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Saturday, June 04, 2011

Global submarine market worth US$186.3 billion over next decade

Project 677 Lada class Project 1650 Amur class Diesel-Electric SubmarineThe global submarine market is expected to grow by 1.22% during 2011-2021 as nations are expected to buy 154 submarines worth US$186.3 billion.

ASDReports says that as 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, the market will continue to grow over the next decade.

Around the world, 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.

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