“Unmanned Surface Vehicle market to total USD 2 billion in 2030 post COVID-19” says new Visiongain report
07 May 2020
Visiongain has published a new report entitled Unmanned Surface Vehicle (USV) Market Report 2020-2030: Forecasts by Type (Remotely Operated Surface Vehicle, Autonomous Surface Vehicle), by System (Propulsion, Communication, Payload, Chassis, Material, Component, Software), by Application (Defence, Commercial) plus Analysis of Leading Companies.
The global unmanned surface vehicle market was valued at US$645 million in 2019 and is expected to surpass US$2,020.8 million by 2030 (post COVID-19) while growing at a CAGR of over 11% over 2020-2030. Increasing demand for water quality monitoring and ocean data mapping along with growing need to enhance maritime security are key factors driving the growth of the global unmanned surface vehicle market.
The scope of the report is segmented into applications, types, systems, and region. In the applications, the defence segment held the largest market share in 2019 and will continue to dominate throughout the forecast period. This is attributed to the increasing popularity of USVs in situational awareness assistance and other military operations globally.
Based on the types, the remotely operated USV segment accounted for significant revenue share in 2019 and is expected to register the lucrative growth over the forecast period. The remotely operated USV segment was valued at over US$555.1 million in 2019 which is further projected to exceed US$1,579.2 million by 2030 while growing at a CAGR of more than 9% over the forecast period.
Based on the systems, the payload segment held the largest revenue share in 2019. Furthermore, the segment is likely to exhibit rapid growth over the forecast period. The segment is anticipated to witness a CAGR of 11.7% over the forecast period.
North America currently holds the largest share in 2019 for unmanned surface vehicle market owing to high spending by defence sector to enhance their combat capabilities in the region. Moreover, rise in introduction of various programs and agreement to deploy advanced unmanned surface vehicle are driving the market growth at a healthy rate. The North American market for unmanned surface vehicle was valued at over US$302.9 million in 2019 which is further projected to witness a CAGR of 9.9% by 2030 (post COVID-19 impact).
Furthermore, Asia Pacific is going to record growth at a faster pace because China and Japan the two leading countries in the region in terms of spending on autonomous surface vehicles. Further, India and rest of the Asia Pacific countries are slowly moving towards the adoption of USVs in defence sector to increase their sea surveillance capabilities. The market was valued at over US$88.0 million in 2019 which is projected to witness the fastest growth rate of 12.9% to surpass US$320.3 million by 2030 (post COVID-19 impact).
The prominent players operating in global unmanned surface vehicle market include ASV Global, Teledyne Technologies, Textron Systems, Atlas Elektronik, ECA Group, Searobotics, Elbit Systems, Rafael Advanced Defense Systems, and 5G International Inc. among other key companies operating worldwide.
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