2015 to USD 36.6 billion by 2025, posting a CAGR of 4.78% over the forecast period, says a report by by Strategic Defence Intelligence (SDI).
North America is expected to dominate the market, with APAC and Europe following after.
The USA is the country that spend the most on the military, with a cumulative spending of USD 112.2 billion over the next ten years.
Segment-wise, SSN is set to account for just under 40% of the overall submarine market, with SSKs and SSBNs following in, capturing shares of 36% and 25%, respectively.
Overseas transport captures 90% of the global trade, and as a consequence of this, countries the world over are forced to secure their sea routes.
Further, potential adversaries like hostile nations, pirates, and terrorist groups like Al Qaeda, use the sea as a means to move weapons and personnel. Nations are spending money on submarines to prevent these adversaries from exerting control over the shipping lanes.