Unmanned Surface Vehicles Market Growth, Analysis, Latest Trends and Forecast till 2027

The report on the Unmanned surface vehicle market provides a detailed trend analysis from 2018 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.

The Unmanned surface vehicle market is estimated to be USD 0.7 billion in 2022 and is projected to reach USD 1.2 billion by 2027, at a CAGR of 11.1% from 2022 to 2027. The market is driven by various factors, such as use of advanced payloads in USVs for several military & commercial applications, increased defense budgets of different countries for unmanned systems, and technological advancements in Unmanned surface vehicle.

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Based on Application, defense segment is expected to lead the unmanned surface vehicles in for the forecast period. Based on application, the defense segment is projected to grow from USD 384 million in 2022 to USD 660 million by 2027, at a CAGR of 11.4% during the forecast period. The Defense segment is further segmented as Intelligence, Surveillance, and Reconnaissance, Mine Countermeasure, Anti-submarine Warfare, Electronic Warface, Hydrographic Surveying, among others.

Mine Countermeasure segment is estimated to account for the largest market share among all defense applications

Based on defense application, the mine countermeasure application segment of unmanned surface vehicles accounts for the largest share of 22.5% and is projected to grow from USD 86 million in 2022 to USD 150 million by 2027. Mine Countermeasure is one of the important defense operation which protects larger naval ships by pre-identifying the potential threats.

Intelligence, Surveillance, and Reconnaissance (ISR) segment is estimated to grow at a highest CAGR among all defense applications during the forecast period

Based on defense application, the Intelligence, Surveillance, and Reconnaissance (ISR) application segment of autonomous surface vehicles is projected to grow from USD 59 million in 2022 to USD 106 million by 2027 at a highest CAGR of 12.5% from 2022 to 2027. ISR capable USVs monitor enemy forces or a specific area and send its findings to the ground stations with the help of GPS.

Hydrographic Survey segment is estimated to dominate the Unmanned surface vehicle by commercial applications, during the forecast period

Based on the commercial applications, the hydrographic survey segment accounted for a share of 50.5% in 2022. This segment is projected to grow from USD 156 million in 2022 to USD 256 billion by 2027, at a CAGR of 10.4% during the forecast period. Unmanned Surface Vehicles are used to inspect shallow waters where manned ships cannot operate. These USVs can map shallow and mucky waters in order to improve the efficiency of hydrographic surveying operations.

Infrastructure Inspection segment is estimated to grow at a highest CAGR among all commercial applications during the forecast period

Based on the commercial applications, the Infrastructure Inspection segment is projected to grow from USD 26 million in 2022 to USD 44 billion by 2027, at a CAGR of 11.3% during the forecast period. Being equipped with advanced payloads, USV posseces a rapid hydrographic inspection capabilities. USVs are widely used for infrastructure inspection to reduce costs incurred in maintenance & repair.

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North America is expected to lead the unmanned surface vehicles market in 2022, with the US accounting for the largest share of the regional market. The growing demand for unmanned surface vehicles in the US and Canada and the development of new and technologically advanced payloads for a wide range of applications are key factors driving the market in North America. North America has been using the USVs for several defense applications such as ISR, Mine countermeasure etc. The region has presence of several key players including L3Harris Technologies, textron Inc. Teledyne Technologies, Liquid Robotics, amount many others.

News also Covered: https://www.prnewswire.com/news-releases/unmanned-surface-vehicles-market-worth-1-2-billion-by-2027--exclusive-report-by-marketsandmarkets-301763072.html

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This release was published on openPR.