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(MoneyNewsWire.Net, May 19, 2018 ) The unmanned surface vehicle (USV) market is projected to grow from USD 470.1 Million in 2017 to USD 938.5 Million by 2022, at a CAGR of 14.83% during the forecast period. Factors, such as increase demand for the ISR, water quality monitoring, maritime security and threats, and need for ocean data and mapping are driving the unmanned surface vehicle market. unmanned surface vehicles have been increasing the interest of various manufacturers and their inclination towards the USV market. Government organizations and private agencies have been investing to manufacture and develop advanced and efficient USVs.
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On the basis of application, the given market has been segmented into defense, commercial, scientific research, and others. The defense segment is projected to grow at a significant CAGR during the forecast period, because USVs offers greater capacity compared to traditional equivalent systems and can be equipped with stabilized weapons system and electro optical tracking system. This would help defense forces monitor at night using infrared vision.
Based on size, the unmanned surface vehicle market has been segmented into small, medium, large, and extra large. In terms of volume, the small USV segment dominates the studied market, and is expected to continue its dominance over the next 5 years, primarily driven by the rise in demand in the commercial sector and its cost-effective operational use.
Based on propulsion system, the hybrid segment is projected to grow at the highest growth rate in the unmanned surface vehicle market as these propulsion systems have various advantages such as greater endurance, low noise operations, and greater reliability over single propulsion.
On the basis of modes of operation, the unmanned surface vehicle market report is segmented into semi-autonomous and autonomous. The autonomous segment is expected to grow the highest CAGR during the forecast period. Increasing demand for autonomous USVs by defense organizations is driving this segment.
The payload segment of the unmanned surface vehicle (USV) market includes sensors, x-band radars, camera, INS, SONAR, visual systems, and others. Of these, the sensors segment is estimated to account for the largest share and is projected to grow at the highest CAGR during the forecast period.
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The European region is projected to grow at a highest CAGR during the forecast period. This growth is due the demand of USVs by navies for ISR and oceanographic studies and presence of key manufacturers such as ECA Group (France), ASV (U.K.) and Atlas Elektronik (Germany) in the region.
There are certain challenges in USV market which includes high cost of production, development of fully autonomous technology along with availability of substitute products such as AUVs and ROVs.
The key players operating in the global USV market have been identified to be Autonomous Surface Vehicle Limited (U.K.), Textron Inc (U.S.), ECA Group (Israel), IAI (Israel), Elbit Systems (Israel), among others. Long-term contracts and new product launches are the two major growth strategies adopted by the major players to strengthen their positions in the global USV market, while also enhancing their product offerings.
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