The Global Submarine Market 2013-2023 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-22 21:29:02
The global submarine market is estimated to have reached a value of around $14.4 billion at the beginning of 2013, and is forecast to grow to a total of $21.7 billion by 2023. This suggests a CAGR growth rate of 4.2% between 2013 and 2023. 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.
A significant number of countries such as the US, the UK, Germany, France, and India are currently in the process of replacing their existing fleet of submarines. Most of these submarines are being retired as they have reached the end of their operational cycle. Additionally, Soviet era submarines currently in use by countries such as Russia, India, and China need to be replaced. The demand for modern submarines creates a lucrative opportunity for suppliers across the world.
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 defence budget allocation.
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