The global unmanned underwater vehicles market size was valued at USD 3.02 billion in 2022 and is expected to be worth USD 3.34 billion in 2023. The market is projected to reach USD 8.14 billion by 2030, recording a CAGR of 13.5% during the forecast period.
Unmanned Underwater Vehicles (UUVs) or underwater drones, as the name suggests, are vehicles that operate underwater with little to no human interference. There are different types of UUVs that are used for different applications, such as Hybrid Underwater Vehicles, Autonomous Underwater Vehicles, and Remotely Operated Underwater Vehicles. UUVs play a vital role in the construction and inspection of underwater oil sites for the offshore oil & gas sector. These factors are expected to bolster the unmanned underwater vehicles market growth.
Fortune Business Insights™ displays this information in a report titled, “Unmanned Underwater Vehicles Market, 2023-2030.”
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https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- The Boeing Company (U.S.)
- Teledyne Technologies Inc. (U.S.)
- L3 Harris Technologies Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Oceaneering International Inc. (U.S.)
- SAAB AB (Sweden)
- Fugro (Finland)
- General Dynamics Corporation (U.S.)
- International Submarine Engineering (Canada)
- Kongsberg Gruppen (Norway)
Segmentation:
Autonomous Underwater Vehicles to be Widely Used for Their Immense Potential in Underwater Operations
Based on UUV type, the market is segmented into Remotely Operating Vehicles (ROV), Autonomous Underwater Vehicles (AUVs), and Hybrid Underwater Vehicles (HUV). The autonomous underwater vehicle segment accounted for the largest unmanned underwater vehicles market share as these vehicles have showcased immense potential in a wide range of underwater operations.
Wide Usage of UUVs in Naval & Defense Applications to Augment Their Sales
In terms of application, the market is segmented into search & salvage operations, archeological & exploration, oceanography, environmental & meteorological research, and oil & gas and naval & coastal defense. The naval & coastal defense application segment held a dominant market position due to growing use of UUVs in defense applications, such as mine detection, clearance & anti-submarine warfare, and undersea reconnaissance.
Communication & Navigation Sub-Systems to Gain Traction With Widespread Use of UUVs
In terms of sub-system, the market is segmented into propulsion, drive system, collision avoidance, payloads & imaging, and communication & navigation. The communication & navigation segment is anticipated to capture the largest share in the market as these sub-systems can help UUVs communicate better with each other when used in a wide range of sectors, such as scientific research, military & defense, and oil & gas.
Customers’ Rising Purchasing Power to Boost Demand for Large Vehicles
Based on operational range type, the market is divided into large vehicles (depth more than 1000m), medium vehicles (100m to 1000m), and shallow vehicles (depth up to 100m). The large vehicle segment holds the largest market share as customers are witnessing a strong rise in their purchasing power; these vehicles can also perform various operations in the bottom zones of water.
Commercial Sector to Increase Reliance on UUVs to Conduct Deepwater Operations
Based on end user, the market is divided into research institutes, commercial, government, defense/homeland security, and others. The commercial segment holds the largest market share as the demand for UUVs is rising to carry out various deep-water operations, such as seafloor surveying & mapping, offshore drilling, and pipeline inspection.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage:
The market report analyzes the market in detail and focuses on key aspects, such as the market’s competitive landscape, major product types, technological advancements, market players. The report also reviews the current market trends and highlights key industry developments. Apart from the abovementioned factors, it analyzes the factors influencing the market’s growth during the forecast period.
Drivers and Restraints:
Rising Maritime Security Concerns to Augment Market Growth
Some of the major problems that threaten to hinder the operations of the shipping industry include maritime terrorism and piracy. These threats can not only endanger human lives, but also cause significant financial losses. Moreover, maritime security is increasingly getting compromised due to the rising incidence of drug smuggling at sea, as well as migrant smuggling. UUVs can be helpful in such cases as they can enhance maritime security by eliminating such threats.
However, high maintenance and operating costs associated with UUVs can hinder the market’s growth.
Regional Insights:
North America to Dominate Global Market With Growing Use of Remotely Operated Vehicles
North America accounted for the largest share in the global market and may continue to maintain its position in the future as the region is increasing its use of remotely operated vehicles in the defense and commercial sectors. The rising adoption of these vehicles for underwater exploration will also fuel the regional market growth.
Asia Pacific market is also anticipated to grow considerably due to the regional governments’ rising investments in the defense sector.
Competitive Landscape:
Key Players Focusing on Offering Innovative UUVs
The market’s landscape is quite consolidated with the presence of leading companies, such as Lockheed Martin Corporation, L3 Harris Technologies Inc., Teledyne Technologies Incorporated, and Oceaneering International, Inc. These companies are focusing on introducing technologically advanced UUVs to support the defense sector of different countries.
Notable Industry Development:
July 2021: The Indian Navy announced the development of the use of unmanned underwater vehicles. L&T was creating a number of Autonomous Underwater Vehicles (AUVs) in partnership with Italy’s EdgeLab. L&T showcased the AUVs Amogh, Adamya and Maya at the Def Expo 2020.
