A report by a market research firm estimates a healthy CAGR of 7.72% for Global Sea Systems Market. Contemporary UUVs and USVs are capable of operating autonomously with minimum interference. The evolution of autonomous technologies in USVs and UUVs will drive the market.
LATEST DEVELOPMENTS IN THE MARKET
Leidos, an American defense company has demonstrated its recently developed R/V pathfinder in the U.S. navy’s Advanced Naval Technology Exercise which navigated autonomously and has collected certain data and has transmitted it back to multiple base locations using a software developed by the company.
The Advanced Naval Technology Exercise has also witnessed the successful demonstration of an Unmanned Underwater Vehicle named REMUS 600 in a threat mission scenario. The REMUS 600 was developed by Hydroid, INC. for intelligence, surveillance, and reconnaissance purposes.
THE FUTURE OF THE MARKET FOR UNMANNED SEA SYSTEMS
The growing application areas for unmanned sea systems in both civilian and military spheres will also increase the demand for such systems. The North American region and the Asia-Pacific region constitute a major share in the global market as the governments in these regions are adopting advanced technologies like USVs and UUVs to adapt to the ongoing geopolitical tensions particularly on the maritime front in the Asia-Pacific region and also these systems can effectively stem the rise of piracy in the Indian Ocean.
RESTRAINTS FOR THE MARKET
The restraints for the current market are the limited applications offered by these systems though these systems have many potential application areas which are yet to be tapped offering various opportunities for the ship building industry. The other hurdle for the growth of the market is the high costs of these systems which has led to low adoption rate among the potential customers.
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About the Author: Sampath is working as a Research Associate with Mordor Intelligence, a market research and consulting firm based in Hyderabad, India, with expertise in accurate research and analysis.