TSC Strategic, an ocean industries media and marketing agency, has announced details of a new market study that forecasts revenues of $3 billion from global ASV sales by 2024.
The report, Autonomous Surface Vehicle (ASV) Market Summary and Forecast, 2020-2024, suggests that the rapid pace of blue tech development is one of the key drivers of this emerging multi-billion-dollar industry, as is the increasing adoption of unmanned systems for military application.
“While the economic outlook amid the COVID-19 pandemic is far from certain, the ASV industry is somewhat insulated by the fact that the significant majority of demand will come from defense markets over the coming years,” according to Jessica Lewis, Director of Operations. “Spending by the armed forces is a critical component of this forecast and nations with the most military might – those with the greatest interest in developing ASVs – are unlikely to see large budget cuts.”
The report, which as well as offering a comprehensive market overview presents a five-year demand forecast year by year, goes beyond the defense markets to incorporate ASVs for scientific and commercial application. While the market remains in its infancy, mainstream usage (prototyping to production), new production contracts (measurable demand), and new or expanded production facilities, mergers and acquisitions, all suggest that this market has a prosperous future.
The study is one of a series of in-depth market reports published by TSC Strategic. New titles for 2020 also include Forecasting the Next Decade of US Offshore Wind Cable Demand and 2020 Submarine Fiber Optic Market Report.
To find out more about our Autonomous Surface Vehicle (ASV) Market Summary and Forecast, 2020-2024 or any other of TSC Strategic’s titles, click here.
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