APAC Maritime Defense Market Set to be Worth $185.8B in 2016
September 21, 2016 | visiongainEstimated reading time: 1 minute
The Asia-Pacific maritime defense market is set to be worth $185.8 billion by the end of 2016 resulting from ongoing major naval expansion and modernization in China, India, Japan and South Korea and also though relatively major fleet upgrades in Indonesia, Malaysia, the Philippines and other national markets, according to a new report by market analyst visiongain.
"The South China Sea remains the most contested maritime region in the world. By ejecting its neighbors’ maritime assets, vastly expanding and modernizing its navy and constructing artificial islands China has taken an increasingly forward posture in asserting its territorial claims in the South China Sea. These actions have alarmed other Asia-Pacific nations and have led to military confrontations. They also challenge the US’s influence in Asia. One third of the world’s oil passes through the South China Sea. It consequently has immense strategic importance. So far, 2016 has witnessed a sharp escalation in the militarization of the South China Sea," said Theo Howard, visiongain’s Defense Analyst and the author of the Asia-Pacific Maritime Defense Market 2016-2026 report.
"In July 2016 the Permanent Court of Arbitration, an international tribunal in The Hague, declared China’s ‘historic claims’ in the South China Sea invalid. It was an unexpectedly wide-ranging and clear-cut ruling, and it has antagonized China. With the five-fold increase in Chinese maritime defense spending since 2003 it is clear this is the most important driver behind other maritime nations’ market growth within our forecast period. Other major Southeast Asian Naval powers have increased their spending by 150% by comparison in the same period. Every coastal nation in the Asia-Pacific region is cognizant of the importance of maintaining a robust maritime security presence in order to defend its maritime sovereignty and trade interests," he added.
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.