154 New Submarines Needed Next Decade

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.