Unmanned Underwater Vehicles Market to Worth USD 9,502.7 Million by 2028 | With 17.59% CAGR duri
Pune, India, July 19, 2023 (GLOBE NEWSWIRE) — According to a report published by Fortune Business Insights™, titled “Unmanned Underwater Vehicles Market Size and Regional Forecast, 2023-2028,” the market is projected to reach a substantial value of USD 9,502.7 million in 2028 and is anticipated to grow at a commendable CAGR of 17.59% during the forecast period. This robust growth can be attributed to the increasing utilization of UUVs in various underwater applications, including search and survey operations, communication systems, navigation tasks, and maritime surveillance.
The unmanned underwater vehicles (UUVs) market refers to the industry involved in the manufacturing, development, and deployment of autonomous or remotely operated vehicles designed for underwater operations. UUVs are robotic systems that operate without human intervention, either autonomously following pre-programmed instructions or remotely controlled by operators on the surface. These vehicles are equipped with various sensors, cameras, and instruments to perform tasks such as surveying, inspection, data collection, research, and surveillance in underwater environments.
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The Report Lists the Key Players in the Unmanned Underwater Vehicles Market:
- Boeing (The U.S.)
- Fugro (The Netherlands)
- General Dynamics Corporation (The U.S.)
- International Submarine Engineering (Canada)
- KONGSBERG (Norway)
- L3Harris Technologies, Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- Oceaneering International, Inc. (The U.S.)
- Saab AB (Sweden)
- Teledyne Technologies Incorporated (The U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2028 |
| Forecast CAGR | 17.59% |
| 2028 Value Projection | USD 9,502.7 Million |
| Market Size in 2021 | USD 3,057.0 Million |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Unmanned Underwater Vehicles Market Growth Drivers | Growing Deep-Water Oil & Gas Production Propels the Market Growth |
| Growing Concerns over Maritime Security and Naval Cross-Border Threats to Drive Market |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
Market Driver:
Surging Deep Water Oil & Gas Production to Facilitate Growth
The increasing gas and oil production and exploration activities will have a tremendous impact on the global market. For instance, in 2019, the Gulf of Mexico observed new oil discoveries by key companies such as Shell, Chevron, Repsol, and Equinor. Shell has been successful in deep-water well-exploration projects. The new exploration project is expected to produce more than 900,000 barrels of oil by 2020. The increasing energy demand will subsequently accelerate deep-sea exploration, which, in turn, will aid expansion of the market. The oil & gas industry is expected to account for the lion’s share in the world’s primary energy supply by 2050. The increasing utilization of UUVs in the oil and gas industry can have an outstanding effect on the market in the forthcoming years. Moreover, the increasing commercial applications such as seafloor mapping or seabed imaging and pipeline disruption study in the sea environment will foster healthy growth of the market.
Disrupted Oil Industry to Dampen Business Amid Coronavirus
COVID-19 had a severe impact on the industries due to the spread of the disease to almost 200+ countries worldwide. Moreover, the global oil industry experienced a sudden drop in demand across various countries. The oil demand is projected to fall 9.3 mb/d year-on-year basis in 2020 and 2021. According to UNCTAD, global maritime transport plunged by 4.1% in 2020 due to unexpected disruption caused by the COVID-19 pandemic. The disorder has mainly hampered the supply chain, shipping network, trade volumes, and port. However, the global Shipping industry is making efforts for sustainable recovery and smooth operations, which, in turn, will aid the market.
The report on the unmanned underwater vehicles market uncovers:
- Renowned insights into the industry
- Important data with in-depth research
- Factors exhibiting market growth
- Comprehensive study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
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Segmentation:
The unmanned underwater vehicles (UUVs) market can be segmented based on various factors. Here is a short overview of the key segmentation aspects:
- Type: UUVs can be categorized into different types based on their design and operational capabilities. This includes remotely operated vehicles (ROVs), autonomous underwater vehicles (AUVs), and hybrid vehicles that combine features of both ROVs and AUVs.
- Application: The market can be segmented based on the applications of UUVs. This includes defense and security, oil and gas exploration, scientific research, marine environmental monitoring, underwater mapping and surveying, search and rescue operations, and others.
- End-User: UUVs are utilized by various industries and organizations. The market can be segmented based on end-users such as military and defense, oil and gas companies, research institutions and universities, commercial entities, and government agencies.
- Depth Rating: UUVs are designed to operate at different depths in the underwater environment. The market can be segmented based on depth ratings, including shallow water UUVs, medium-depth UUVs, and deep-sea UUVs.
- Region: The market can be segmented based on geographic regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Regional segmentation helps understand the market trends, growth opportunities, and adoption of UUVs in different parts of the world.
Regional Analysis:
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest share during the forecast period. The United States is the largest producer, operator, and exporter of UUVs globally. The increasing use of remotely operated vehicles (ROVs) in commercial and defense sectors will promote the expansion of North America’s market. The growing use of autonomous underwater vehicles (AUVs) for carrying deep-water surveys in oil & gas production can contribute positively to the market growth in the region. Asia Pacific is expected to experience a significant growth rate during the forecast period. The growth is attributed to the increasing investments in the defense sector from several countries such as India, China, Japan, South Korea, and others.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Market
- Impact of the COVID-19 pandemic on the Global UUV Market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
- Global Unmanned Underwater Vehicles Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Remotely Operated Vehicle (ROV)
- Autonomous Underwater Vehicle (AUV)
- Market Analysis, Insights and Forecast – By Application
- Commercial Exploration
- Scientific Research
- Defense
- Miscellaneous
- Market Analysis, Insights and Forecast – By Product Type
- Small Vehicle
- High-Capacity Electric Vehicle
- Work-Class Vehicle
- Heavy Work-Class Vehicle
- Market Analysis, Insights and Forecast – By Propulsion System
- Electric System
- Mechanical System
- Hybrid System
- Market Analysis, Insights and Forecast – By Payload
- Camera
- Sensors
- Inertial Navigation System
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- The Middle East
- Latin America
- Africa
TOC Continued…!
Key Development:
June 2020: Seamec Limited announced that it has signed a three-year contract with Fugro for inspection, repair, & maintenance (IRM) of subsea pipeline on India’s west coast. Fugro is expected to offer work class ROV services to Seamec during the contract duration.
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