Unmanned Surface Vehicle Market to Reach $2.7 Billion, Globally, by 2032 at 11.5% CAGR: Allied Market Research

jayfer2 0 Comments October 19, 2023

WILMINGTON, Del., Oct. 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Unmanned Surface Vehicle Market by Application (Defense and Commercial), Mode of Operation (Autonomous Surface Vehicle and Remotely Operated Surface Vehicle), and Size (11 Meters, 11 To 26 Meters, and More Than 26 Meters): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global unmanned surface vehicle industry generated $0.92 billion in 2022 and is anticipated to generate $2.7 billion by 2032, witnessing a CAGR of 11.5% from 2023 to 2032.

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Leading Market Players in USV Industry: –

Atlas Elektronik GmbH
ECA Group
Elbit Systems Ltd.
Israel Aerospace Industries
Kongsberg Maritime
L3Harris Technologies, Inc.
Liquid Robotics
Maritime Robotics
SeaRobotics Corp.
Teledyne Technologies Incorporated.

The report provides a detailed analysis of these key players in the global unmanned surface vehicle market. These players have adopted various strategies such as collaboration, acquisition, investment, agreement, product launch, partnership, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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Unmanned surface vehicles (USVs) are autonomous watercraft that operate without a human operator on board. They can be used to navigate on the surface of the water, collect data, conduct surveys, conduct research, or perform other tasks independently or under the control of a remotely operated vehicle (ROV). USVs come in a variety of shapes and sizes. They are equipped with sensors and cameras, as well as other technologies to help them perform their specific tasks. USVs are becoming more and more popular because they are efficient, versatile, and capable of operating in challenging or hazardous environments.

Prime Determinants of Growth:

The global unmanned surface vehicle market is experiencing growth due to several factors, including a rise in demand for ocean data mapping, increasing maritime security and surveillance, and growing environmental monitoring and disaster response. However, the development of collision avoidance systems, networking issues, limited endurance and range constrain unmanned surface vehicle applications hamper the growth of the market. On the contrary, increased capital expenditure of companies in the offshore oil and gas industry, and the development of an unmanned surface vehicle for autonomous navigation in a paddy field are expected to offer remunerative opportunities for the expansion of the unmanned surface vehicle market during the forecast period.

USVs Industry Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$0.92 Billion
Market Size in 2032	$2.7 Billion
CAGR	11.5 %
No. of Pages in Report	244
Segments Covered	Application, Mode of Operation, Size, and Region
Drivers	Rise in demand for ocean data mapping
	Increasing maritime security and surveillance
	Growing environmental monitoring and disaster response
Opportunities	Increased capital expenditure of companies in offshore oil and gas industry
Opportunities	Development of an unmanned surface vehicle for autonomous navigation in a paddy field
Restraints	Development of collision avoidance systems and networking issues
Restraints	Limited endurance and range constrain unmanned surface vehicle applications

The Russia-Ukraine War Impact:

The Russia–Ukraine war had a mixed impact on the unmanned surface vehicles (USV) market. Increased geopolitical tensions and security concerns in the Black Sea region and other waterways have led to a rise in demand for USVs in military and defense applications. As nations seek to bolster their maritime surveillance capabilities and protect their interests, they invest in advanced USV technology for intelligence gathering, reconnaissance, and border security.
However, the escalation of hostilities in the region has raised concerns about the safety and operability of USVs in contested waters. Furthermore, the uncertainty and instability resulting from the conflict have affected investor confidence and slowed down decision-making processes in various industries. This has led to delays in the adoption of USVs for commercial applications such as shipping, offshore exploration, and environmental monitoring.

The Less than 11 Meters segment to maintain its leadership status throughout the forecast period-

By size, the less than 11 meters segment held the highest market share in 2022, accounting for more than two-fifths of the global unmanned surface vehicle market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to an increase in demand for compact USVs in various industries due to the growing popularity of small USVs in research and environmental monitoring. However, the more than 26 meters segment is projected to manifest the highest CAGR of 12.6% from 2023 to 2032. Owing to the rise in number of nations prioritizing the protection of maritime borders and critical infrastructure.

The defense segment to maintain its leadership status throughout the forecast period-

By application, the defense segment held the highest market share in 2022, accounting for more than three-fifths of the global unmanned surface vehicle market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 12.0% from 2023 to 2032. This is due to a growing emphasis on maritime domain awareness and security, and a surge in innovations in autonomous navigation, sensor technologies, and communication systems.

The mode of operation segment to maintain its lead position during the forecast period-

By mode of operation, the remotely operated surface vehicle segment accounted for the largest share in 2022, contributing to more than three-fifths of the global unmanned surface vehicle market revenue, and is expected to maintain its lead position during the forecast period. This is due to a growing demand for unmanned surface vehicles for remote inspections of offshore platforms, subsea infrastructure, and pipelines. However, the autonomous surface vehicle segment is projected to manifest the highest CAGR of 12.4% from 2023 to 2032. owing to a rise in demand for unmanned surface vehicles with the increasing need for accurate and up-to-date navigational data.

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North America to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global unmanned surface vehicle market. Due to an increase in enthusiasm for Unmanned Surface Vehicles (USVs) in the realm of scientific exploration and environmental surveillance, researchers and institutions. However, the Asia-Pacific region is expected to maintain dominance during the forecast period. The same region is also expected to witness the fastest CAGR of 13.6% from 2023 to 2032. Owing to a rise in the investment in R&D efforts by government and private entities to improve USV capabilities and expand their range of applications.

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