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Unmanned Underwater Vehicles (UUV) Market Size Worth USD 7.53 billion at 12.8% CAGR till 2026; Increasing Investment in Product R&D will Aid Growth, says Fortune Business Insights™

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Pune, May 19, 2020 (GLOBE NEWSWIRE) — The global unmanned underwater vehicles market size is projected to reach USD 7.53 billion by the end of 2026. The increasing product applications in the defense sector will provide impetus to market growth. According to a report published by Fortune Business Insights, titled “Unmanned Underwater Vehicles Market Size, Share and Industry Analysis, By Type (Remotely Operated Vehicle (ROV), and Autonomous Underwater Vehicle (AUV)), By Application (Commercial Exploration, Scientific Research, Defense, and Miscellaneous), By Product Type (Small Vehicle, High-Capacity Electric Vehicle, Work-Class Vehicle, and Heavy Work-Class Vehicle), By Propulsion System (Electric System, Mechanical System, and Hybrid System), By Payload (Camera, Sensors, Inertial Navigation System, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 2.96 billion in 2018 and will exhibit a CAGR of 12.8%  during the forecast period, 2019-2026. COVID-19 Impact on Unmanned Underwater Vehicles Industry:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.To Get The Short-Term and Long-Term Impact of COVID-19 on this Market,Please Visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/unmanned-underwater-vehicles-uuv-market-102527

Unmanned underwater vehicles are automated vehicles that operate under water. They are used for numerous marine as well as research and survey applications. The increasing use of these products in applications such as survey and research in the oil and gas industry will emerge in favor of the growth of the overall market.The growing demand for oil and natural gas will create a subsequent demand for unmanned underwater vehicles across the world. The presence of several large scale companies, coupled with the massive investments by these companies will create several platforms for market growth. The emphasis on the development of low-energy consuming vehicles by government as well as private organizations will aid the growth of the overall market in the coming years. Moreover, technological advancements have played a vital role in the growth of the market, accounting to their applications across numerous industry verticals.Market DriversIncreasing Number of Company Mergers Will Aid Market GrowthThe report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights a few of the standout strategies adopted by major companies and includes a brief analysis of the impact that these companies have had on the global market. It has been observed that company collaborations are a growing trend among major companies.In August 2019, General Dynamics Corporation announced that it signed a contract with the US Department of Defense. The contract is said to be worth USD 45 million and is aimed at production of low-rate initial production of surface-mine undersea vehicle. General Dynamics’ latest contract with the US Dept. of Defense will not just help the company grow, but will also influence the growth of the overall market in the foreseeable future.The report analyzes the ongoing UUV market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America currently holds the highest UUV market share. The increasing use of ROVs in several countries across North America will aid the growth of the regional market. Moreover, emphasis on developing efficient ROVs for underwater surveys for oil and gas extraction will provide impetus to market growth. As of 2018, the market in North America was worth USD 948.8 million and this value is likely to increase further in the coming years. Besides North America, the market in Asia Pacific will also witness significant growth in the coming years driven by the increasing investment in UUVs used in the defense sector by major economies such as China, India, and Japan. The market in Europe will also witness considerable growth due to the presence of several large scale companies such as Kongsberg Maritime and Saab Group.IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Industry Developments –Mergers, Acquisitions and PartnershipsLatest technological AdvancementsPorters Five Forces AnalysisSupply Chain AnalysisGlobal Unmanned Underwater Vehicles Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeRemotely Operated Vehicle (ROV)Autonomous Underwater Vehicle (AUV)Market Analysis, Insights and Forecast – By ApplicationCommercial ExplorationScientific ResearchDefenseMiscellaneousMarket Analysis, Insights and Forecast – By Product TypeSmall VehicleHigh-Capacity Electric VehicleWork-Class VehicleHeavy Work-Class VehicleMarket Analysis, Insights and Forecast – By Propulsion SystemElectric SystemMechanical SystemHybrid SystemMarket Analysis, Insights and Forecast – By PayloadCameraSensorsInertial Navigation SystemOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificThe Middle EastLatin AmericaAfricaTOC Continued…!
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Major Industry Developments:August 2019: Hydroid Inc. announced that it has bagged a contract worth USD 15.82 million indefinite-delivery/indefinite-quantities. The contract will be aimed at providing engineering support and training services for the MK 18 Family of Systems– Unmanned Underwater Vehicle systems.
Have a Look at Related Research Insights:Torpedo Market Size, Share & Industry Analysis, By Weight (Heavyweight Torpedoes and Lightweight Torpedoes), By Propulsion (Electric and Conventional), By Launch platform (Air-launched, Surface-launched, and Underwater-launched), and Regional Forecast 2019-2026Commercial Drone Market Size, Share & Industry Analysis, By Product (Fixed Wing Drone, Rotary Blade Drone, and Hybrid Drone), By Technology (Remotely Operated, Semi-Autonomous, and Autonomous), By System (UAV Structure, UAV Payloads, UAV Avionics, UAV Propulsion, and UAV Software), By Industry (Infrastructure, Transport & Delivery, Insurance, Media, Telecommunication, Agriculture, Security, and Mining) and Regional Forecast, 2019-2026Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026
About UsFortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand current competitive challenges.Contact Us:Fortune Business Insights™ Pvt. Ltd.
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