Globally, the submarine market consists of 450 submarines operated by 41 countries. Some 154 submarines are to be procured up to 2021, costing a total of $186.3 billion. Most of the 41 nations are upgrading their fleets or adding to them as a result of rapidly changing defence requirements.
The Global Submarine Market 2011–2021
The global market (annual value) stands at $16.4 billion and is set to increase to $18.2 billion by 2021. 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.
In the long term, continued changes in the costs of construction and the increasing number of nations interested in nuclear powered submarines will push up the average cost of a submarine. It is estimated that, on average, a submarine costs just shy of $1 billion.
SSNs are expected to have the largest share of the total submarine market during the forecast period
Market size of SSNs estimated at US$87.4 billion
Market for ballistic missile submarines to record a CAGR of 4.83%
Demand for diesel electric submarines expected to fall
Mature Air Independent Propulsion systems seen as a must have capability
Varying mission profiles demand multirole capability and multiple payloads
Defense budget cuts across the world impede the growth of the global submarine market
Detailed profiles of 20 leading submarine and related systems manufacturing companies across the world
This report offers detailed analysis of the global submarine market over the next ten years, and provides extensive market size forecasts by country and sub sector. It covers the key technological and market trends in the submarine market. It further lays out an analysis of the factors influencing the demand for submarines, and the challenges faced by industry participants.
Source: Businesswire, June 6, 2011; Image: NTI