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Unmanned Underwater Vehicles (UUV) Market Size Worth USD 7.53 billion at 12.8% CAGR till 2026; Increasing Investment in Product R&D will Aid Growth, says Fortune Business Insights™

The global unmanned underwater vehicles market size is projected to reach USD 7.53 billion by the end of 2026. Increasing investment in product R&D will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Unmanned Underwater Vehicles Market Size, Share and Industry Analysis, By Type (Remotely Operated Vehicle (ROV), and Autonomous Underwater Vehicle (AUV)), By Application (Commercial Exploration, Scientific Research, Defense, and Miscellaneous), 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 in 2018 and will exhibit a CAGR of 12.8% during the forecast period, 2019-2026.

Unmanned underwater vehicles are automobile that is capable of operating underwater without the need of any human presence. These vehicles are mostly used in the survey and maritime surveillance operations. Variations in product offerings have opened up a huge potential for the growth of the market in recent years. The increasing investment in the development of low-cost and energy-efficient vehicles will create several growth opportunities for the companies operating in the market.

Recent technological advancements have yielded vehicles with the highest efficiency and subsequently allow applications across diverse industry verticals. These vehicles are programmed to make decisions on their own through machine algorithms and sensor-integrated concepts. The use of advanced concepts such as IoT, AI, and robotics will bode well for the market in the forthcoming years. The emphasis on the development of energy-efficient vehicles will aid the growth of the market in the foreseeable future.

 

COVID-19 Impact on Unmanned Underwater Vehicles Industry:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

 

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Unmanned underwater vehicles are automated vehicles that operate under water. They are used for numerous marine as well as research and survey applications. The increasing use of these products in applications such as survey and research in the oil and gas industry will emerge in favor of the growth of the overall market.

The growing demand for oil and natural gas will create a subsequent demand for unmanned underwater vehicles across the world. The presence of several large scale companies, coupled with the massive investments by these companies will create several platforms for market growth. The emphasis on the development of low-energy consuming vehicles by government as well as private organizations will aid the growth of the overall market in the coming years. Moreover, technological advancements have played a vital role in the growth of the market, accounting to their applications across numerous industry verticals.

 

Market Drivers

Increasing Number of Company Mergers Will Aid Market Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. It highlights a few of the standout strategies adopted by major companies and includes a brief analysis of the impact that these companies have had on the global market. It has been observed that company collaborations are a growing trend among major companies.

In August 2019, General Dynamics Corporation announced that it signed a contract with the US Department of Defense. The contract is said to be worth USD 45 million and is aimed at production of low-rate initial production of surface-mine undersea vehicle. General Dynamics’ latest contract with the US Dept. of Defense will not just help the company grow, but will also influence the growth of the overall market in the foreseeable future.

 

Hydroid’s Contract with the US Navy for Training Services Will Have a Massive Impact on Market Growth

The report identifies a few of the major industry developments of recent times and discusses their impact on the growth of the market. Accounting to widespread product applications across diverse industry verticals, governmental organizations are looking to offer projects and development contracts to large scale companies that are based in the respective regions. In August 2019, Hydroid Inc. announced that it has bagged a contract from the US Navy for engineering support as well as training services for the MK-18 family of systems. The company announced that the contract was worth USD 15.82 million. Hydroid’s latest collaboration with the US Navy will not just benefit the company, but will have a direct impact on the growth of the overall market in the coming years.

North America Holds the Highest Market Share; Increasing Use of ROVs to Aid Growth

The report analyzes the ongoing UUV market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America currently holds the highest UUV market share. The increasing use of ROVs in several countries across North America will aid the growth of the regional market. Moreover, emphasis on developing efficient ROVs for underwater surveys for oil and gas extraction will provide impetus to market growth. As of 2018, the market in North America was worth USD 948.8 million and this value is likely to increase further in the coming years. Besides North America, the market in Asia Pacific will also witness significant growth in the coming years driven by the increasing investment in UUVs used in the defense sector by major economies such as China, India, and Japan. The market in Europe will also witness considerable growth due to the presence of several large scale companies such as Kongsberg Maritime and Saab Group.

 

Increasing Global Concerns Regarding Maritime Security Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing concerns surrounding maritime security have opened up a huge potential for UUV vendors across the world. Security concerns such as terrorism and other physical threats will emerge in favor of the growth of the market. Besides security concerns, applications of UUVs in communication, intelligence, surveillance, and reconnaissance (ISR) will also fuel the demand for unmanned underwater vehicles in the coming years. Recent technological advancements have allowed applications across diverse industry verticals. The increasing applications and subsequently rising demand for UUVs will emerge in favor of the growth of the market in the foreseeable future.

 

Technological Intervention is a Growing Trend Among Major Companies

Due to the increasing demand for unmanned underwater vehicles, there is healthy competition in the market. As a result, companies are looking to adopt newer strategies that will help them gain a competitive edge. Among all the strategies, integrating newer technologies in products is emerging as a growing trend among large scale companies across the world.

 

Major Industry Developments:

August 2019: Hydroid Inc. announced that it has bagged a contract worth USD 15.82 million indefinite-delivery/indefinite-quantities. The contract will be aimed at providing engineering support and training services for the MK 18 Family of Systems– Unmanned Underwater Vehicle systems.

 

Browse Detailed Research Insights:   

https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527

 

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