The rising number of offshore oil and gas activities and increased defense expenditure globally is expected to drive the demand for the global unmanned underwater vehicles market in the forecast period, 2023-2027.
According to TechSci Research report, “Unmanned Underwater Vehicles Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global unmanned underwater vehicles market is anticipated to witness steady growth in the forecast period, 2023-2027. An unmanned underwater vehicle is a kind of robotic system that can be operated under seawater without human intervention. They are in high demand for UUV for underwater applications, including commercial, security, and research purposes. The introduction of smart devices and rapid technological developments in the unmanned underwater vehicle are the primary factors driving the demand for the global unmanned underwater vehicle market. Market players have started using artificial intelligence in autonomous underwater vehicles, garnering massive customer attraction. Artificial intelligence technology enables them to map the seabed and carry out the underwater infrastructure repair that is harmful to human technicians. The introduction of 3D computer imaging and underwater artificial intelligence in subaquatic robotics lowers the cost of offshore renewable energies.
Also, the growing distribution network of the global unmanned underwater vehicle market is expected to be a major driver for the global unmanned underwater vehicles market. Brokers and postproduction service providers are the two members of the distribution network. Postproduction includes repair, maintenance, and training services. Distributors work on increasing product awareness and lowering administrative costs. Manufacturers focus on domestic production and distribution and can sell their products in their other countries with the help of a distributor. Therefore, the availability of instant local support is expected to improve the end-user experience, which is expected to act as a positive factor for the global unmanned underwater vehicle market.
However, the high cost of autonomous underwater vehicles and laser communication systems may restrain the growth of the global unmanned underwater vehicles market growth in the forecast period.
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The global unmanned underwater vehicles market is segmented into type, shape, application, regional distribution, and competitive landscape.
Based on application, the market is divided into collision avoidance, communication, navigation, propulsion, and imaging. The collision avoidance application segment is expected to capture the highest market share in the forecast period as it ensures security during exploration and other activities. It uses technologies and sensors that use radar, laser, and cameras to detect an imminent crash and help operators make informed decisions.
On the basis of regional analysis, the North American region dominates the market and is expected to maintain its dominance through the next five years. Massive demand for the remotely operated vehicle in commercial and defense sectors and the surge in the use of autonomous underwater vehicles to carry out deep water surveys in the oil & gas industry is expected to drive the market demand. Also, the United States is the largest operator, developer, consumer, and exporter of unmanned underwater vehicles, which is another significant factor influencing the market demand in the region.
Major market players operating in the global unmanned underwater vehicles market are:
- SAAB Seaeye
- Lockheed Martin Corporation
- Kongsberg Gruppen
- Teledyne Technologies
- Oceaneering International Inc.
- BAE Systems
- Bluefin Robotics
- International Submarine Engineering
- Atlas Elektronik
- Boston Engineering Corporation
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“Ongoing technological innovations and the surge in energy requirements in developing economies have accelerated the oil & gas industry growth. The constant depletion of the onshore energy reserves has shifted the energy extraction industry players towards offshore reserves. There is high demand for unmanned underwater vehicles in the oil & gas industry for pipeline inspections, bathymetric surveys, search and rescue operations, and platform inspection operations. The ability to provide cost-effective solutions for deep water drilling operations as they do not require the use of surface vessels is accelerating their demand across the oil & gas industry. Therefore, the rise in the offshore oil & gas production and the search for cost-effective solutions are expected to propel the global unmanned underwater vehicles market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Unmanned Underwater Vehicles Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Shallow AUVs (up to 100 m), Medium AUVs (up to 1,000m), Large AUVs (more than 1,000m)), By Shape (Torpedo, Laminar Flow Body, Streamlined Rectangular Style, Multi-hull Vehicle), By Application (Collision Avoidance, Communication, Navigation, Propulsion, Imaging), and By Region”, has evaluated the future growth potential of global unmanned underwater vehicles market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global unmanned underwater vehicles market.
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