Military Unmanned Surface Vehicle Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

The military unmanned surface vehicle market is expected to grow from US$ 1,512.32 million in 2021 to US$ 3,166.61 million by 2031 at a CAGR of 11.6% between 2022 to 2031.

Military unmanned surface vehicles or military USVs are suitable for unmanned surveillance, tactical water surface missions, and search and rescue missions conducted by naval forces. The development of large-sized, fully autonomous surface vehicles such as Sea Hunter and Sea Hawk used by the US Navy is likely to generate huge opportunities for military unmanned surface vehicle market vendors during the forecast period. Further, the USVs provide support to the armed forces across various applications that include mine warfare, including mine detection and neutralization; surface warfare such as armed forces support; military deception, including communication signals deception, radar signals deception, acoustic signals deception, decoy countermeasures, military information support operations, etc.; anti-submarine warfare capabilities; and other C4ISR capabilities.

The rising military expenditure is leading to a large number of operations related to the development, procurement, and advancement of USV technologies worldwide. Many countries are constantly increasing their allocated budgets and research activities for the development and procurement of USV technologies. For instance, according to the US DoD (Department of Defense), in 2021, the US Navy budget spending on USV & UUV technologies were ~US$ 941 million, which was a ~129% increase compared to 2021. Such factors are catalyzing the adoption of USVs across the world.

MARKET DYNAMICS

The rising adoption of underwater mine countermeasure systems is a major factor propelling the adoption of military USVs. Further, the mine detection countermeasure systems worldwide are undergoing several developments. For instance, in August 2021, the US Navy announced that it completed the first testing of its littoral combat ship-based unmanned mine detection system. Similarly, in July 2021, the Republic of Singapore Navy announced that the USV passed the testing and qualification process for the identification and neutralization of underwater mines for its naval operations. Such developments are catalyzing the military unmanned surface market growth globally.

The limited range of USVs and lack of control of signals & communication between USV and the controller when the USV goes beyond the line of sight or control can lead to collision with naval vessels on the field. Further, as per the current scenario of USV industry, the USVs are not suitable for ship-to-ship combat operations due to the high capabilities of manned naval vessels that can dominate the USVs. As a result, such restricting factors are leading to a lesser preference for USVs by armed forces for surface-to-surface combat operations.

Strategic Insights

MARKET SCOPE
The "Global Military Unmanned Surface Vehicle Market Analysis to 2031" is a specialized and in-depth study of the military unmanned surface vehicle market with a special focus on the global market trend analysis. The report aims to provide an overview of the military unmanned surface vehicle market with detailed market segmentation based on component, application, and technology. It provides key statistics on the market status of the leading players and offers key trends and opportunities in the military unmanned surface vehicle market.

MARKET SEGMENTATION
The global military unmanned surface vehicle market is segmented into component, application, and technology. Based on component, the military unmanned surface vehicle market is segmented into communication system, chassis frame, propulsion system, and others. Based on application, the military unmanned surface vehicle market is segmented into ISR, combat, mine detection, and others. Based on technology, the military unmanned surface vehicle market is bifurcated into semi-autonomous and fully autonomous.

REGIONAL FRAMEWORK
The global military unmanned surface vehicle market is segmented five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing across the regions.

North America dominates the military unmanned surface vehicle market with ~32% market share in 2021, followed by APAC. The market growth in the region is majorly attributed to the presence of a large number of military USV manufacturers and constantly rising naval force spending on USV/UUV technologies in the region. Further, the supportive government policies for the development of military USV systems that enhance the defense capabilities of armed forces across the region are a major factor catalyzing the military unmanned surface vehicle market growth across North America.

Moreover, a few of the major defense contractors, such as Northrop Grumman Corporation, Textron Inc., L3Harris Technologies, and Teledyne Technologies, are focusing on the development of USVs for the US Navy. This is also aiding the military unmanned surface vehicle market growth in the region.

The report analyzes affecting factors such as drivers, restraints, opportunities, and future trends. It also provides exhaustive Porter's five forces analysis of the factors influencing the military unmanned surface vehicle market in North America, Europe, Asia Pacific, Middle East & Africa, and South America.

IMPACT OF COVID-19 PANDEMIC

The impact of the COVID-19 pandemic on various industries, such as military, aerospace, and manufacturing, has been severe. The lockdowns imposed by governments of various countries hampered the global manufacturing sectors and supply chains and logistics owing to complete or partial delays in business operations across various countries. Further, the impacts of the pandemic led to loss of production volume and reduced revenue for several enterprises globally. The defense manufacturing sector experienced a temporary delay in operations; as a result, the production of military unmanned surface vehicles was impacted negatively.

The COVID-19 outbreak severely affected the shipping & marine industries as their businesses were shut down for safety to prevent the spread of COVID-19, which directly impacted the import and export of military USVs across the global market. However, the investments in the procurement of military USV technologies had not been impacted during the pandemic as these are allocated from the defense budget of the countries that have specific allocated amount for the defense sector. The manufacturers of USVs had faced a few major challenges in the procurement of components and raw materials as the entire supply chain industry was disrupted that has also led to delay in product deliveries and an extension of several contracts’ duration.

Military Unmanned Surface Vehicle Market Report Analysis

MARKET PLAYERS

The reports cover key developments in the military unmanned surface vehicle market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. The market players operating in the military unmanned surface vehicle market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for military USVs. The list of a few companies engaged in the military unmanned surface vehicle market is mentioned below:

• Northrop Grumman Corporation
• L3Harris Technologies Inc.
• Teledyne Technologies Corporation
• Elbit Systems Ltd
• Textron Inc.
• Israel Aerospace Industries Ltd.
• Rafael Advanced Defense Systems
• ECA Group
• China State Shipbuilding Corporation (CSSC)
• OceanAlpha

The report also includes the profiles of key military unmanned surface vehicle companies, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key developments in the past five years.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Military Unmanned Surface Vehicle Market Report Scope