A new Reportlinker study predicts the current $22 billion global military submarine and related maintenance, repair and overhaul market to grow at a compound annual growth of 4.5 percent through 2027 and reach approximately $34 billion.
Reportlinker said Wednesday it expects nuclear attack submarines to account for approximately 40 percent of the global market spending for military submarines throughout the forecast period for investments such as the Virginia-class submarines, the Type 097 platform and Yasen-class vessels.
According to the report, the Asia Pacific region will account for almost 35 percent of the market with North America and Europe expected to represent 30 percent and 25 percent, respectively.
Admiralty Shipyard, ASC, BAE Systems, General Dynamics, Huntington Ingalls Industries, Mazagon Dock, Saab and ThyssenKrupp Marine Systems are among the companies mentioned in the “The Global Submarines and MRO Market 2017-2027” report.
The report also covers a competitive landscape analysis, market dynamics, regional analysis, regional review, segment analysis and trend analysis on the market throughout the forecast period.