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.
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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.
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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.