Unmanned Surface Vehicle (USVs) Market Size Projected USD 3.25 Billion, at 4.7% CAGR Growth By 2032: Global Report by Polaris Market Research
Global unmanned surface vehicle (USVs) market size & share is currently valued at USD 2.08 billion in 2022 and is anticipated to generate an estimated revenue of USD 3.25 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 4.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032. Some of the top market players are 5G international, ASV, Atlas Elektronik GmbH, ECA Group, Elbit Systems, Fugro, Kongsberg Maritime, L3 Harris Technologies and others.
New York, NY, Nov. 10, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Unmanned Surface Vehicle Market (USVs) Share, Size, Trends, Industry Analysis Report, By Size (Extra-Large USV, Large USV, Medium USV, Small USV); By Mode of operation; By Component; By Hull Type; By Endurance; By Application; By Region; Segment Forecast, 2023 – 2032” in its research database.
According to [115+ Pages] research report, the global unmanned surface vehicle( USVs) market size & share is currently valued at USD 2.08 billion in 2022 and is anticipated to generate an estimated revenue of USD 3.25 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 4.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What Exactly is an Unmanned Surface Vehicle? How Big is the Unmanned Surface Vehicle Market?
An unmanned surface vehicle (USV), also referred to as an unmanned surface vessel, is a boat or vessel that functions on the surface of water without a crew. It operates with various levels of autonomy, ranging from remote control to fully autonomous vehicles. Unmanned surface vehicles come equipped with a wide range of sensors and setups to facilitate remote control by operators on land or other vessels.
USVs in the unmanned surface vehicle market have numerous applications in several sectors, including the commerce, research, and military industries. They provide a cost-effective way to carry out oceanographic research and hydrographic surveys as compared to traditional research methods. In addition, they often act as a first line of defense in military operations, thereby playing a crucial role in minimizing risk to military personnel.
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Essential Takeaways from the Report
- Leveraging an unmanned surface vehicle with LBL positioning provides cost and time efficiencies, allows for the deployment of large vessels, and offers the benefits of an extended battery life. This trend is anticipated to fuel the market expansion over the projected timeframe.
- The market is growing as a result of rising demand and necessity for ocean cleaning through unmanned vehicles.
- The unmanned surface vehicle market segmentation is primarily based on size, mode of operation, component, hull type, endurance, application, and region.
- Asia Pacific is projected to be the fastest-growing region in the market.
Leading Players Appeared in the Report
- 5G international
- Atlas Elektronik GmbH
- ECA Group
- Elbit Systems
- Kongsberg Maritime
- L3 Harris Technologies
- Liquid Robotics
- Rafael Advanced Defense Systems Ltd.
- SaaB AB
- Teledyne Technologies
- Textron Inc
- Thales Group
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Important Growth Aspects of the Market
- Revolutionary transformation of the surface-to-air missile sector: Over the past few years, the surface-to-air missile industry has undergone a significant transformation. Today, surface-to-air missile systems have evolved from basic tools into highly autonomous systems. This, in turn, is impacting the unmanned surface vehicle market growth favorably.
- Growing prevalence of asymmetric warfare: Several countries across the globe are facing the issue of asymmetric warfare. This warfare type involves unconventional tactics and strategies and can result in threats like attacks by organizations, individuals, or governments. Nations closely monitor these threats to protect themselves and address various applications like investigating maritime incidents and facilitating payload delivery.
- Rising necessity for ocean cleaning: The growing demand and necessity for ocean cleaning through unmanned vehicles is another factor propelling the unmanned surface vehicle market forward.
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Market’s Latest Key Trends
- Focus on technological improvements: USVs are renowned for executing predefined missions, collecting crucial environmental data, and capturing high-quality acoustic and optical imagery. With further technological advancements and enhanced intelligence, unmanned surface vehicles can engage in cooperative autonomous operations with similar vehicles. The primary emphasis for many unmanned surface vehicle market key players remains on technological improvements that aim at improving performance while reducing costs.
- The Power & Propulsion Systems Segment Accounted for the Largest Revenue Share
By component, the power & propulsion systems segment accounted for the largest revenue share in 2022. Unmanned surface vehicles don’t have a human crew, meaning manufacturers must substitute human interface components with remote interfaces. Developing remote control capabilities requires engagement with restricted internal communications. Firms like Volvo, Mercury, and Torqeedo provide interfaces that are primarily developed for human operation.
