Market Size of Naval ISR Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Naval ISR Market Analysis
The Naval ISR market is anticipated to grow at a CAGR of 3.5% during the forecast period.
The COVID-19 pandemic hugely impacted various naval ISR manufacturing plants and industries worldwide. Many manufacturing companies witnessed a decline in orders due to the lack of components and equipment. This led to a disruption in the manufacturing schedules of the naval ISR companies. Moreover, manufacturers of naval ISR systems also faced delivery challenges owing to border restrictions imposed by various countries and bottlenecks in the supply chain. With the end of the pandemic and the reopening of global borders, there was an increase in the number of orders for naval ISR systems by various governments, and this, in turn, led to many manufacturers increasing their production capacities to meet the surge in demand for naval ISR systems and this will lead to the growth in the market in the coming years.
The demand for naval ISR is anticipated to experience substantial growth during the forecast period, primarily due to their broad application and scope, especially in the commercial and defense sectors. Naval ISR is used for activities such as navigating the ocean floor, detecting enemy threat vessels, mapping out the ocean floor, and improving the situational awareness of military and commercial naval vessels.
The significant increase in defense spending and procurement programs by various countries in recent years and the increasing usage of artificial intelligence shall propel the market's growth in the coming years. According to the data released by the Stockholm International Peace Research Institute (SIPRI), world military spending witnessed growth in 2021, reaching an all-time high of USD 2.1 trillion.
