Theglobal unmannedunderwater vehicles market size is projected to reach USD 7.53 billion by the endof 2026. The increasing product applications in thedefense sector will provide impetus to market growth. According to a reportpublished by Fortune Business Insights, titled “Unmanned Underwater Vehicles MarketSize, Share and Industry Analysis, By Type (Remotely Operated Vehicle (ROV),and Autonomous Underwater Vehicle (AUV)), By Application (CommercialExploration, Scientific Research, Defense, and Miscellaneous), By Product Type(Small Vehicle, High-Capacity Electric Vehicle, Work-Class Vehicle, and HeavyWork-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 marketwas worth USD 2.96billion in 2018 and will exhibit a CAGR of 12.8% duringthe forecast period, 2019-2026.
COVID-19 Impact on Unmanned UnderwaterVehicles Industry:
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Unmannedunderwater vehicles are automated vehicles that operate under water. They areused for numerous marine as well as research and survey applications. Theincreasing use of these products in applications such as survey and research inthe oil and gas industry will emerge in favor of the growth of the overallmarket.
Thegrowing demand for oil and natural gas will create a subsequent demand forunmanned underwater vehicles across the world. The presence of several largescale companies, coupled with the massive investments by these companies willcreate several platforms for market growth. The emphasis on the development oflow-energy consuming vehicles by government as well as private organizationswill aid the growth of the overall market in the coming years. Moreover,technological advancements have played a vital role in the growth of themarket, accounting to their applications across numerous industry verticals.
Market Drivers
Increasing Number of Company Mergers Will Aid Market Growth
Thereport encompasses several factors that have contributed to the growth of theoverall market in recent years. It highlights a few of the standout strategiesadopted by major companies and includes a brief analysis of the impact thatthese companies have had on the global market. It has been observed thatcompany collaborations are a growing trend among major companies.
InAugust 2019, General Dynamics Corporation announced that it signed a contractwith the US Department of Defense. The contract is said to be worth USD 45million and is aimed at production of low-rate initial production ofsurface-mine undersea vehicle. General Dynamics’ latest contract with the USDept. of Defense will not just help the company grow, but will also influencethe growth of the overall market in the foreseeable future.
North America Holds theHighest Market Share; Increasing Use of ROVs to Aid Growth
Thereport analyzes the ongoing UUV market trends across North America, LatinAmerica, Asia Pacific, the Middle East and Africa, and Europe. Among theseregions, the market in North America currently holds the highest UUV marketshare. The increasing use of ROVs in several countries across North Americawill aid the growth of the regional market. Moreover, emphasis on developingefficient ROVs for underwater surveys for oil and gas extraction will provideimpetus to market growth. As of 2018, the market in North America was worth USD948.8 million and this value is likely to increase further in the coming years.Besides North America, the market in Asia Pacific will also witness significantgrowth in the coming years driven by the increasing investment in UUVs used inthe defense sector by major economies such as China, India, and Japan. Themarket in Europe will also witness considerable growth due to the presence ofseveral large scale companies such as Kongsberg Maritime and Saab Group.
Browse Detailed Research Insights with Table ofContent:
https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
