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The unmanned surface vehicle market is estimated to grow at a CAGR of 7.26% between 2022 and 2027. The size of the market is forecast to increase by USD 715.64 million. The growth of the market depends on several factors, including increased research and investment in USVs, increased applicability of USVs, and advancements in computing and communications.
This report extensively covers market segmentation by end-user (defense and commercial), type (remotely operated and autonomous), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global unmanned surface vehicle (USV) market as a part of the global aerospace and defense market within the global capital goods market. The global aerospace and defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation; defense platforms used under naval, land, and air domains; arms and ammunition; defense electronics; defense logistics equipment; and space platforms, equipment, and launch vehicles. Technavio calculates the global capital goods market size based on the combined revenue generated by the manufacturers/providers for industries such as aerospace and defense, building, construction and engineering, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Increased research and investment in USVs are notably driving the market growth, although factors such as the high number of substitute products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Unmanned Surface Vehicle Market Driver
Increased research and investment in USVs are notably driving the market growth. Governments and maritime organizations across the world are making significant investments in USVs. Companies that are involved in the development of USVs have begun taking funding for their R&D efforts. They are making feasibility and market studies, prototype design, development and production, and exploring new application areas for USVs.
In August 2022, the US Navy announced contracts estimated at a total of USD 62.1 million to six companies, including Huntington Ingalls Inc., Lockheed Martin Corp., Marinette Marine Corp., Bollinger Shipyards Lockport LLC, Austal USA LLC, and Gibbs and Cox Inc. for the research and development of large USVs. Also, the US Navy proposed a budget request for FY2023. It includes a funding request of USD 549.3 million for the research and development of USVs and related enabling technologies. Thus, the increasing emphasis on the R&D of USVs and related technologies will drive the growth of the market.
Significant Unmanned Surface Vehicle Market Trend
The increasing number of startups is an emerging trend in the market. Many defense and government organizations across the world are exhibiting high interest in the development of USV technologies. This is encouraging a large number of new players to enter the market and tap the growth potential. The design and manufacturing of USVs require high capital expenditure. However, low entry barriers and substantial investments in the market have resulted in an increase in the number of startups.
For instance, Oceanalpha is one of the major startups that is gaining prominence in the global USV market. The company provides USVs for ocean surveys and conducts scientific survey missions. Similarly, Orca-Tech, a startup that manufactures autonomous aquatic vehicles, released the first multi-sensor dataset in May 2021 to assist unmanned surface vehicles in inland waterways. The entry of such new players is expected to foster the growth of the market during the forecast period.
Major Unmanned Surface Vehicle Market Challenge
The availability of high number of substitute products is a major challenge impeding the market growth. There are a high number of substitute products such as Remotely Operated Underwater Vehicle (ROVs) and Autonomous Underwater Vehicle (AUVs) in the market. ROVs find numerous applications in oceanography and hydrography. They can be remotely operated by a crew on board a nearby vessel and connected to their base of operations through a tethering and power communications link. Similarly, AUVs are capable of functioning without real-time control from a human operator.
UAVs (unmanned aerial vehicles) are another major substitutes that are widely used in the market. They consist of aerial drones that can be controlled from a distance and can be used to collect data. UAVs help in improving safety, cutting costs, and accelerating the survey process. Hence, their use and application areas are expanding in defense and maritime industries. Moreover, they are cost-effective compared with USVs and pose a huge challenge to the growth of the market.
Key Unmanned Surface Vehicle Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Unmanned Surface Vehicle Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the defense segment will be significant during the forecast period. The defense industry is the major end-user in the market. The rising demand for cost-effective unmanned solutions and the need for eliminating human subjects in hazardous underwater surveys are increasing the demand for USVs in the defense sector.
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The defense segment showed a gradual increase in the market share of USD 787.06 million in 2017 and continued to grow by 2021. Defense sectors across the world are investing heavily in the deployment of USVs and testing their operations. In addition, governments of many countries are undertaking several training operations and demonstration activities to increase awareness about USVs among armed forces. These developments are fueling the growth of the defense segment.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region is an early adopter of the latest technologies. Significant investments are being made in the R&D of USV. The defense sector in the US is the major consumer of USVs. Armed forces in the country are conducting research on weaponizing USVs.
For instance, in August 2021, the Expeditionary Warfare USV was developed for the US Navy's surface warfare and the US Marine Corps expeditionary warfare missions. The new USV is capable of performing force protection and long-range USV missions during distributed maritime operations, littoral operations in a contested environment, and expeditionary advanced base operations. All these factors are fostering the growth of the regional market.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The spread of the pandemic led to the partial shutdown of many end-user sectors, such as oil and gas, defense, and scientific research. This led to an economic downturn and hindered market growth in North America. However, the supply chain activities of USV resumed and the market grew marginally when the situation was brought under control.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by end-user (defense and commercial), type (remotely operated and autonomous), and geography (North America, APAC, Europe, Middle East and Africa, and South America).
Unmanned Surface Vehicle Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.26% |
Market growth 2023-2027 |
USD 715.64 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
6.82 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 42% |
Key countries |
US, China, Japan, UK, and Norway |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
5G International Inc., AutoNaut Ltd., Clearpath Robotics Inc., Deep Ocean Engineering Inc., ECA Group, Liquid Robotics Inc., Marakeb Technologies LLC, Maritime Robotics AS, Maritime Tactical Systems Inc., Ocean Aero, Oceanalpha Group Ltd., Rafael Advanced Defense Systems Ltd., Rakuten Group Inc., Saildrone Inc., SeaRobotics Corp., Textron Inc., thyssenkrupp AG, QinetiQ Ltd., Elbit Systems Ltd., and L3Harris Technologies Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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