Unmanned Surface Vehicle Market to Hit USD 2.89 Billion by 2030 | With a 4.4% CAGR
Unmanned Surface Vehicle (USV) Market
Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) — The global Unmanned Surface Vehicle market size was valued at USD 2.05 billion in 2022 and is projected to grow from USD 2.13 billion in 2023 to USD 2.89 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period.
An Unmanned Surface Vehicle (USV) is a vessel that floats on the ocean’s surface and it can be controlled by an operator or programmed to run by itself. It is usually powered by a fast-charging battery pack or solar energy and is mainly used for research and marine applications.
Fortune Business Insights™ mentioned this in a report titled “Unmanned Surface Vehicle (USV) Market, 2023-2030.”
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List of Key Players Profiled in the Report:
“Companies leading the Unmanned Surface Vehicle Market are Kongsberg Maritime (Norway), SaaB AB (Sweden), L3 Harris Technologies (U.S.), Textron Inc (U.S.), ECA Group (France), Thales Group (France), Fugro (Netherlands), Atlas Elektronik GmbH (Germany), ASV (U.K.), Elbit Systems (Israel), Rafael Advanced Defense Systems Ltd. (Israel), 5G International (U.S.), Liquid Robotics (U.S.), Teledyne Technologies (U.S.)”.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.4% |
| 2030 Value Projection | USD 2.89 Billion |
| Market Size in 2023 | USD 2.13 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Unmanned Surface Vehicle (USV) Market Growth Drivers | Increased Demand and Need for Cleaning Oceans by Unmanned Vehicle Drive the Market Growth |
| Increased Use of Unmanned Surface Vehicles for Defense Missions is Propelling the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/unmanned-surface-vehicle-usv-s-market-102526
Russia-Ukraine War Impact:
Demand for Unmanned Surface Vehicle Increased Owing to Russia-Ukraine War
Russia’s war against Ukraine was mostly a ground-and-air battle, with armed drones and missiles becoming increasingly common in modern warfare. The Black Sea was especially important in the maritime region. The overwhelming naval power of the Russian Navy is mainly due to Russia’s failure to stop maritime intelligence against Ukraine, and Russia’s political maneuvering in the strategically important Bosphorus chokepoint, which increased the need for USVs during the Russia-Ukraine War.
Segments:
Small USVs to Dominate the Market Share Owing to Reduced Survey Time on Site
On the basis of size, the market is segmented into small USV, medium USV, large USV, and extra-large USV. The small USV segment dominated the Unmanned Surface Vehicle (USV) market share in 2022. As a ‘force multiplier’, small USVs can be used with traditional survey vessels to double the survey coverage and reduce survey time, augmenting the market growth.
Power & Propulsion Systems Led the Market Growth Owing to Wider Replacement of Human Interface Elements with Remote Human Interface
Based on component, the market is classified into power and propulsion systems, communication systems, sensors & optronics, hull, inertial navigation & positioning system, ISR & imaging systems, and weapon payloads. Power & propulsion systems to dominate the market share and will be the fastest growing segment during the forecast period. In unmanned surface vehicles, the builder must replace the human interface elements with remote human interface. Further, developing remote-control capabilities for the propulsion systems requires interaction with their proprietary and closed internal communications.
Reduced Operational Cost and Enhanced Performance to Dominate the Remotely Operated Segment
According to mode of operation, the market is bifurcated into remotely operated and autonomous. The remotely operated segment led the market share in 2022. Companies are looking to take advantage of remote operations and Unmanned Vessel (UV) solutions to enhance performance and reduce operational costs and risks across a wide range of onshore & offshore wind farm development and sub-sea operations.
Short (Upto 100 Hours) Segment to Dominate the Market Share due to High Demand for Natural Resource Mapping
On the basis of endurance, the market is segmented into short (upto 100 hours), medium (100 – 500 hours), long (500 – 1000 hours), and extra-long (above 1000 hours). The short (upto 100 hours) dominated the market share in 2022, owing to rise in demand for short-endurance USVs for environmental & meteorological monitoring.
Kayak (Single Hull) Segment to Dominate the Market Share Owing to Increased Marine Exploration Activities
As per hull type, the market is divided into kayak (single hull), catamaran (twin hull), trimaran (triple hull), and rigid inflatable hull. The kayak (single hull) segment to lead the market with the fastest CAGR during the projected period. The segment is anticipated to grow due to increasing marine exploration activities during the forecast period.
Hydrography & Oceanography Segment Dominated the Market Owing to Increased Adoption of USVs
Based on application, the market is segmented into intelligence, surveillance, and reconnaissance, naval & homeland security, anti-submarine warfare, hydrography & oceanography, environmental & meteorological monitoring, natural resource mapping & exploration, and others. The hydrography & oceanography segment dominated the market in 2022 due to their popularity, where USVs are mainly used.
Geographically, the market is divided into regions such as North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increased Demand for USVs for Defense Missions to Augment Market Growth
In the unmanned surface vehicle market, Surface-to-Air Missile (SAM) has revolutionized the way naval operations are conducted in recent years. SAM has enhanced from being tools to carry out a wide range of missions to systems that operate with a high degree of autonomy. Additionally, most countries engage in asymmetric warfare due to different strategies developed by different defense departments.
Endurance of USVs and limited range hamper operational effectiveness, restricting the Unmanned Surface Vehicle (USV) market growth.
Regional Insights:
North America to Dominate the Market Share Owing to Increased Demand for Vehicles
North America is anticipated to dominate the market share owing to the rise in the Navy’s defense budget, ultimately increasing the demand for vehicles in the U.S. Increased export and economic development are anticipated to propel the growth of the market.
Europe is expected to rise owing to increasing demand for exploration activities, marine activities, and increased oil and gas production during the projected period.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of Russia-Ukraine war on Global Unmanned Surface Vehicle Market
- Global Unmanned Surface Vehicle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Size
- Small USV
- Medium USV
- Large USV
- Extra-Large USV
- Market Analysis, Insights and Forecast – By Component
- Power & Propulsion Systems
- Communication Systems
- Sensors & Optronics
- Hull
- Inertial Navigation & Positioning System
- ISR & Imaging Systems
- Weapon Payloads
- Market Analysis, Insights and Forecast – By Mode of Operation
- Autonomous
- Remotely Operated
- Market Analysis, Insights and Forecast – By Endurance
- Short (Up to 100 Hours)
- Medium (100 – 500 Hours)
- Long (500 – 1000 Hours)
- Extra-Long (Above 1000 Hours)
- Market Analysis, Insights and Forecast – By Hull Type
- Kayak (Single Hull)
- Catamaran (Twin Hull)
- Trimaran (Triple Hull)
- Rigid Inflatable Hull
- Market Analysis, Insights and Forecast – By Application
- Intelligence, Surveillance, and Reconnaissance
- Naval & Homeland Security
- Anti-Submarine Warfare
- Hydrography & Oceanography
- Environmental & Meteorological Monitoring
- Natural Resource Mapping & Exploration
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
Competitive Landscape:
Enhancement of advanced technologies by Key Players to Augment Market Growth
The market is anticipated to grow owing to the presence of key players such as Fugro (Netherlands), ECA Group (France), Textron Inc (U.S.), SaaB AB (U.S.), L3 Harris Technologies Inc. (U.S.), and Kongsberg Maritime (Norway). These key players in the market are more focused on the development of advanced technology, propelling market growth.
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Key Industry Development:
- February 2023: Fugro’s Blue Essence is the U.K.’s first eROV. Approved by the Maritime and Coastguard Agency (MCA), the Blue Essence is also the first eROV-equipped USV in the U.K. waters.
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