Unmanned marine vehicles provide an effective alternative for typical marine jobs performed by the personnel. As technological innovations improve, the cost of acquisition of such systems is expected to decrease, and prove to be an effective alternative when compared to the legacy systems.
Rise in Defense Spending
Many countries have been increasing their defense spending, especially countries, like Russia. They have been investing heavily in defense spending, however, the spending has not reached its peak, since 2015. European Baltic states, such as Estonia, Latvia, and Lithuania, have also been investing in defense spending, as an aid against countries, like Russia. This spending can lead to investing in latest technologies, such as UMVs, to gain a technological edge over other countries. Without shifting focus from the country, NATO has a target of 2% of GDP to be spent on defense, at the minimum. Only five of the 28 countries present have met the norms set by the organization, indicating that more countries are expected to increase their defense spending. The United States has also increased its spending, with President Donald Trump signing an agreement of USD 700 billion for the national defense spending.
Technological Innovations in Military
The military that has been changing to a more technological background, with technological innovations in military allowing the use of latest systems for combat. Many countries have been relying on technological innovations to revolutionize warfare. Innovations, such as Hoverbike and a 34-ton combat vehicle, which can be used in water, are some of the innovations that have been in use. Many militaries are expected to increase investment in research for the development of new technologies for warfare. A bulk of the spending is for intelligence, surveillance, and reconnaissance. Countries, such as the United Kingdom, have already laid plans for intelligence, surveillance, and reconnaissance, till the year 2035. The Ministry has already predicted that many essential activities will become heavily reliant on mobile communication, each requiring a degree of assured access to the right parts of the electromagnetic spectrum. Development of trends, like the Internet of Things, have further laid out the need for UMVs, which could be integrated as part of a system that would ease the use of such machinery.
The report also examines the role of leading players in the market. Some of the key players listed in the study are:
Sea Robotics Inc.
Rafael Advanced Defense Systems
Ocean Aero Inc.
Pelorus Naval Systems
About the Unmanned Marine Vehicle Market
As per Mordor Intelligence’s analysis, the Unmanned Marine Vehicle Market is expected to register a CAGR of 11.67% during the forecast period (2018-2023).