TSC Strategic announced 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.