Asia’s spending on military hardware is quickening at a time of increasing focus over maritime territorial disputes in the South and East China Seas, as well as growing concern over China’s expanding military.
Earlier this year London-based Strategic Defense Intelligence (DSI) reported that Asia led the world in rising defense spending, and countries’ spending on submarines was at the top of the list.
DSI analysts say the Asian submarine market is currently worth just over $7 billion, but will rise to $11 billion by 2025. That could mean it surpasses Europe as the world’s second largest submarine market, behind the United States.
SDI analyst Sravan Kumar Gorantala said China, India, Australia and South Korea are the key buyers of submarines amid fears of potential maritime conflicts and threats in the South China Sea, as well as the Pacific and Indian Oceans.
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