NY, USA, September-05, 2019 /Aerospace......
Market NEWS: "Unmanned Surface Vehicle (USV) Market Worth $1,020 Million by 2023"
The USV Market is estimated to be USD 534 million in 2018 and is projected to reach USD 1,020 million by 2023, at a CAGR of 13.8% from 2018 to 2023. Increase in demand for ISR, water quality monitoring, maritime security and threats, and the need for ocean data and mapping are the major factors that are expected to drive the unmanned surface vehicle market during the forecast period. The demand for unmanned surface vehicles is leading to the increasing interest of various manufacturers and their inclination towards investing in the unmanned surface vehicle market. Government organizations and private agencies have been investing significantly in the manufacture and development of advanced and efficient unmanned surface vehicles.
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By application, the defense segment is expected to grow at the highest CAGR during the forecast period
On the basis of application, the given market has been segmented into defense and commercial. The defense segment is projected to grow at a significant CAGR during the forecast period, because unmanned surface vehicles offer greater capacity compared to traditional equivalent systems and can be equipped with stabilized weapon systems and electro optical tracking systems. This is expected to help militaries monitor also during the night using infrared vision.
The large segment is expected to lead the unmanned surface vehicle market from 2018 to 2023
Based on size, the unmanned surface vehicle market has been segmented into small, medium, large, and extra large. The growth of the large segment can be attributed to the high-value contracts awarded to manufacturers of unmanned surface vehicles for the development of large unmanned surface vehicles, which are majorly used in defense applications, such as ISR activities, combat operations, cargo & resupply, etc.
The autonomous surface vehicle segment to grow at the higher CAGR in the unmanned surface vehicle market from 2018 to 2023
Based on mode of operation, the unmanned surface vehicle market has been segmented into remotely operated surface vehicle and autonomous surface vehicle. The growth of autonomous surface vehicle segment can be attributed to the increasing use of autonomous surface vehicles in defense and commercial applications, as these vehicles are able to conduct any commercial or military operations on their own without any human intervention. Changes in the surroundings of these vehicles are sensed by onboard sensing devices, which information is then electronically transmitted to the remotely located human operators.
The European region is expected to exhibit the highest growth rate in the unmanned surface vehicle market, and is projected to grow at the highest CAGR during the forecast period. This growth is due to the demand for unmanned surface vehicles by navies for ISR activities and oceanographic studies, along with the presence of key manufacturers, such as the ECA Group (France), ASV (UK), and Atlas Elektronik (Germany) are in the region. Atlas Elektronik accounts for the largest share with reference to the manufacture of unmanned surface vehicles in the European region.
The major players in the unmanned surface vehicle market include ASV Global (UK), Teledyne Technologies (US), Textron Inc. (US), ECA Group (France), Israel Aerospace Industries (Israel), Atlas Elektronik (Germany), SeaRobotics (US), Maritime Robotics (Norway), Elbit Systems (Israel), Rafael Advanced Defense Systems (Israel), 5G International (US), and Liquid Robotics (US), among others. ASV Global (now L3 ASV) is one of the key market players engaged in forming strategic partnerships and agreements so as to increase the adoption of USVs for commercial and defense applications by surveyors, scientific researchers, and defense organizations.
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