The growing demand for ocean data mapping in environmental science is expected to enable speedy expansion of the market, states Fortune Business Insights, in a report, titled “Unmanned Surface Vehicle (USV)s Market Size, Share & Industry Analysis, By Application (Defense, Commercial), By Type (Surface, Sub-Surface), By System (Propulsion, Communication), By Mode of Operation (Autonomous Surface Vehicle, Remotely Operated Surface Vehicle), By Size (Small <7 Meters, Medium 7 to 11 Meters), By Endurance (Less than 100 hours, 100 to 500 hours), By Hull Type (Kayak, Catamaran) and Regional Forecast, 2022-2029.” The increasing need for ISR missions for naval operations in the military is likely to spur numerous opportunities for the market.
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Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
The emergence of coronavirus has caused the world’s economy to tumble down. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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The report on the USV market highlights:
- Key insights into the market
- All-encompassing data of the segments
- Latest industry development
- Regional insights with accurate values
The Report Lists the Main Companies in the Unmanned Surface Vehicle (USV)s Market:
- Teledyne Technologies (The U.S.)
- ASV Global (The U.K.)
- Elbit Systems (Israel)
- SeaRobotics (The U.S.)
- Atlas Elektronik (Germany)
- Textron Inc. (US)
- ECA Group (France)
- 5G International (US)
- Rafael Advanced Defense Systems (Israel)
- Israel Aerospace Industries (Israel)
- Maritime Robotics (Norway)
- Liquid Robotics (US)
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Introduction of AI Technologies in USVs to Drive Market
The increasing utilization of USVs in military applications including border and littoral zone patrol, submarine hunting, minesweeping, ISR, offensive capabilities, and seaborne targets are expected to foster healthy growth of the market. The integration of artificial intelligence (AI) in unmanned naval vehicles to improve combat operations for command and control applications is likely to spur opportunities for the market during the forecast period. Moreover, the growing commercial applications of USVs in oceanography, exploration, and environmental sciences are expected to further enhance the development of the market in the near future. The rising requirement for USVs in the oil and gas industry is expected to spur lucrative business opportunities for the market.
Focus on Partnerships and Agreements by Key Players to Consolidate Industry
The growing collaborations and partnerships among industry players are expected to boost the growth of the market. For instance, in May 2018, Teledyne Marine and Research Products Development Company (RPDC) announced a long-term agreement for the commercialization of new technologies developed within Saudi Arabia. Furthermore, the focus on innovative USVs and CMS by eminent players is expected to retain their position. For instance, the implementation of USVs and naval Combat Management Systems (CMS) for targeting and mapping of enemy assets is expected to enable speedy expansion of the market.
Presence of Key Manufacturers to Favor Growth in Europe
Geographically, the unmanned surface vehicles (USVs) market is segmented into North America, Europe, Asia-Pacific, the Middle East, and the rest of the world. Europe is expected to hold the largest share in the global market during the forecasting period. The growth in the region is attributed to the increasing demand for unmanned surface vehicles by the navy and military for mine countermeasures (MCM), ISR activities, anti-submarine warfare (ASW), and oceanographic applications. The presence of eminent players as the ASV (UK), Atlas Elektronik (Germany), and ECA Group (France) is expected to bolster the healthy growth of the market in the region. North America is expected to witness a rapid growth rate during the forecast period owing to the rising defense expenditure. The increasing demand for USVs in commercial applications is expected to boost the growth of the market in the region.
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July 2018: ASV Global entered signed an agreement with Sonardyne International Ltd., the National Oceanography Centre (NOC), and SeeByte to deliver a long endurance, multi-vehicle, autonomous survey solution.
January 2018: Textron Systems announced its Cooperative Research and Development Agreement (CRADA) with Naval Sea Systems Command (NAVSEA).
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