Increasing need for ISR, water quality monitoring and data mapping is a major factor in the increasing procurement of Unmanned Surface Vehicles (USVs), globally
The unmanned surface vehicle market size is expected to grow from USD 534 million in 2018 to USD 1,020 million by 2023, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. The market for USV is driven by critical factors, such as increasing need for ocean data and mapping, maritime security, and asymmetric threats. However, the presence of low-cost substitutes, such as UUVs pose a restraint to the market.
Defense segment to grow at highest CAGR during the forecast period in unmanned surface vehicle market
The key applications considered for the market study are commercial and defense. The defense segment is estimated to account for the higher market share in 2018. USVs are used for several defense applications, such as mine counter measures, anti-submarine, and maritime security, among others. Unmanned underwater vehicles are also available for performing such applications. However, USVs provide several advantages over UUVs, as unmanned underwater vehicles have limited endurance, power, and payload capacity and cannot withstand in destructive wars, along with incapability of sending exact data due to tidal disturbances in the seas.
Payload segment is estimated to account for the largest market share in unmanned surface vehicle market during the forecast period
Payloads include cameras, sensors, SONARs, X-band marine radars, visual systems, LiDAR, echo sounders, and others. The market for payloads is increasing as this equipment has significant uses for enhancing USV capabilities. For instance, the market for camera payload is increasing as these enable enhanced visual and thermal data collection. Sensor payloads are one of the critical payloads in USVs as these are used for examining undersea cables and classifying a wide variety of chemicals in seawater.
The unmanned surface vehicle market in North America is projected to lead, and the market in Europe is projected to grow at the highest CAGR
The North American region is estimated to lead the global unmanned surface vehicle market in 2018, and is expected to continue to lead during the forecast period. The US is considered to be the largest developer, operator, and exporter of USVs, globally, resulting in the large share of the North American region in the global unmanned surface vehicle market.
The market in Europe is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing demand from scientific research and survey industries. In the European region maritime threats are continuously increasing, affecting the transportation of goods and energy. Thus, the demand for USVs is increasing for maritime security.
Break-up of profiles of primary participants in the A-SMGCS market:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level Executives– 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World 5%
The unmanned surface vehicle market includes key players, such as ASV Global (UK), Teledyne Technologies (US), Textron Inc. (US), ECA Group (France), Israel Aerospace Industries (Israel), Atlas Elektronik (Germany), SeaRobotics (US), Maritime Robotics (Norway), Elbit Systems (Israel), Rafael Advanced Defense Systems (Israel), 5G International (US), and Liquid Robotics (US), among others.
The market study covers the unmanned surface vehicle market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as application, system, type, size, hull type, mode of operation, endurance, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall unmanned surface vehicle market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.