The global naval ISR market is gaining momentum due to increasing maritime tensions and rapid development of high-end naval vessels by countries.
Albany, NY -- (SBWIRE) -- 05/15/2017 -- According to a latest study, due to increasing maritime tensions and rapid development of high-end naval vessels in some major countries, the global market of naval ISR is gaining impetus. To explore the major factors and trends for the market growth, analysts have prepared a study, titled as "Global Naval ISR Market 2017-2021", which has been recently published to the online repository of Market Research Hub (MRH). The study provides a holistic perspective of the global market, by analyzing some key regions, including APAC, EMEA and Americas.
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At present, the global naval ISR market is set for rapid expansion. Analysts have forecasted the global naval ISR market to grow at a CAGR of 3.45% during the period 2017-2021, the rising production of submarines is one of the primary drivers for market growth. Apart from that, evolving underground warfare techniques have resulted in a strong need for the development of sophisticated navigational and radar systems for the submarines.
Today, as modern combats involve a greater emphasis on intelligence, surveillance and information gathering with respect to enemy movement, armed forces are chiefly focusing on the integration of sophisticated and advanced sensor systems into their naval vessels. Due to this, the rapid technical enhancements in naval warfare will substitute the existent fleet of submarines with powerful and lethal ones are fuelling the market growth prospects. Changes include advances in submarines that are targeted at enhancing underwater endurance, stealth, underwater weapon (torpedo), sensor and communication systems.
Moving further, the report segments the market on the basis of platform type and geography, which include: underwater naval vessels ISR; and Surface naval vessels ISR. Between these two, the extensive utilization of surface vessels for a wide range of applications from the detection of enemy targets to surface self-defense, air defense and surveillance of water space; makes this segment more dominant for the coming years. The study further covers the key growth drivers, restraints, geographical segmentation, product segmentation, and competitive scenario of the global naval ISR market. As per the key findings, the development of acoustic sensors is one of the latest trends that will gain traction in the global naval ISR market. In terms of geography, the Americas is anticipated to lead the market until 2021.
The research report intends to help the new and existing players in formulating effective business strategies by providing recommendations given by professionals and industry experts. To calculate the market size, the report covers the market for products and technologies used for intelligence, surveillance and reconnaissance (ISR) missions with respect to naval vessel platforms; both manned and unmanned.
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In the later part, the study highlights competitive landscape of the market by profiling key vendors operating in the market. They are as follows: BAE Systems, General Dynamics, Raytheon, Thales and Lockheed Martin.
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