Military Unmanned Surface Vehicle Market Scope and Size by 2031
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.
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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.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
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.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, Technology, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
- 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 Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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