Frost & Sullivan: Extensive Naval Re-Armament Programmes Spur Global Military Naval Vessels and SIS Market

Frost & Sullivan: Extensive Naval Re-Frost & Sullivan: Extensive Naval Re- Armament Programmes Spur Global Military Naval Vessels and SIS Market PR Newswire LONDON, Oct. 7, 2013 - North America will remain the largest market, while Asia-Pacific to grow significantly The implementation of extensive naval re-armament programmes, particularly in the Middle East, Asia-Pacific and Russia, has been a key growth factor for global military vessels and support in service (SIS) market. The market development has also been supported by the increasing demand for second-hand naval platforms. North America will remain the largest market, while Asia-Pacific – the second biggest warship market – will grow significantly owing to the regional arms race caused by the tension among China and its neighbours and the unstable situation in the Korean Peninsula. New analysis from Frost & Sullivan (http://www.defense.frost.com), Global Military Naval Vessels and SIS Market Assessment, finds that the military naval vessels market earned revenues of $32.00 billion in 2013 and estimates this to reach $39.99 billion in 2022. Revenues of the SIS market touched $15.29 billion in 2013 and are expected to rocket up to $21.24 billion in 2022. The frigate segment will generate the highest cumulative revenue, followed by the submarine (SSN) and destroyer sectors.