Unmanned Surface Vehicle Market to Cross USD 2.32 Billion by 2030 owing to Growing Need for Maritime Security and Technological Advancements
Research Reports
Oct 18, 2023
Unmanned Surface Vehicle Market Overview
As per SNS Insider’s research, the growth trajectory of the Unmanned Surface Vehicle Market is propelled by a convergence of technological advancements, cost-efficiency, security needs, environmental concerns, and commercial opportunities.
The Unmanned Surface Vehicle Market was valued at USD 803.61 million in 2022 and is expected to reach USD 2.32 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030, as per the SNS Insider report.
Market Report Scope
Unmanned Surface Vehicles (USVs) have emerged as a groundbreaking innovation. These autonomous watercrafts are reshaping the way we perceive and execute maritime operations. Unmanned Surface Vehicles, also known as autonomous surface vehicles or ASVs, are vessels that operate on the surface of the water without a human crew on board. By eliminating the need for human presence in hazardous situations, USVs significantly enhance safety standards in maritime operations. USVs can be easily deployed for various tasks, making them versatile assets for naval operations, scientific research, and commercial ventures.
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Market Analysis
Innovations in sensors, communication systems, and artificial intelligence have significantly enhanced the capabilities of USVs. Advanced sensors enable precise navigation, obstacle detection, and environmental monitoring, ensuring seamless operation in diverse maritime conditions. Furthermore, the integration of AI algorithms empowers these vehicles to adapt and learn from their surroundings, making them more efficient and reliable. Unmanned Surface Vehicles offer a cost-effective alternative to traditional manned vessels, reducing operational expenses significantly. Unlike manned vessels, USVs do not require onboard crew, resulting in substantial savings on labor, accommodation, and related costs. Moreover, their autonomous nature allows for 24/7 operation without the constraints of human fatigue, leading to enhanced productivity and operational efficiency. These factors make USVs an attractive choice for various applications, including surveillance, research, environmental monitoring, and defense. Unmanned Surface Vehicles have found widespread applications in environmental monitoring and research activities. These vehicles are equipped with sophisticated sensors and instruments capable of collecting data on water quality, marine life, and environmental pollutants. All these factors to support substantial growth of the Unmanned Surface Vehicle Market.
Major Key Players Included are:
• L3Harris Technologies
• Textron Inc
• Rafael Advanced Defense Systems Ltd.
• ECA Group
• Teledyne Technologies
• Elbit Systems and other players.
Market Segmentation and Sub-Segmentation included are:
By Size:
• Small 14 Meters
By Hull Type:
• Single
• Twin
• Triple
• Rigid Inflatable
By Type:
• Remotely Operated Surface Vehicle
• Autonomous Surface Vehicle
By Cruising Speed:
• Up-to 10 Knots
• Between 10-30 Knots
• More than 30 Knots
By Endurance:
• 1,000 Hours
By System:
• Propulsion
• Component
• Communication
• Software
• Chassis Material
By Application:
• Defense
• Commercial
Impact of Recession
Supply chain disruptions have become a significant challenge for the Unmanned Surface Vehicle Market during the recession. To mitigate the impact of the recession, businesses in the Unmanned Surface Vehicle sector are diversifying their portfolios. They are exploring new market segments, such as environmental monitoring, offshore energy, and research institutions, to offset the decline in traditional sectors. Additionally, strategic collaborations and partnerships with research institutions and government agencies are on the rise. These collaborations facilitate knowledge exchange, funding opportunities, and shared research initiatives, enabling the industry to thrive amidst economic challenges.
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Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced both challenges and opportunities for the Unmanned Surface Vehicle Market. While supply chain disruptions and budget reallocations pose immediate hurdles, the industry is responding with resilience and adaptability. Companies that invest in technological advancements, forge strategic collaborations, and address evolving market demands are likely to thrive despite the geopolitical uncertainties. By staying abreast of these developments, stakeholders can make informed decisions and navigate the complexities of the evolving USV landscape successfully.
Key Regional Development
In North America, the Unmanned Surface Vehicle Market is driven by extensive research and development activities, particularly in the United States. The region’s leading technological advancements, coupled with substantial investments in defense and maritime sectors, have propelled the market forward. Europe has been quick to embrace environmentally sustainable practices, fostering the adoption of Unmanned Surface Vehicles for oceanic research, environmental monitoring, and offshore energy exploration. Countries like Norway and the United Kingdom are at the forefront, utilizing USVs for underwater mapping, marine life observation, and renewable energy projects. In the Asia-Pacific region, rising maritime security concerns, territorial disputes, and the need for effective border patrolling have significantly boosted the demand for Unmanned Surface Vehicles.
Key Takeaway from Unmanned Surface Vehicle Market Study
• The propulsion segment within the market is witnessing a remarkable surge in technological advancements. Propulsion systems are no longer mere components; they are the lifeline of USVs, dictating their speed, agility, and overall performance. Manufacturers and researchers are investing heavily in developing propulsion technologies that enhance energy efficiency, reduce operational costs, and minimize environmental impact.
• The remotely operated segment is reshaping the landscape of the market by focusing on control systems, autonomy, and remote operation technologies. This segment revolves around enhancing the ways operators interact with USVs, ensuring seamless communication, real-time data analysis, and autonomous decision-making capabilities.
Recent Developments Related to Unmanned Surface Vehicle Market
• Taiwan-based firm Thunder Tiger has unveiled its latest innovation, the Sea Shark 400 Unmanned Surface Vehicle (USV). Designed for a wide range of applications, this USV can seamlessly navigate various water environments, making it an invaluable tool for oceanographers, marine biologists, and environmental scientists.
• Astilleros Gondán, a renowned shipbuilding company, has been commissioned to construct a cutting-edge low-emission Unmanned Surface Vessel (USV) for USV AS, a leading player in the unmanned maritime technology sector. This pioneering project aims to revolutionize the way unmanned vessels navigate the seas, incorporating cutting-edge technologies to ensure seamless autonomous operations
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Unmanned Surface Vehicle Market, by Size
9. Unmanned Surface Vehicle Market, by Hull Type
10. Unmanned Surface Vehicle Market, by Type
11. Unmanned Surface Vehicle Market, by Cruising Speed
12. Unmanned Surface Vehicle Market, by Endurance
13. Unmanned Surface Vehicle Market, by System
14. Unmanned Surface Vehicle Market, by Application
15. Regional Analysis
16. Company Profiles
17. Competitive Landscape
18. Conclusion
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