Unmanned Surface Vehicles Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

According to a research report "Unmanned Surface Vehicle Market by Type (Remotely Operated, Autonomous), System (Propulsion, Payload, Component, Software, Chassis Material, Communication), Application, Hull Type, Endurance, Size, Cruising Speed, and Region - Global Forecast to 2026", The Unmanned surface vehicles market is projected to grow from an estimated USD 616 million in 2021 to USD 1,038 million by 2026, at a CAGR of 11.0% in terms of value during the forecasted period.

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By application, the defense segment is estimated to hold a larger share (~55%) of the USV market in 2021. Countries such as the US, Canada, France, and China are increasingly adopting USVs for defense applications; this is driving the growth of the USV market. Elbit Systems was granted a contract to provide Seagull USVs to the Navy of an Asia Pacific country. Elbit Systems will supply Seagull USV systems that are particularly equipped to undertake Mine Countermeasures (MCM) operations, with the potential to add technology modules for anti-submarine warfare. The contract will be completed over a 17-month pr. Under the defense application segment, the ISR subsegment is projected to register the highest CAGR during the forecast period. USVs can be used as an important tool for exploration activities to extract minerals such as cobalt, zinc, and magnesium; these minerals are used in the fabrication of smartphones, laptops, and hybrid cars, among others.

The communication segment is estimated to account for a share of ~14% of the USV market in 2021. As navigation information such as the location of USVs is essential for their safe operations and recovery, navigation technology is crucial for successful mission completion. USVs can communicate using acoustic communication and satellite communication. Acoustic communication is of significant use in swarm formations of USVs, as well as in satellite communication, as it enables real-time data transfer. In general, USVs use a combination of wireless LAN, radiofrequency, satellite communication, acoustic modems, and strobe lights for visibility at the surface of the water USVs with an endurance range of 500–1,000 hours are mostly used for oilfield services, such as locating energy sources, energy data management, drilling, formation evaluation, well construction, and production and completion.

By hull type, the single segment is projected to register the highest CAGR of 11.6% during the forecast period due to the higher adoption of single-hull types compared to the other hull types, owing to their easier mounting and loading capabilities.

The North America region is estimated to lead the Unmanned surface vehicles market in the forecast period

The US is estimated to account for the major share (83%) of the unmanned surface vehicle market in North America in 2021. Major manufacturers of USVs such, as Teledyne Technologies, Textron, and SeaRobotics, have their business units in the US. These companies are focused on entering into agreements and expanding their reach in the unmanned surface vehicle market. In April 2021, for the Unmanned Influence Sweep System (UISS) Unmanned Surface Vehicle (USV) program, the US Navy granted Textron USD 13 million to exercise an option for an extra low-rate initial production (LRIP) unit. In January 2018, Textron signed a Cooperative Research and Development Agreement (CRADA) with Naval Sea Systems Command (NAVSEA) to develop and integrate surface warfare payloads with the Common Unmanned Surface Vehicle (CUSV). In September 2018, SeaRobotics delivered a 3.6-meter Collapsible Autonomous Surface Vehicle (ASV) to the US Army Corp of Engineers for a rapid post-hurricane hydrographic survey in the Caribbean.

In 2017, the Royal Canadian Navy (RCN) ordered over 40 Hammerhead unmanned surface vehicles and various payloads from QinetiQ Target Systems under a contract modification worth USD 3.6 million. Key developments in the field of unmanned surface vehicles are contributing to the growth of the market in North America.

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L3Harris Technologies (UK), Textron Inc. (US), Rafael Advanced Defense Systems Ltd. (Israel), ECA Group (France), Teledyne Technologies (US), and Elbit Systems (Israel) are some of the key players operating in the unmanned surface vehicle market. These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East

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This release was published on openPR.