Reading time ( words)
The unmanned surface vehicles (USVs) market estimated to grow with a CAGR of 11.69% during the forecast period from 2019 to 2027 and registered market value of $1.82 billion in 2018.
Autonomous drones and aerial vehicles are a common sight and are used across several end-use applications. However, the rapid growth is not limited to only aerial unmanned aerial vehicle and land drone but the growth of unmanned surface vehicles is also gaining momentum. Unmanned surface vehicles (USVs) are extensively used for ocean data, scientific research, mapping, commercial, and maritime security. Consistent growth in all the aforementioned applications has certainly propelled the demand for unmanned surface vehicles and the demand is further expected to grow with brisk pace in coming years.
Besides, USVs witnessed rapid growth in their significance in the military and defense applications. These vehicles provide unmatched surveillance towards the maritime borders and often used for preventive actions in case of emergency. The rapid adoption of such autonomous vehicles in military and defense application has certainly encouraged the growth of USVs market.
In 2017, North America appeared as the global leader in unmanned surface vehicles (USVs) market. The region is one of the biggest defense & military spender owing to the presence of the United States and the rapid proliferation of autonomous vehicles across all battlefronts generated a positive wave of growth for USVs. In terms of market growth, Asia Pacific is expected to show the fastest growth in the adoption of autonomous vehicles and consequently unmanned Surface Vehicles Market.
The research analysis covers an exhaustive analysis of leading unmanned surface vehicles (USVs) vendors including Elbit Systems Ltd., Rafael Advanced Defense Systems Ltd., Teledyne Technologies, Inc., Textron, Inc., ASV Global, Atlas Elektronik GmbH., 5G International, Inc., Eca Group, Liquid Robotics, Inc., and Searobotics. The USVs market is still in nascent stages of development with few companies leading the way in the market.
However, the market holds tremendous potential for new companies trying to venture in the unmanned surface vehicles market. Consequently, the market is expected to become more fragmented in the coming years. Furthermore, these companies also expected to lock horns in terms of technological advancements and new improved version of unmanned surface vehicles are anticipated to appear in the market in the next few years.