CHICAGO, Jan. 9, 2024 /PRNewswire/ — The Unmanned surface vehicles market is estimated to be USD 0.8 billion in 2023 and is projected to reach USD 1.2 billion by 2028, at a CAGR of 10.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. The global market for unmanned surface vehicles (USVs) is undergoing expansion driven by various factors, such as increased demand for oceanic data mapping, escalating requirements for maritime security and surveillance, and a surge in environmental monitoring and disaster response initiatives. However, impediments to the growth of the USV market include challenges associated with the development of collision avoidance systems, networking issues, and limitations in endurance and operational range. Conversely, prospects for market expansion are anticipated through increased capital investments by companies in the offshore oil and gas sector, as well as the ongoing development of autonomous navigation-capable USVs for deployment in paddy fields during the forecast period.
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Browse in-depth TOC on “Unmanned surface vehicles Market” 286 – Tables
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Unmanned surface vehicles Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 0.8 billion |
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Estimated Value by 2028 |
$ 1.2 billion |
|
Growth Rate |
Poised to grow at a CAGR of 10.3% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Application, Type, System, Cruising Speed, Hull Type, Endurance, Size and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Unclear navigation rules and need for human intervention |
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Key Market Opportunities |
Increased defense budget for USVs |
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Key Market Drivers |
High demand for water quality monitoring and ocean data mapping |
Unmanned Surface Vehicle by system, payload system is projected to grow at highest CAGR during forecast period.
The Unmanned Surface Vehicle (USV) system market witnesses a remarkable growth trajectory, with the payload segment emerging as a focal point due to escalating demands for specialized mission capabilities. USVs are equipped with sensors and payloads and, hence, are useful for ocean research and seabed mapping. The USV system segment, responsible for integrating and deploying these payloads, experiences unprecedented expansion as industries increasingly recognizes the pivotal role of tailored solutions for surveillance, reconnaissance, and data collection. The demand for versatile and application-specific payloads, such as autonomous navigation systems and environmental monitoring sensors, underscores the transformative impact of advanced technologies in meeting evolving operational requirements.
By Unmanned Surface Vehicle type, market for Autonomous Surface Vehicles is projected to grow at highest CAGR during forecast period.
Autonomous Surface Vehicles (ASVs) operate independently without human intervention, possessing level 4 autonomy where they execute programmed missions without the need for continuous human oversight. These self-driving vehicles are programmed by operators to undertake various tasks, showcasing significant potential in surface operations. Primarily employed for survey missions, ASVs excel in detecting and mapping submerged obstacles such as wrecks, rocks, and obstructions. Leveraging their programmable nature, these autonomous robots contribute to efficient and precise data collection, enhancing the exploration and understanding of underwater environments. Their level 4 autonomy underscores their capability to navigate and fulfill missions seamlessly, marking a notable advancement in unmanned surface vehicle technology.
By Size, Segment for Small USVs is projected to grow at the highest growth rate during the forecast period.
The robust growth observed in small Unmanned Surface Vehicles (USVs) exceeding 3 meters in size can be attributed to a confluence of factors, primarily driven by advancements in miniaturized sensor technologies, increased computational power, and heightened demand for cost-effective, autonomous maritime solutions. These compact USVs exhibit enhanced operational capabilities, leveraging cutting-edge navigation algorithms and sensor fusion techniques. The surge in maritime surveillance, environmental monitoring, and offshore exploration applications has propelled the demand for agile and cost-efficient small USVs, resulting in a remarkable growth factor within this size segment. This trend underscores the pivotal role played by technological innovation and evolving operational requirements in shaping the trajectory of the unmanned maritime systems landscape.
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Asia Pacific holds the highest growth rate in the region for Unmanned surface vehicles industry.
The Asia-Pacific region exhibits the highest growth rate for the unmanned surface vehicle (USV) segment due to a confluence of strategic factors. Technological advancements, particularly in autonomous navigation systems and sensor integration, have propelled the USV market forward. The region’s burgeoning maritime industry, driven by increased trade and security concerns, necessitates efficient and cost-effective solutions, fostering a robust demand for USVs. Moreover, governmental initiatives promoting unmanned systems in maritime operations, coupled with the region’s expansive coastlines, amplify the utility and adoption of USVs. As a result, the Asia-Pacific region emerges as a focal point for accelerated growth in the USV sector, driven by technological innovation, economic imperatives, and regulatory support.
Major players in the unmanned surface vehicle companies are Hanwha Group (South Korea), LIG Nex 1 (South Korea), Ocius Technologies (Australia) and among others. These companies have well-equipped strong distribution networks across North America, Europe, Asia Pacific, and Rest of the World.
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Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting
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