The global submarine market is expected to increase by a CAGR of 1.22% during the forecast period 2011-2021 of the new report on ASDReports.com.

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.

Worldwide, 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.

A total of 154 submarines are to be procured over the forecast period, costing US$186.3 billion.

The market, which currently stands at US$16.4 billion, is set to rise by a CAGR of 1.02 % to US$18.2 billion by 2021. North America is expected to constitute 47% of the market during the forecast period, a total of US$87.3 billion.

The US, as the largest defense spender in North America, accounts for almost the entire amount.

European nations are expected to cumulatively spend US$46.3 billion across the forecast period and constitute 25% of the total submarine market.

Regional hostility prevailing among Asian states is driving the submarine market, which is expected to cumulatively be worth US$44 billion across the forecast period, 23.6% of the total market.

Brazil and Argentina are the main spenders in the submarine sector in Latin America, totaling US$8.6 billion, 4.61% of the total market.