Global Underwater Robotics Market was valued US$ XX Bn in 2018 and is expected to reach US$ 6.98 Bn by 2026, at a XX % CAGR of around during a forecast period.
The major driving factor of the global underwater robotics market are exploration for oil & gas, mineral exploration, underwater data collection, search and rescue, monitoring sea life & underwater environmental changes, and also in military and defense applications. The high cost of R&D for the development of underwater robots is a key factor restraining the growth of the global underwater robotics market. Furthermore, malfunctions that occur while performing underwater expeditions or surveys are another factor expected to hinder the growth of the global underwater robotics market over the forecast period. The report contains a detailed list of factors that will drive and restrain the growth of the underwater robotics market.
Based on type, the remotely operated vehicle is the dominant segment due to remotely operated vehicles are expected to lose market share and autonomous underwater vehicles are expected to gain traction during the forecast period. Growth of remotely operated vehicle segment is attributed to rising offshore deep-sea oil and drilling industry owing to its capability to perform undersea operations such as drilling, equipment assembling, underwater repair, and maintenance.
The autonomous underwater vehicles segment is projected to witness significant growth over the forecast period due to increasing demand and adoption in defense applications such as surveillance, mine counter measurement, anti-warfare application, and others. Moreover, potential use in ocean floor mapping, testing water samples, polar ice research, and pipeline inspection is expected to further drive expansion over the forecast period.
The Asia Pacific region is estimated to expand at the highest CAGR over the forecast period due to high adoption of underwater robots in emerging economies and growing investments in autonomous marine vehicles in the countries such as China, South Korea, Japan, India, and Australia are expected to drive the region’s growth.
The reports covers the recent development in the market for a underwater robotics such as, in July 2017, the US Defense Advanced Research Projects Agency (DARPA) signed a contract of USD 4.6 Million with BAE Systems.to develop UUV to supplement manned submarines, helping them to detect targets by sending sonar pulses. Sensors used in underwater robot has vast applications in industrial sectors. Further, R&D has helped in developing an advanced imaging system that is used at low depth and can trace the enemy ship in the water. Growing focus on innovation by DRDO for advanced defense equipment is likely to boost the growth of the market during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Underwater Robotics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Underwater Robotics Market dynamics, structure by analyzing the market segments and project the Global Underwater Robotics Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Underwater Robotics Market make the report investor’s guide.
Scope of Global Underwater Robotics Market:
Global Underwater Robotics Market, by Type:
• Remotely Operated Vehicle
• Autonomous Underwater Vehicles
Global Underwater Robotics Market, by Application:
• Defense & Security
• Commercial Exploration
• Scientific Research
Global Underwater Robotics Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operated in Global Underwater Robotics Market:
• ATLAS MARIDAN Aps
• Deep Ocean Engineering, Inc.
• Bluefin Robotics Corporation
• ECA Group
• International Submarine Engineering
• Inuktun Services Ltd.
• Oceaneering International, Inc.
• Saab AB
• Schilling Robotics, LLC
• Soil Machine Dynamics Ltd.
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