LONDON–(BUSINESS WIRE)–#GlobalUnmannedSeaSystemsMarket–The new unmanned sea systems market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the unmanned sea systems market.
“One of the primary growth drivers for this market is the growing demand for stealth platform,” says a senior analyst for Industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the unmanned sea systems market size to grow by USD 3.15 billion during the period 2020-2024.
Unmanned Sea Systems Market Segment Highlights for 2020
- The unmanned sea systems market is expected to post a year-over-year growth rate of -6.94%.
- Based on the type, the UUVs segment saw maximum growth in 2019. Factors such as growing demand for stealth platforms will increase the growth of the segment.
- The market growth of the segment will be significant during the forecast period.
- 34% of the growth will originate from the APAC region.
- The increasing investment in maritime surveillance capabilities will significantly increase the unmanned sea systems market growth in the APAC region.
- China and Japan are the key markets for unmanned sea systems in APAC.
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- The unmanned sea systems market size is expected to accelerate at a CAGR of almost 10% during the forecast period.
- The unmanned sea systems market is segmented by type (UUVs and USVs) and geography (North America, Europe, APAC, South America, and MEA).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Elbit Systems Ltd., General Dynamics Corp., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Saab AB, Thales Group, The Boeing Co., and thyssenkrupp AG
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