Global Unmanned Underwater Vehicles Market: Snapshot
Of late, the global unmanned underwater vehicles market has been observing a tremendous growth in their valuation. With the significant rise in the oil and gas industry, the deep-water offshore activities for the production of oil and gas and the number of offshore constructions have increased substantially, which is influencing the uptake rate of unmanned underwater vehicles across the world. In addition, the surging threats over maritime security is expected to boost the demand for these vehicles over the next few years, reflecting positively on this market.
By 2017, the global market for unmanned underwater vehicles is anticipated to reach a value of US$2.4 bn. The opportunity in this market is anticipated further rise at a healthy CAGR of 11.80% over the period from 2017 to 2022 and increase to US$4.26 bn by the end of 2022.
Commercial Exploration to Continue Reporting High Demand for Unmanned Underwater Vehicles
The defense sector, scientific research, and commercial exploration are the key application areas for unmanned underwater vehicles across the world. Currently, the demand for these vehicles is relatively greater in the commercial exploration segment and the trend is projected to continue over the forthcoming years on the grounds of the considerable rise in various activities related to commercial exploration, such as seabed mapping, surveys, pipeline inspection, and offshore drilling.
Autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) have gained a reputation as the key unmanned underwater vehicles across the world. Among the two, ROVs have been the leading contributors to this market and are anticipated to remain so in the near future due to their increasing demand for ultra-deep water drilling. Mechanical systems, electrical systems, and hybrid systems are the most preferred propulsion systems utilized in unmanned underwater vehicles.
North America to Report Continued Dominance over Global Unmanned Underwater Vehicles Market
In terms of the geography, the worldwide market for unmanned underwater vehicles reports its reach across Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Latin America, and Japan. With early adoption of technology, North America has been leading the overall market for the last few years. This regional market is estimated to proliferate at a CAGR of 11.40% between 2017 and 2022, maintaining its dominance over the global market in the near future. The continual increase in the oil and gas exploration activities is likely to boost the North America market for unmanned underwater vehicles substantially over the next few years.
Europe and Asia Pacific excluding Japan are also witnessing significant growth in their respective markets for unmanned underwater vehicles, thanks to the increasing exploration activities in these regions. However, it is the Middle East and Africa that is expected to offer the most promising opportunities for the growth of the overall market in the near future. The ongoing expansion in the oil and gas industry and the increase in the activities related to the discovery of new oil and gas exploration fields between the Gulf of Mexico and Africa are expected to propel the Middle East and Africa market for unmanned underwater vehicles in the years to come.
The global market for unmanned underwater vehicles demonstrates a highly competitive business landscape. Some of the key vendors of unmanned underwater vehicles across the world are Subsea 7, Thales SA, Teledyne Gavia ehf, Boeing Co., Kongsberg Maritime AS, Oceaneering International Inc., General Dynamics Corp., Saab AB, Atlas Elektronik GMBH, and Lockheed Martin Corp.