The Global Submarine market is expected to increase by a CAGR of 5.19% over the next ten years, according to a new study on ASDReports
Report description overview:
The new report, now available on ASDReports, Global Submarine Market 2014-2024 identifies promising areas for future growth, reaching a value of just under US$32 billion. By purchasing this report, you will acquire valuable data comparisons, enabling you to monitor the development of the Global Submarine market over time. You will gain an explicit understanding of the relationship between key drivers in the Global Submarine market allowing you to identify the key areas in which you want to compete in the future.
Additional report highlights:
North America leads the global submarine market
The total global submarine market is expected to be cumulatively worth over US$281 billion across the forecast period. The market, which is estimated at US$19 billion in 2014, is set to rise by a CAGR of just under 5.20%, to just under US$32 billion by 2024. North America is expected to constitute 32% of the market during the forecast period with a total spending of US$88.8 billion. In spite of the budget sequestration measures, the US still has the highest spend in the sector and is almost equal to the spending in Asia-Pacific, which is the second largest spending region.
European nations are expected to cumulatively spend just under US$83 billion across the forecast period, and constitute just shy of 30% of the total submarine market. The rise of regional powers including India and China, with a strong desire for power projection, and growing regional tensions, coupled with maritime conflicts, will drive growth in the submarine sector in the Asia Pacific region.
Additionally, Asian countries are keen to develop indigenous submarines, which will drive further growth in the sector. It is expected that the cumulative spend by Asia in the sector will amount to just under US$88 billion, of the total market. Brazil and Argentina are the main spenders in the submarine sector in Latin America, and the countries in the region are expected to cumulatively spend US$12 billion.
Source: ASDReports - Market Research
Date: Jun 10, 2014