$1+ Billion Unmanned Surface Vehicle (USV) Market by Application, System, Type, Mode of Operation, Size, Hull, Endurance and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 13, 2018--The “Unmanned Surface Vehicle (USV) Market by Application (ISR, MCM, Oceanography, Hydrography), System (Propulsion, Communication, Payload, Chassis), Type, Mode of Operation, Size, Hull, Endurance and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The unmanned surface vehicle market size is expected to grow from USD 534 million in 2018 to USD 1,020 million by 2023, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The market for USV is driven by critical factors, such as the increasing need for ocean data and mapping, maritime security, and asymmetric threats. However, the presence of low-cost substitutes, such as UUVs, poses a restraint to the market.
The key applications considered for the market study are commercial and defense. The defense segment is estimated to account for the higher market share in 2018. USVs are used for several defense applications, such as mine countermeasures, anti-submarine, and maritime security, among others. Unmanned underwater vehicles are also available for performing such applications. However, USVs provide several advantages over UUVs, as unmanned underwater vehicles have limited endurance, power, and payload capacity and cannot withstand in destructive wars, along with incapability of sending exact data due to tidal disturbances in the seas.
Payloads include cameras, sensors, SONARs, X-band marine radars, visual systems, LiDAR, echo sounders, and others. The market for payloads is increasing as this equipment has significant uses for enhancing USV capabilities. For instance, the market for camera payload is increasing as these enable enhanced visual and thermal data collection. Sensor payloads are one of the critical payloads in USVs as these are used for examining undersea cables and classifying a wide variety of chemicals in seawater.
The North American region is estimated to lead the global unmanned surface vehicle market in 2018 and is expected to continue to lead during the forecast period. The US is considered to be the largest developer, operator, and exporter of USVs, globally, resulting in the large share of the North American region in the global unmanned surface vehicle market.
The market in Europe is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing demand from scientific research and survey industries. In the European region maritime threats are continuously increasing, affecting the transportation of goods and energy. Thus, the demand for USVs is increasing for maritime security.
DriversIncreased Demand for USVs for Water Quality Monitoring and Ocean Data Mapping Rise in Asymmetric Threats and Need for Maritime Security
RestraintsPresence of Low-Cost Substitutes Such as USVs
OpportunitiesAdvancements in USVs Design High Demand for Autonomous Surface Vehicles to Carry Out Combat Operations
ChallengesUnclear Navigation Rules and Need for Human Intervention Development of Collision Avoidance Systems and Networking Issues
Industry TrendsUnmanned Surface Vehicles as Weapons of War Caracas Technology Data Dissemination Launch and Recovery Systems System to Refuel at Sea Collaborative Unmanned Systems Special Monitoring of Applied Response Technology (SMART) Artificial Intelligence for Unmanned Surface Vehicles Maritime Autonomy Surface Testbed (MAST) 3D Printing in Unmanned Surface Vehicles
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Unmanned Surface Vehicle Market, By Application
8 Unmanned Surface Vehicle Market, By Mode of Operation
9 Unmanned Surface Vehicle Market, By Size
10 Unmanned Surface Vehicle Market, By System
11 Unmanned Surface Vehicle Market, By Type
12 Unmanned Surface Vehicle Market, By Endurance
13 Unmanned Surface Vehicle Market, By Hull Type
14 Regional Analysis
15 Competitive Landscape
16 Company Profiles5g International Asv Global Atlas Elektronik ECA Group Elbit Systems Liquid Robotics Maritime Tactical Systems (Martac) Rafael Advanced Defense Systems Searobotics Teledyne Technologies Textron
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Related Topics:Military Unmanned Systems
INDUSTRY KEYWORD: DEFENSE OTHER DEFENSE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/13/2018 06:57 AM/DISC: 11/13/2018 06:57 AM