Research and Markets – Unmanned Surface Vehicle (USV) Market to Reach $938 Million by 2022
“Increasing need for ISR, water quality monitoring and data mapping is a major factor for increasing procurement of Unmanned Surface Vehicle (USV), globally”
The market for unmanned surface vehicles is driven by factors, such as increasing need for ocean data and mapping, maritime security, and asymmetric threats.
“Defense segment expected to dominate the USV market during the forecast period”
The key applications considered for the market study are commercial and defense. The defense segment is estimated to account for the largest share among all the applications. Unmanned surface vehicles are used for several defense applications, such as mine counter measures, anti-submarine, and maritime security, among others.
“The hybrid segment to grow at the highest CAGR during the forecast period”
The hybrid segment is projected to grow at the highest growth rate, as these propulsion systems have various advantages over single propulsion such as greater endurance, low noise operations, and greater reliability.
“North America dominates; Europe to grow at the highest rate”
The North American region dominates the unmanned surface vehicle market in 2016, and is expected to continue its dominance during the forecast period. The U.S. is considered to be the largest developer, operator, and exporter of USVs, globally, thereby contributing to the North American unmanned surface vehicle market.
The market in Europe is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the increasing demand from scientific research and survey industries. In this region, maritime threats are continuously increasing which are affecting the transportation of goods and energy. Due to such situations, the demand for USVs is increasing in maritime security area.