Submarine Market Valued at Nearly $23 Billion
The submarine market will be valued at $22.8 billion this year. By 2026 the market will reach $36.3 billion, according to Strategic Defence Intelligence. This represents a compound annual growth rate of (CAGR) of 4.74%. Spending will increase $2.8 billion this year, and is forecasted to reach $3.3 billion in 2026. This represents a CAGR of 1.7%. Factors such as the replacement of aging submarines, using marine vehicles for surveillance and border disputes are contributing to the spending increase. The largest markets are North America, Asia-Pacific and Europe. Britain's ministry of defense announced a contract with defense firm BAE Systems to build four new submarines. The project will cost $1.7 billion. Parliament approved upgrading the nation's nuclear weapons system in July.
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.
Naval Vessel MRO Market Research Published
New report Added in ResearchMoz Reports Database – 'The Global Naval Vessels MRO [Maintenance, Repair, Operation] Market 2012-2022'. This report is the result of ICD Research / Strategic Defence Intelligence's extensive market and company research covering the global naval vessels MRO industry. It provides detailed analysis of both historic and forecast global industry values, factors influencing demand, the challenges faced by industry participants, analysis of the leading companies in the industry, and key news. "The Global Naval Vessels MRO Market 2012-2022" offers the reader detailed analysis of the global naval vessels MRO market over the next ten years, alongside potential market opportunities to enter the industry, using detailed market size forecasts.
