Military Unmanned Surface Vehicle Market is expected to reach US$ 3,166.61 Million by 2028

PRESS RELEASE BY The Insight Partners 12 Sep 2022

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Rising Investments for the Development of Unmanned Surface Vehicles by Naval Forces is Catalyzing the Military Unmanned Surface Vehicle Market Growth

According to our latest market study on "Military Unmanned Surface Vehicle Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Technology, and Geography," the market is expected to grow from US$ 1,512.32 million in 2021 to US$ 3,166.61 million by 2028, by 2028, it is estimated to grow at a CAGR of 11.6% from 2022 to 2028.  

Military Unmanned Surface Vehicle Market Forecast

Military Unmanned Surface Vehicle Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

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Military Unmanned Surface Vehicle Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: - by Component (Communication System, Chassis Frame, Propulsion System, and Others), Application (ISR, Combat, Mine Detection, and Others), Technology (Semi-Autonomous and Fully Autonomous), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Source: The Insight Partners Analysis

Several countries have been focusing on the development of unmanned surface vehicles (USVs) that are capable of carrying out a variety of missions such as maritime surveillance, transportation of military cargo, anti-submarine warfare, moving troops, and support naval missions & operations. Further, several armed forces are using USVs for maritime ISR operations, including maritime patrolling and military surveillance, as one of the prime operations across the marine borders of different countries.

Further, different types of new unmanned surface vehicles are being introduced to the military forces during exercise events. For instance, in August 2022, the US Navy announced that they have been conducting manned-unmanned teams experiments at the biennial Rim of the Pacific 2022 exercise that will help the Navy decide the future of the Medium Unmanned Surface Vehicle in naval fleets. In addition, in May 2022, the US Navy announced that it had created a separate USV division for the integration of unmanned systems into the US Navy. This unit is formed for managing unmanned surface vehicle experimentation for medium and large unmanned surface vehicles such as the Sea Hunter and the Sea Hawk, both of which will participate in anti-submarine warfare missions. Moreover, with the help of this division, the US Navy, in August 2022, announced that for the first time, it had cleared a major acquisition milestone on a USV, giving allowing it to begin operating in the fleet. Such developments have been catalyzing the unmanned surface vehicles market across the North America region.

Several defense forces are collaborating with different unmanned surface vehicle manufacturers to develop countermeasure-based unmanned systems that can be deployed across the armed forces and carry out countermeasure operations independently. For instance, in April 2021, the US Navy awarded a contract to Textron Inc. for the development of an Unmanned Influence Sweep System for mine warfare applications. In addition, in 2020, the US Navy announced their spending is expected to be approximately US$ 12 billion for unmanned aircraft, surface vessels, and underwater systems from 2021 to 2025. Such instances are expected to boost the demand for USVs across the North America unmanned surface vehicles market.

In terms of volume, small sized patrolling USVs and mine detection USVs are likely to dominate the market. However, in terms of value, larger USVs such as Seahawk and Sea Hunter are likely to dominate the market during the forecast period. In addition, various armed forces across the world are also competing in terms of unmanned surface vehicle procurement in larger quantities. A few countries across the world, such as the US and China, have a large number of USV manufacturers. However, a few countries, such as India, Japan, and South Korea, rely on other countries for the procurement of their USV technologies.

Northrop Grumman Corporation, L3Harris Technologies, Teledyne Technologies, Elbit Systems Ltd, Textron Inc., Israel Aerospace Industries Ltd., Rafael Advanced Defense Systems, ECA Group, China State Shipbuilding Corporation (CSSC), and OceanAlpha are a few of the key military unmanned surface vehicle market players profiled during the study. Several other companies were analyzed during this research study to get a holistic view of the military unmanned surface vehicle market and its ecosystem.

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