The report "Unmanned Surface Vehicle (USV) Market by Application (Defense, Scientific Research, Commercial, Miscellaneous), Size (Small, Medium, Large, Extra Large), Propulsion System, Modes of Operation, Payload & Geography - Global Forecast to 2022", The unmanned surface vehicle market is estimated at USD 470.1 Million in 2017, and is expected to reach USD 938.5 Million by 2022, at a CAGR of 14.83% from 2017 to 2022. This growth can be attributed to rising demand for maritime security, protection of shallow waters & ports, and need for ocean data & mapping, globally.

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“Defense segment expected to grow at the highest CAGR during the forecast period”

The defense segment is expected to grow at a highest CAGR due to huge demand from navies across the world for purposes such as surveillance, reconnaissance, anti-submarine warfare, and mine countermeasures. Most of the players have invested into large sized USVs for combat operations, cargo supply, and lethal and non-lethal armament among others.

“The sensors segment of the unmanned surface vehicle market is expected to grow at the highest CAGR during the forecast period”

In terms of payload, the unmanned surface vehicle market has been segmented into sonars, sensors, camera, visual systems, INS, X-band radars, and others. The camera segment dominates the market. Cameras are cost-effective and provides ample opportunities for more advanced technological developments in near future. The sensor segment is projected to grow at the highest CAGR during the forecast period.

“North America and European region show the highest potential for implementation of Unmanned Surface Vehicles”

The unmanned surface vehicle market is dominated by North America, as of 2015, owing to the technological advancements and the growing terrorist activities in the region. The market is driven by increasing demand for water quality monitoring, ocean data mapping, asymmetric threats, and maritime security. In the European region, USVs are used in mine countermeasures (MCM) and focus is on to build new MCM-dedicated vessels.

The major players in this market have been identified to be ASV Unmanned Marine Systems (U.K.), Teledyne Technologies, Inc. (U.S.), Textron Inc. (U.S.), and Elbit Systems Ltd. (Israel), among others.