The Military Unmanned Underwater Vehicles Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Military Unmanned Underwater Vehicles Global Market Report 2024, The military unmanned underwater vehicles market size has grown rapidly in recent years. It will grow from $3.6 billion in 2023 to $4.03 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to strategic defense requirements, naval modernization initiatives, maritime border security, underwater mine countermeasures, environmental monitoring..
The military unmanned underwater vehicles market size is expected to see rapid growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expanded mission capabilities, underwater communications development, environmental monitoring and research, expanded role in mine countermeasures, anti-submarine warfare enhancement.. Major trends in the forecast period include underwater swarm technology, collaboration and joint ventures, sustainability and environmental considerations, underwater communication enhancement, artificial intelligence and data analytics..
The rising defense budget is expected to boost the growth of the military unmanned underwater vehicles market going forward. A defense budget refers to a financial plan or allocation of funds set aside by a government or a nation to cover the costs associated with its military and defense-related activities. Growing defense budget provides the financial means for nations to invest in the research, development, procurement, and integration of military unmanned underwater vehicles, thereby fueling the expansion of the UUV market. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending experienced a 3.7 percent real-term increase in 2022, surging to an all-time high of $2,240 billion. Notably, military expenditure in Europe saw a substantial 13 percent growth over the year. The United States, contributing to 39 percent of the world’s military spending in 2022, and China, accounting for 13 percent, retained their positions as the top two spenders. Following them were Russia at 3.9 percent, India at 3.6 percent, and Saudi Arabia at 3.3 percent, collectively comprising 63 percent of the total global military expenditure for the year. Therefore, the rising defense budgets are driving the growth of the military unmanned underwater vehicles market.
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The military unmanned underwater vehicles market covered in this report is segmented –
1) By Product Type: Remotely Operated Vehicle, Autonomous Underwater Vehicle
2) By Propulsion System: Electric System, Mechanical System, Hybrid System
3) By Application: Search and Rescue, Defense
Development in scattered marine operations is a key trend gaining popularity in the military unmanned underwater vehicles market. Any action taken by maritime forces to acquire or seize command is referred to as a maritime operation projecting power from the water. Major companies operating in the military unmanned underwater vehicles are developing scattered marine operations to strengthen their position in the market. For instance, in 2022, according to HII, a US-based shipbuilding company, the US Navy has chosen the REMUS 300 as its next-generation small unmanned undersea vehicle (SUUV). The REMUS 300 technology was intended to aid in the evolution of distributed marine operations by performing critical underwater functions.
The military unmanned underwater vehicles market report table of contents includes:
- Executive Summary
- Military Unmanned Underwater Vehicles Market Characteristics
- Military Unmanned Underwater Vehicles Market Trends And Strategies
- Military Unmanned Underwater Vehicles Market – Macro Economic Scenario
- Global Military Unmanned Underwater Vehicles Market Size and Growth
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- Global Military Unmanned Underwater Vehicles Market Competitive Benchmarking
- Global Military Unmanned Underwater Vehicles Market Competitive Dashboard
- Key Mergers And Acquisitions In The Military Unmanned Underwater Vehicles Market
- Military Unmanned Underwater Vehicles Market Future Outlook and Potential Analysis
- Appendix
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