For those
who are unfamiliar, the average life span of a
submarine is around 40 years, and prolonged usage beyond this time would lead to
high maintenance expenses and risks. The replacement of old submarines with new
ones offers multiple advantages in terms of high performance and efficiency. It is also considered a cost-effective
measure for governments in the long run. Therefore,
several countries have undertaken submarine development and procurement
projects to replace the old ones so that they remain at par with their
adversaries in terms of military capabilities.
Very interesting to observe that, increasing production of composites rich commercial and regional aircraft, development of new composite applications in different industries, an advancement in materials, increasing investment in research & development, increasing demand for light-weight materials, and rising quality and safety standards are major growth drivers of the testing market in the composites industry. According to Research and Markets, the global composites testing market was valued at US$ 1,189.7 million in 2016 and is projected to witness an excellent CAGR of 7.2% over the next five years to reach US$ 1,819.9 million in 2022.
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