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.
This market document offers detailed research and analysis of key aspects of the market. The market analysts authoring this industry analysis report has provided profound information on leading growth drivers, restraints, challenges, trends, and opportunities to offer a complete analysis of the global market. The report highlights CAGR value fluctuations during the forecast period for the market. Market participants can use the analysis of market dynamics to plan effective growth strategies and prepare for future challenges beforehand. A range of key factors are analysed in the report, which will help buyer in studying the industry.
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The report on theUSV 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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Market Driver:
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.
Competitive Landscape:
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.
Regional Analysis:
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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Key Development:
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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