The global unmannedunderwater vehicles market size is projected to reach USD 7.53billion by the end of 2026. The increasing product applicationsin the defense sector will provide impetus to market growth. According to areport published by Fortune Business Insights, titled “UnmannedUnderwater Vehicles Market Size, Share and Industry Analysis, By Type (RemotelyOperated Vehicle (ROV), and Autonomous Underwater Vehicle (AUV)), ByApplication (Commercial Exploration, Scientific Research, Defense, andMiscellaneous), 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 in2018 and will exhibit a CAGR of 12.8% duringthe forecast period, 2019-2026.
COVID-19 Impact on Unmanned Underwater Vehicles Industry:
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Unmanned underwater vehicles are automated vehicles that operate underwater. They are used for numerous marine as well as research and surveyapplications. The increasing use of these products in applications such assurvey and research in the oil and gas industry will emerge in favor of thegrowth of the overall market.
The growing demand for oil and natural gas will create a subsequent demandfor unmanned underwater vehicles across the world. The presence of severallarge scale companies, coupled with the massive investments by these companieswill create several platforms for market growth. The emphasis on thedevelopment of low-energy consuming vehicles by government as well as privateorganizations will aid the growth of the overall market in the coming years.Moreover, technological advancements have played a vital role in the growth ofthe market, accounting to their applications across numerous industryverticals.
Market Drivers
Increasing Number of Company Mergers Will Aid Market Growth
The report encompasses several factors that have contributed to the growthof the overall market in recent years. It highlights a few of the standoutstrategies adopted by major companies and includes a brief analysis of theimpact that these companies have had on the global market. It has been observedthat company collaborations are a growing trend among major companies.
In August 2019, General Dynamics Corporation announced that it signed acontract with the US Department of Defense. The contract is said to be worthUSD 45 million 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 the Highest Market Share; Increasing Use of ROVs toAid Growth
The report analyzes the ongoing UUV market trends across North America,Latin America, Asia Pacific, the Middle East and Africa, and Europe. Amongthese regions, the market in North America currently holds the highest UUVmarket share. The increasing use of ROVs in several countries across NorthAmerica will aid the growth of the regional market. Moreover, emphasis ondeveloping efficient ROVs for underwater surveys for oil and gas extractionwill provide impetus to market growth. As of 2018, the market in North Americawas worth USD 948.8 million and this value is likely to increase further in thecoming years. Besides North America, the market in Asia Pacific will alsowitness significant growth in the coming years driven by the increasinginvestment in UUVs used in the defense sector by major economies such as China,India, and Japan. The market in Europe will also witness considerable growthdue to the presence of several large scale companies such as Kongsberg Maritimeand Saab Group.
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
