“Unmanned surface vehicles’ market worth $1,020 million by 2023”

The market of vehicles that operate on water’s surface with no crew, the so called unmanned surface vehicles, will reach a world value of 1,020 billion dollars by 2023 according to research firm Markets & Markets

The unmanned surface vehicle market is estimated to be 534 million dollars in 2018 and is projected to reach 1,020 million dollars by 2023, at an annual growth rate of 13.8% from 2018 to 2023.

According to the research firm Markets & Markets this growth can be attributed to the rising demand for maritime security, protection of shallow waters and ports, and need for ocean data and mapping, globally.

The unmanned surface vehicle market is led by North America, as of 2017, owing to the technological advancements and the growing incidences of terrorism 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, unmanned surface vehicles are playing important roles in mine countermeasures and various other countries in Europe are also focusing on building new mine countermeasures-dedicated vessels. Bric countries, especially the Asia Pacific region, has also become a significant region for growth of the market for unmanned surface vehicles.