The market is mainly driven by high levels of expenditure by emerging economies in the Asia Pacific region such as India and China. The North American region is expected to maintain its leading position exhibiting a steady pace of growth over the forecast period.
• Over the last decade, Canada’s naval programs were primarily focused on peacekeeping missions in Afghanistan and Iraq; however, the country is now making significant investments to protect its long coastline and natural resources.
• Australia’s expenditure on naval vessels and surface combatants is directed towards developing capabilities to support the US in its force projection plans for the Asia Pacific region, and to develop self-sufficiency within the Australian Navy so as to be able to fight independently without coalition support.
• The Middle East is expected to be one of the most lucrative markets for naval vessels during the forecast period, primarily due to massive related spending by Saudi Arabia and Israel.
