PUBLISHER: The Business Research Company | PRODUCT CODE: 1414658
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414658
“Unmanned Surface Vehicle (USV) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on unmanned surface vehicle (usv) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for unmanned surface vehicle (usv)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The unmanned surface vehicle (usv) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Unmanned surface vehicles (USVs) refer to self-contained surface vehicles capable of navigating and functioning on the water's surface without the need for human operators. These vehicles are designed to perform various tasks and operations in marine environments, including oceanographic research, data collection, and environmental monitoring.
The primary categories of unmanned surface vehicles (USVs) include surface and sub-surface types. Surface vehicles are autonomous boats that can navigate and operate on the water's surface without human intervention. They find applications in oceanographic research, military functions such as surveillance and reconnaissance, and electronic warfare. The main modes of operation include autonomous surface vehicles and remotely operated surface vehicles, featuring different hull types such as catamaran (twin hulls), kayak (single hull), trimaran (triple hulls), and rigid inflatable hulls. These vehicles come in various sizes, such as small, medium, large, and extra-large, and are utilized in defense, commercial activities, scientific research, and other domains.
The unmanned surface vehicle (USV) market research report is one of a series of new reports from The Business Research Company that provides unmanned surface vehicle (USV) market statistics, including unmanned surface vehicle (USV) industry global market size, regional shares, competitors with a unmanned surface vehicle (USV) market share, detailed unmanned surface vehicle (USV) market segments, market trends and opportunities, and any further data you may need to thrive in the unmanned surface vehicle (USV) industry. This unmanned surface vehicle (USV) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The unmanned surface vehicle (usv) market size has grown rapidly in recent years. It will grow from $1.02 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The expansion observed in the historical period can be credited to the requirements for maritime surveillance and security, as well as the utilization of unmanned surface vehicles (USVs) in commercial applications such as shipping and logistics. Additionally, growth was driven by their roles in scientific research and ocean exploration, environmental monitoring and conservation efforts, and their application in naval mine countermeasures.
The unmanned surface vehicle (usv) market size is expected to see rapid growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be ascribed to the rising adoption within the offshore energy industry, progress in autonomous navigation systems, the broadening scope of applications in maritime research, integration with unmanned aerial vehicles (UAVs), and the global upsurge in maritime trade. Prominent trends expected in the forecast period encompass the utilization of Unmanned Surface Vehicles (USVs) in oceanographic research, an emphasis on modular and scalable design, the integration of remote sensing technologies, the diversification of USV applications in defense, and an increased deployment in maritime security.
The anticipated growth in the unmanned surface vehicle (USV) market is expected to be propelled by the increasing threats to maritime security. Maritime security threats encompass a range of risks and challenges, including terrorism, piracy, robbery, illegal movement of goods and persons, and illicit fishing, among others, that can jeopardize the safety and operations of maritime activities. USVs play a crucial role in addressing these threats by performing tasks such as surveillance, patrolling, and monitoring maritime areas. They enhance situational awareness, gather real-time data, and provide support in areas that may pose danger or difficulty for manned vessels. Operating alongside human vessels, USVs improve the capacity of security forces to observe and respond to crises at sea. For instance, in July 2023, the International Chamber of Commerce reported 65 recorded incidents of piracy and armed robbery against ships in the first half of 2023, marking an increase from the 58 incidents reported during the corresponding period in 2022. Consequently, the growing threats to maritime security are driving the growth of the unmanned surface vehicle (USV) market.
The increasing investment in unmanned systems is another factor expected to contribute to the growth of the unmanned surface vehicle (USV) market. Investment in unmanned systems involves the allocation of financial resources by government entities, defense organizations, or private investors to support the development, research, production, and deployment of various autonomous or remotely operated systems. For example, in June 2021, the Association for Uncrewed Vehicle Systems International reported that funding allocated for Medium Unmanned Surface Vehicles (USVs) in Fiscal Year 2022 amounts to $60.028 million, representing a modest increase of approximately 9% compared to the funding in 2021. Therefore, the increasing investment in unmanned systems is a significant driver of the unmanned surface vehicle (USV) market's growth.
Technological advancement stands out as a prominent trend gaining traction in the unmanned surface vehicle market. Major companies within the unmanned surface vehicle sector are actively engaged in innovating their products to fortify and maintain their market positions. For example, in September 2022, Turkey-based ship manufacturer Sefine Shipyard-Aselsan unveiled Marlin SDA, the inaugural unmanned surface vehicle with electronic warfare capability. The Marlin SDA is designed for deployment in naval warfare operations, serving both defensive and offensive purposes in coastal and open sea environments. This groundbreaking technology enables the autonomous vehicle to track enemy ships, potentially disrupting their radars. It also proves valuable for intelligence gathering, electronic warfare, target detection and identification, as well as underwater and surface reconnaissance and surveillance.
Major companies in the unmanned surface vehicle market are directing their efforts toward the development of innovative platforms, such as the unmanned surface vehicle (USV) platform. An Unmanned Surface Vehicle (USV) platform refers to an autonomous or remotely operated watercraft that navigates the surface of a body of water without a human crew on board. For instance, in June 2022, Norway-based company Maritime Robotics AS introduced the 'Mariner X,' a versatile unmanned surface vehicle (USV) platform equipped with a configurable design that facilitates high-quality data acquisition at sea.
In November 2021, US-based ocean-energy technology company Ocean Power Technologies (OPT) completed the acquisition of Marine Advanced Robotics for $11 million. This strategic acquisition provided OPT with an innovative offshore product line featuring roaming capability, aligning seamlessly with OPT's broader business strategy. Marine Advanced Robotics, a US-based developer and manufacturer of autonomous surface vehicles, contributed valuable expertise to OPT's portfolio.
Major companies operating in the unmanned surface vehicle (usv) market report are 5G International Inc., L3Harris Technologies, Atlas Elektronik GmbH, ECA Group, Elbit Systems Ltd., Liquid Robotics Inc., Rafael Advanced Defense Systems Ltd., SeaRobotics Corporation, Teledyne Technologies Inc., Textron Inc., Israel Aerospace Industries, Maritime Robotics, Kongsberg Maritime, Saab AB,Thales Group, Fugro NV, Open Ocean Robotics, RanMarine Technology, Xera Robotics Pvt. Ltd., Physical Sciences Inc., Metron Inc., TWI Technology Centre, ASV Global, Cavotec, ROV Aerospace Corp., Mesodyne, deMITasse Energies, Blue Bear Plastics Private Limited, Oceaneering International Inc., Waertsilae SAM Electronics
North America was the largest region in the unmanned surface vehicle market in 2023. The regions covered in the unmanned surface vehicle (usv) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the unmanned surface vehicle (usv) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The unmanned surface vehicle market consists of sales of ruggedized USV, portable USV, remote-controlled surface vehicles, hybrid USV, weaponized USV, and environmental monitoring USVs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.