Global Military Shipbuilding and Submarines Market Shows Growth

Research and Markets has announced the addition of the “Global Military Shipbuilding and Submarines Market 2011-2015” report to their offering.

One of the key factors contributing to the market growth is the increasing share of defense budget. The Global Military Shipbuilding and Submarines market has also been witnessing increasing collaborations between countries. However, the complex regulatory requirements could pose a challenge to the growth of this market.

Key vendors dominating this market space include BAE Systems plc., DCNS S.A., General Dynamics Corp., and Northrop Grumman Corp.

Other vendors mentioned in the report: Singapore Technologies Engineering, Mitsubishi Heavy Industries, and Daewoo Shipbuilding and Marine Engineering Co. Ltd.

Commenting on the report, an analyst from TechNavio’s Automotive team said: ”The Global Military Shipbuilding and Submarines market is expected to witness increasing collaborations between countries in the near future. Such collaborations between countries will help to reduce the cost associated with development programs and enable partnering countries to gain market share, as in the case of the joint partnership between France and Italy for the FREMM European multi-mission frigate program where the prime contractors are Armaris and Orizzonte Sistemi Navali. Furthermore, developing countries are building their naval product manufacturing capabilities by acquiring technologies from companies that have capabilities in this industry, which will drive the market in the future.”

According to the report, the increase in defense spending is one of the major factors driving the growth of the Global Military Shipbuilding and Submarines market. Governments in countries such as China, India, Brazil, Saudi Arabia, Russia, the United Arab Emirates, South Korea, and Spain are expected to increase their defense budget to double digits by 2015. The increase in government spending on national defense propels the demand for military ships and submarines. Hence, the allocation of a huge budget by various governments across the world is driving the Global Military Shipbuilding and Submarines market.

Further, the report discusses that the Global Military Shipbuilding and Submarines market is witnessing an increasing number of government regulations that are hindering its growth.

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Press Release, November 20, 2012