Unmanned Surface Vehicle Market to cross USD 1 billion by 2032, Says Global Market Insights inc.
Unmanned surface vehicle industry size is expected to register 5% CAGR between 2023 and 2032 propelled by the growing demand for Integration of AI in unmanned naval vehicles.
Selbyville, Delaware, Aug. 13, 2023 (GLOBE NEWSWIRE) -- Unmanned Surface Vehicle Market value will surpass USD 1 billion by 2032, as per a recent study by Global Market Insights Inc.
As per the report, considerable investments in the oil & gas industry globally are creating ample opportunities for industry growth. Unmanned surface vehicles (USVs) are used for remote sensing and surveillance in the oil and gas industry. They can monitor maritime traffic, detect unauthorized vessels or security threats, and provide real-time situational awareness. USVs equipped with advanced sensors, cameras, and communication systems enhance security measures, protect critical infrastructure, and assist in risk management. Owing to these remarkable attributes, the product application scope has grown significantly over the years and is further expected to witness an upward trend in the foreseeable future.
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Demand for surface USVs to gain momentum
Based on type, the unmanned surface vehicle market size from the surface segment is expected to depict over 5% CAGR from 2023 to 2032, claims the report. Unmanned surface vehicles can operate continuously without the limitations of human fatigue or shift changes. They can carry out tasks with high precision and consistency, which leads to increased operational efficiency and productivity. USVs can cover large areas, perform repetitive tasks, and collect data consistently over extended periods, thus, contributing to improved mission effectiveness.
Commercial Segment to dominate the application spectrum
In terms of application, the unmanned surface vehicle market share from the commercial segment will grow considerably over 2023- 2032, as per the report. Unmanned surface vehicles eliminate the need for crew members, onboard facilities, and associated operational expenses. Owing to the cost savings associated with these vehicles, they find widespread applications in the offshore energy industry, particularly in activities related to oil and gas exploration, wind farm operations, and underwater pipeline inspections. They can be deployed for remote monitoring, maintenance, and inspecting offshore structures to reduce the need for manned vessels and enhance safety and cost-effectiveness.
Versatility of catamaran USVs to favor their adoption
Based on the hull, the report cites that the unmanned surface vehicle market revenue from the catamaran segment will cross USD 450 million by 2032. Catamaran USVs can be easily customized and adapted to specific mission requirements. Their larger deck area and payload capacity provide flexibility for integrating various sensors, equipment, or mission-specific modules. This versatility allows catamaran USVs to be utilized in a wide range of applications, such as hydrographic surveys, maritime security, environmental monitoring, offshore inspections, and more.