SOURCE: MarketResearch.com

MarketResearch.com

April 17, 2013 03:08 ET

Market Research Report -- Global Submarine Market Expected to Reach $21.7 Billion by 2023

ROCKVILLE, MD--(Marketwired - Apr 17, 2013) - MarketResearch.com has announced the addition of the market research report "The Global Submarine Market 2013-2023" to their product offering.

The market for submarines in the Western world drastically reduced after the end of the Cold War and those possessing substantial submarine building capabilities are virtually self-sufficient in this regard. However BRIC countries and the developing economies of Southeast Asia are becoming financially able to fund a cost consuming submarine capability. China, with its anti-access strategy and its claim to the South China Sea, and North Korea, with its belligerent attitude, have triggered the demand for submarines in the Far East. Regional rivalries among countries such as India and Pakistan, and Greece and Turkey, and the push for general modernization are seen as drivers for the submarine market worldwide.

The global submarine industry requires skilled labor to design submarines and provide maintenance and upgrades throughout its operational life. However, budget cuts have led to a shortage of skilled professionals such as reactor engineers and scientists, causing a resource crunch within the industry. The UK's submarine industry is currently facing a 14% shortage of civilian safety experts and a 7% shortage of submarine reactor engineers, largely due to a lack of defense budget allocation.

A submarine that draws power by onboard nuclear reactors has a nearly boundless range and advanced maneuverability. The submarine can be positioned in distant waters across the globe with no need to surface except for crew provisions every three months or so. Therefore, the innovation of the nuclear reactor is serving at least six international navies: the US, Russia, the UK, France, China, and India, all of which possess nuclear submarines.

In 2013 the global submarine market is estimated to value US$14.4 billion and is expected to grow to US$21.7 billion by 2023, representing a CAGR of 4.2% during the forecast period. The market consists of three categories: SSN, SSBN and SSK. The global expenditure on SSNs is expected to account for a major share of approximately 41% during the forecast period. The remaining expenditure is accounted for by SSBN and SSK with shares of 33% and 26% respectively.

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Strategic Defence Intelligence provides a stream of continuously updated customer and competitor intelligence, as well as detailed research reports providing an unrivalled source of global information on the latest developments in the defence industry. Strategic Defence Intelligence's unique monitoring platform tracks global defence activity for over 2,500 companies and 65 product categories in real time and in a highly structured manner, giving a comprehensive and easily-searchable picture of all defence industry activity.

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