Unmanned Underwater Vehicles Market Anticipated to Generate a Revenue of $1.96 Billion and Rise at a CAGR of 15.8% by 2028

Share

Tweet

Share

Share

Email

The global Unmanned Underwater Vehicles (UUV) market size reached USD 1.96 Billion in 2020 and is expected to register a revenue CAGR of 15.8%, during the forecast period, according to the latest analysis by Emergent Research. Rising worries over the coastal defense and naval cross-border threats, rising defense spending by governments worldwide, and higher investments by companies in the oil and gas industry are some of the key drivers influencing the growth of the unmanned underwater vehicle market internationally. Additionally, rising defense spending by governments throughout the world is anticipated to boost market revenue growth in the future.

Technology developments across industries and sectors in developing countries have led to a major increase in global energy consumption in recent years. Due to the fast deterioration and depletion of conventional onshore energy resources, offshore resources are becoming more crucial for supplying the world’s expanding energy demand. Oil and gas production lines have moved to submerged areas as a result. UUV use in the oil and gas industry is anticipated to rise as a result of the fast-moving technological developments in the technology, which include improved communication and access to deeper depths.

Underwater drones are prepared to carry out activities linked to marine navigation, communication, and imaging technologies. In the years to come, advances in UUV technology will provide them with a stronger foothold in the commercial sector in terms of battery life, autonomy, and manipulation. Since thrusters consume the majority of the electricity in these UUVs, their typical battery life is less than 24 hours on average, which is dramatically reduced if they must operate in deep waters. UUVs’ available power and energy govern how fast and how far they can travel, respectively. With the increasing demand for speed, endurance, more sensors, and onboard computation, energy is a significant problem with UUVs. The majority of underwater drones currently in use cannot recharge batteries, so they must carry a significant quantity of batteries to sustain power throughout their deployment.

Some Key Highlights from the Report :

Revenue from the Autonomous Underwater Vehicles (AUV) market is anticipated to increase at a very quick CAGR throughout the forecast period. Aquatic survey activities, such as finding and charting underwater wrecks, stones, and barriers, can be carried out by autonomous underwater vehicles, which have great promise for underwater operations.

Over the forecast period, the electric segment is anticipated to have the most revenue. Electric unmanned underwater vehicles are predicted to become more popular since they function without a complicated support system, have a full energy source onboard, and do not require external power.

The Boeing Company, Atlas Elektronik GmbH, General Dynamics Corporation, Oceaneering International, Inc., BAE Systems plc, Boston Engineering Corporation, Bluefin Robotics Corporation, Kongsberg Gruppen, Saab AB, Lockheed Martin Corporation, and Atlas Elektronik GmbH are a few of the leading players in the market.

Emergen Research has segmented the global Unmanned Underwater Vehicles (UUV) market based on type, propulsion system, product type, payload, application, and region:

Type Outlook (Revenue, USD Billion; 2018–2028)

• Hybrid Underwater Vehicles (HUV)
• Remotely Operated Vehicles (ROV)
• Autonomous Underwater Vehicles (AUV)

Propulsion System Outlook (Revenue, USD Billion; 2018–2028)

• Electric
• Hybrid
• Others

Product Type Outlook (Revenue, USD Billion; 2018–2028)

• Small Vehicle
• Work Class Vehicle
• High-Capacity Electric Vehicle
• Heavy Work Class Vehicle

Payload Outlook (Revenue, USD Billion; 2018–2028)

• Cameras
• Sensors
• Synthetic Aperture Sonar
• Inertial Navigation Systems

Application Outlook (Revenue, USD Billion; 2018–2028)

• Scientific Research
• Commercial
• Defense
• Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
  1. the U.S.
  2. Canada
  3. Mexico
• Europe
  1. Germany
  2. France
  3. the U.K.
  4. Italy
  5. Spain
  6. BENELUX
  7. Rest of Europe
• the Asia Pacific
  1. China
  2. India
  3. Japan
  4. South Korea
  5. Rest of APAC
• Latin America
  1. Brazil
  2. Rest of LATAM
• Middle East & Africa
  1. Saudi Arabia
  2. UAE
  3. South Africa
  4. Turkey
  5. Rest of MEA

To know about the assumptions considered for the study  Request  a Sample Copy