Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Unmanned Sea System Market Overview
Unmanned sea system comprises of two segments, one is unmanned underwater vehicles (UUV) and the other one is unmanned surface vehicle (USV). USVs carry out their operations on the surface of water without crew, whereas, UUVs are used to perform under water with various communication and functions associated with submerged platforms. Unmanned surface vessels (USV) are also termed as autonomous surface vehicles (ASV) which means that operators are removed from the platform and operations are performed with maximum efficiency.
Under water vehicles are known as underwater robots that operate with less or no human operators. ROV (remotely operated vehicle) or automated under water vehicle both describe robotic work. ROVs are remotely operated by the operators that are not present in the vehicles via radio control or through a cable connecting them to the vehicle for maintenance and repair under the sea.
Market Size & Forecast
The global unmanned sea system market is expected to expand at a CAGR of 9% during the forecast period i.e. 2018-2027.On the basis of regional platform, the global unmanned sea system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to hold the largest share in terms of revenue in the overall market over the forecast period. This can be attributed to increasing support from government and ruling bodies in marine and naval unit along with increased threats and illegal activities at sea.
Asia Pacific is also expected to showcase promising growth in the market owing to growing mining activities and increased demand for underwater vehicles by mining industries. Additionally, increased export of ores and minerals by countries such as Australia, China and India is also expected to positively support the growth rate of the market during the forecast period. Further, rising competition and innovations in R&D solutions in unmanned sea system is estimated to drive the market growth in Middle East & Africa region.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our-in depth analysis of the global unmanned sea system market includes the following segments:
By Vehicle Type:
By Capabilities:
By Application:
By Region
Global unmanned sea system market is further classified on the basis of region as follows:
Growth Drivers
According to the data provided by the ‘World Bank’, the military expenditure around the world increased from USD 1.324 Trillion in 2007 to USD 1.701 Trillion during 2017. Increased funding from government and defense sector is estimated to play an important part behind the growth of the market.
Increased Illegal Incidents at Sea & Government Support
There is an increase in threats and illegal activities at sea from the past few years. To avoid such incidents, there is a huge need for better tactical and networking strategy along with growing demand from marine sector for automated unmanned surface vessels. With government support to strengthen the naval unit, the market is estimated to expand significantly over the forecast period.
Rising Demand from Mining Sector
Increased demand for minerals and ores in mining industry for underwater vehicles for searching mineral rich area is supporting the growth of the market and is further expected to strengthen the market shares over the forecast period.
Challenges
Communication Problem with Submerged Systems at Sea
One of the challenging factors that is estimated to hamper the growth of market is the problem in network and communication system due to the connectivity issues in water.
Key Players
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