Unmanned Surface Vehicle (USV) Market by Size (Small, Medium, Large, Extra Large) by Global Forecast to 2022

The unmanned surface vehicle (USV) market is projected to grow from USD 470.1 Million in 2017 to USD 938.5 Million by 2022, at a CAGR of 14.83% during the forecast period. Factors, such as increase demand for the ISR, water quality monitoring, maritime security and threats, and need for ocean data and mapping are driving the unmanned surface vehicle market. unmanned surface vehicles have been increasing the interest of various manufacturers and their inclination towards the USV market. Government organizations and private agencies have been investing to manufacture and develop advanced and efficient USVs.

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On the basis of application, the given market has been segmented into defense, commercial, scientific research, and others. The defense segment is projected to grow at a significant CAGR during the forecast period, because USVs offers greater capacity compared to traditional equivalent systems and can be equipped with stabilized weapons system and electro optical tracking system. This would help defense forces monitor at night using infrared vision.

“The sensors segment of the unmanned surface vehicle market is expected to grow at the highest CAGR during the forecast period”

In terms of payload, the unmanned surface vehicle market has been segmented into sonars, sensors, camera, visual systems, INS, X-band radars, and others. The camera segment dominates the market. Cameras are cost-effective and provides ample opportunities for more advanced technological developments in near future. The sensor segment is projected to grow at the highest CAGR during the forecast period.

“North America and European region show the highest potential for implementation of Unmanned Surface Vehicles”

The unmanned surface vehicle market is dominated by North America, as of 2015, owing to the technological advancements and the growing terrorist activities in the region. The market is driven by increasing demand for water quality monitoring, ocean data mapping, asymmetric threats, and maritime security. In the European region, USVs are used in mine countermeasures (MCM) and focus is on to build new MCM-dedicated vessels.

The major players in this market have been identified to be ASV Unmanned Marine Systems (U.K.), Teledyne Technologies, Inc. (U.S.), Textron Inc. (U.S.), and Elbit Systems Ltd. (Israel), among others.