An increase in the application of underwater robotics in oceanic engineering is expected in the upcoming years. Market Research Future (MRFR) in its latest assessment has highlighted that the global underwater robotics market is expected to value at over USD 4 Bn by 2023 up from USD 2.12 Bn in 2017. The market, as per the report, is poised to strike a double-digit CAGR of 12.6% over the assessment period 2018 to 2023. The constant need for surveillance at submerged ocean areas is expected to boost the revenue generation of the underwater robotics market in the forthcoming years.
Many countries such as India, Australia, the U.S., the U.K., etc. are at risk of underwater attacks. This, in turn, is projected to lead to a rise in investments in underwater robotics over the next couple of years. In addition, the dispute in the South China sea is also prognosticated to propel the expansion of underwater robotics market in the nearby future. Increasing budget allocations for the defense sector is anticipated to impact the growth of the market favorable in the foreseeable future. Also, the growth of the marine industry is forecasted to catalyze the expansion of the underwater robotics market across the review period. Other applications of the technology are underwater payload delivery, mine detection, etc. Investments are being injected in research & development for increasing the technological capability of the product. It is anticipated to revolutionize the growth trajectory of the underwater robotics market in the foreseeable future.
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Market Segmentation:
On the basis of type, the global underwater robotics market has been segmented into autonomous underwater vehicle (AUV), and remotely operated vehicle (ROV).
By application, the underwater robotics market is segmented into commercial exploration, defense & security, and scientific research.
Regional Analysis:
The global underwater robotics market, based on region, has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Among these, North America is projected to dominate the global market over the next couple of years. The U.S. is the most crucial country-level market in the region. Increasing use of underwater robotics in the U.S. Navy for security is expected to drive market growth over the evaluation period. In addition, increasing applications in the oil & gas industry for exploration activities is also anticipated to support the expansion of the underwater robotics market in the region. The U.S. constitutes around 28% of the total market share and is expected to witness substantial growth pace over the next few years. The region is also poised to witness a rise in exports, thus, catalyzing market growth.
Competitive Dashboard: Atlas Maridan ApS (Denmark), Kongsberg Gruppen (Norway), Deep Ocean Engineering, Inc. (US), ECA SA (France), Bluefin Robotics (US), International Submarine Engineering Ltd (Canada), Saab AB (Sweden), Schilling Robotics, LLC (US), Inuktun Services Ltd (Canada), and Soil Machine Dynamics Ltd (UK) are some of the top-notch players participating in the landscape of the global underwater robotics market. Other key players of the market include Boston Engineering Corporation (US), BaltRobotics Sp.z.o.o. (Poland), Oceaneering International, Inc. (US), BAE Systems PLC (UK), Ocean Aero, Inc. (US), Pelorus Naval Systems Inc. (US), Palmarii Dynamics AB (Sweden), and SeaRobotics Corporation (US).
The key strategies opted by these players to garner more market share are mergers & acquisitions, collaborations, partnerships, technological advancements, etc. In addition, players are also assessed to increase investments in research & development. It is projected to intensify the competition among the competitors over the next few years, thus, supporting the expansion of the underwater robotics market. Key players are also poised to invest in regional expansion, which is projected to boost the revenue growth of the market over the next couple of years.
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