Unmanned Surface Vehicles (USVs) are autonomous vehicles that are capable of floating on water. Although unmanned aerial vehicles (UAVs) have been around for the past few years, their numbers are consistently growing. Despite the fact that these are still not as pervasive as their aerial versions, unmanned surface vehicles (USVs) have tremendous potential to set down their roots very deeply. For several applications, right from small vessels used for security surveillance to autonomous cargo ships, it is sure that in the coming years, numerous mariners will work from a home office. As a result, the unmanned surface vehicles (USVs) market is expected to reach US$ 4.88 billion in 2019, up from US$ 1.62 billion in 2018, growing at an 11.7% CAGR from 2019 to 2027.
Large and extra-large unmanned surface vehicles are expected to achieve new heights in the coming years.
Based on their size availability, unmanned surface vehicles (USVs) are classified into small-size USVs, medium-size USVs, large-size USVs, and extra-large-size USVs. At present, large-sized unmanned surface vehicles are leading the way in terms of market value in the global USV market. Large USVs are extensively used for military and defense applications, including surveillance and counterinsurgency. Aside from military applications, large USVs are also used for heavy cargo transport and commercial end-use. The significance of large USVs is expected to grow even further in the coming years, allowing the segment to cement its position firmly at the top.
Fully autonomous USVs are soon to take over the market from semi-autonomous versions.
Based on their mode of operation, unmanned surface vehicles are broadly classified as semi-autonomous or fully autonomous. At present, the market is dominated by semi-autonomous USVs; however, the segment is expected to lose market share to autonomous versions in the coming years. With the rapid proliferation of geolocation technologies such as GPS systems and radar systems, fully autonomous USVs are anticipated to cement their position across different end-use applications. End-use applications such as defense, scientific surveillance, and other mission-critical applications often prefer autonomous USVs, thus encouraging the growth of this variant.
High defense expenditure in the region helped North America achieve the top spot in the global unmanned surface vehicles market.
With the presence of the United States, the world's largest spender on defense budgets, North America emerged as the unmanned surface vehicle (USV) market's global leader. At present, the defense and military departments of the United States are heavily incorporating USVs for surveillance and other military operations. Besides, the use of USVs for scientific research and off-shore surveys is also encouraging the growth of the market in this region. With tremendous growth opportunities, North America is expected to maintain its position throughout the forecast period from 2019 to 2026.
Market Segmentation
The research study covers some of the leading unmanned surface vehicles (USVs), including Elbit Systems Ltd., Rafael Advanced Defense Systems Ltd., Teledyne Technologies, Inc., Textron, Inc., ASV Global, Atlas Elektronik GmbH, 5G International, Inc., Eca Group, Liquid Robotics, Inc., and Searobotics. Almost all the aforementioned companies are leading companies with respect to the military, defense, and autonomous systems providers. These companies are facing fierce competition with each other in order to acquire vital government contracts.
Furthermore, these companies are also buckling up to confront new entrants in the market, as this particular market holds tremendous potential for new companies. These companies are also striving hard to introduce their products equipped with state-of-the-art technology in order to claim their market share. The research study goes into great detail about other competitive analyses and business strategies.
Frequently Asked Questions:
The market for Unmanned Surface Vehicles (USVs) Market is expected to reach US$ 4.88 billion by 2027.
The Unmanned Surface Vehicles (USVs) Market is expected to see significant CAGR growth over the coming years, at 11.7%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Elbit Systems Ltd., Rafael Advanced Defense Systems Ltd., Teledyne Technologies, Inc., Textron, Inc., ASV Global, Atlas Elektronik GmbH, 5G International, Inc., Eca Group, Liquid Robotics, Inc are some of the major players in the global market.