- The Remotely Operated Segment Held the Highest Market Share
By mode of operation, the remotely operated segment led the unmanned surface vehicle market share in 2022. Firms are focusing on the advantages of remote operation and uncrewed vessel technologies to improve efficiency while lowering costs and minimizing risks in different offshore and subsea development activities. For example, in June 2023, a Norwegian Joint Undertaking, consisting of Norwegian firms DeepOcean and SOLstad Offshore, secured a contract for the inaugural uncrewed surface vessel specifically designed for offshore maintenance, repair, and inspection activities.
- The Hydrography & Oceanography Segment Accounts for the Highest Market Share
Hydrography surveys, which are used to determine the physical features of an underwater sea, usually require extended durations and continual backward and forward journeys. These surveys represent the most established domain for the use of USVs. With the embedded autonomous navigation systems in unmanned surface vehicles, various repetitive and demanding tasks can be minimized effectively.
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Unmanned Surface Vehicle (USVs) Market: Report Scope
|Revenue forecast in 2032||USD 3.25 Billion|
|Market size value in 2023||USD 2.16 Billion|
|Expected CAGR Growth||4.7% from 2023 – 2032|
|Forecast Year||2023 – 2032|
|Segments Covered||By Size, By Mode of Operation, By Component, By Hull type, By Endurance, By Application, and Region|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options|
Browse Table of Contents for Unmanned Surface Vehicle (USVs) Market Report
- North America: The unmanned surface vehicle market in the North American region is poised to garner the largest revenue share. This is primarily due to the presence of key developers in North America. Another factor bolstering the region’s growth in the market is the rising defense budget allocated by the U.S. Navy. In addition, an increase in Canadian exports and economic development is anticipated to drive the growth of the market further.
- Asia Pacific: APAC is projected to be the most rapidly growing region in the market for unmanned surface vehicles. The Chinese market is poised to lead the region’s growth, primarily fueled by the growing demand for Unmanned Surface Vehicles (USVs) in both defense and commercial sectors. An increase in the utilization of USVs in India is also anticipated to contribute to the increased unmanned surface vehicle market demand.
Browse the Detail Report “Unmanned Surface Vehicle (USDvs) Market Share, Size, Trends, Industry Analysis Report, By Size (Extra-Large USV, Large USV, Medium USV, Small USV); By Mode of operation; By Component; By Hull Type; By Endurance; By Application; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/unmanned-surface-vehicle-market
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The unmanned surface vehicle (USVs) industry is characterized by intense competition. Key players in the market, like 5G International, ECA Group, and Liquid Robotics, rely on technological advancements, top-notch products, and a strong market presence to boost revenue growth. These firms also employ strategies such as collaborations, mergers, acquisitions, and technological advancements to enhance their product portfolios and stay competitive in the industry.
Market’s Common Queries Answered by the Report
- What is the current unmanned surface vehicle market size?
- At what CAGR is the market anticipated to grow over the forecast period?
- Who are the key players operating in the industry?
- What are the top trends and challenges in the market?
- Which factors are boosting the unmanned surface vehicle market sales?
- Which region is leading the market?
- Which segment is dominating the industry?
Polaris Market Research has segmented the Unmanned Surface Vehicle market report based on size, mode of operation, component, hull type, endurance, application, and region:
By Size Outlook
- Extra-Large USV
- Large USV
- Medium USV
- Small USV
By Mode of Operation Outlook
- Remotely Operated
By Component Outlook
- Power & Propulsion Systems
- Communication Systems
- Sensors & Optronics
- Inertial Navigation & Positioning System
- ISR & Imaging Systems
- Weapon Payloads
By Hull Type Outlook
- Rigid Inflatable Hull
- Kayak (Single Hull)
- Catamaran (Twin Hull)
- Trimaran (Triple Hull)
By Endurance Outlook
- Brief (Up to 100 Hours)
- Moderate (100 – 500 Hours)
- Extended (500 – 1000 Hours)
- Ultra-Long (Above 1000 Hours)
By Application Outlook
- Naval & Homeland Security
- Hydrography & Oceanography
- Environmental & Meteorological Monitoring
- Anti-Submarine Warfare
- Intelligence, Surveillance, and Reconnaissance
- Natural Resource Mapping & Exploration
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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