LONDON--(BUSINESS WIRE)--The global naval ISR market is projected to grow to USD 14.3 billion by 2021, at a CAGR of more than 3% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global naval intelligence, surveillance, and reconnaissance (ISR) market for 2017-2021. Based on the platform type, the market is divided into surface naval vessel ISR and underwater naval vessel ISR segments.
| The market research report by Technavio covers the market for products and technologies used for intelligence, surveillance, and reconnaissance missions with respect to naval vessel platforms, both manned and unmanned. Analysts have projected that the development of unmanned underwater vehicles will drive the market growth through 2021. |
Technavio’s research study segments the global naval ISR market into the following regions:
- Americas
- EMEA
- APAC
Naval ISR market in the Americas
“The Americas occupied a majority 45% of the naval ISR market in 2016 and is expected to retain its lead through the forecast period. The US, Canada, Mexico, and Brazil are expected to be the key revenue generators for the market,” says Moutushi Saha, a lead analyst at Technavio for defense research.
The US Navy enlisted the services of BAE systems to enhance its naval warfare capability by installing systems that can simultaneously transmit and receive real-time ISR data from multiple sources (air, surface, subsurface, and man-portable). Such initiatives will drive market growth.
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Naval ISR market in EMEA
EMEA is expected to showcase a CAGR of nearly 4% over the forecast period, establishing itself as the fastest-growing regional segment of the market. The UK, France, and Israel are expected to be the top procurers of the naval ISR market in EMEA.
Also, the increasing investments towards the development of new naval vessels are expected to add significant revenue to the market segment. The French defense ministry and the UK Ministry of Defense have confirmed a total investment amounting to over USD 4 billion.
Naval ISR market in APAC
“The naval ISR market in APAC is projected to be worth USD 3.3 billion by 2021, with China, India, Japan, Pakistan, and Australia expected to account for a large share of the total revenue generated,” says Moutushi.
Increasing territorial tension between China and its neighbors such as Vietnam, Malaysia, Philippines, and Taiwan over the South China Sea dispute and the long prevailing tension between India and Pakistan over the Kashmir dispute have encouraged nations to strengthen their naval warfare.
The top vendors in the global naval ISR market highlighted in the report are:
- BAE Systems
- General Dynamics
- Lockheed Martin
- Raytheon
- Thales
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