The global unmanned underwater vehicles market size is expected to reach USD 9,502.7 million by 2028, exhibiting a CAGR of 17.59% during the forecast period. The increasing application of UUVs in underwater search and survey, communication, navigation, and maritime surveillance will propel the healthy growth of the market, states Fortune Business Insights, in a report, titled “Unmanned Underwater Vehicles (UUV) Market, 2021-2028.” The market size stood at USD 2,960.8 million in 2020. The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling, and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
The report on the unmanned underwater vehicles market uncovers:
- Renowned insights into the industry
- Important data with in-depth research
- Factors exhibiting market growth
- Comprehensive study about main regions
- COVID-19 impact on the market
- Prime developments in the industry
Market Driver:
Surging Deep Water Oil & Gas Production to Facilitate Growth
The increasing gas and oil production and exploration activities will have a tremendous impact on the global market. For instance, in 2019, the Gulf of Mexico observed new oil discoveries by key companies such as Shell, Chevron, Repsol, and Equinor. Shell has been successful in deep-water well-exploration projects. The new exploration project is expected to produce more than 900,000 barrels of oil by 2020. The increasing energy demand will subsequently accelerate deep-sea exploration, which, in turn, will aid expansion of the market. The oil & gas industry is expected to account for the lion’s share in the world’s primary energy supply by 2050. The increasing utilization of unmanned underwater vehicles in the oil and gas industry can have an outstanding effect on the market in the forthcoming years. Moreover, the increasing commercial applications such as seafloor mapping or seabed imaging and pipeline disruption study in the sea environment will foster healthy unmanned underwater vehicles market growth.
Disrupted Oil Industry to Dampen Business Amid Coronavirus
COVID-19 had a severe impact on the industries due to the spread of the disease to almost 200+ countries worldwide. Moreover, the global oil industry experienced a sudden drop in demand across various countries. The oil demand is projected to fall 9.3 mb/d year-on-year in 2020 and 2021. According to UNCTAD, global maritime transport plunged by 4.1% in 2020 due to unexpected disruption caused by the COVID-19 pandemic. The disorder has mainly hampered the supply chain, shipping network, trade volumes, and port. However, the global Shipping industry is making efforts for sustainable recovery and smooth operations, which, in turn, will aid the market.
Regional Analysis:
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest UUVs market share during the forecast period. The United States is the largest producer, operator, and exporter of UUVs globally. The increasing use of remotely operated vehicles (ROVs) in commercial and defense sectors will promote the expansion of North America's market. The growing use of autonomous underwater vehicles (AUVs) for carrying deep-water surveys in oil & gas production can contribute positively to the market growth in the region. Asia Pacific is expected to experience a significant growth rate during the forecast period. The growth is attributed to the increasing investments in the defense sector from several countries such as India, China, Japan, South Korea, and others.
Key Development:
June 2020: Seamec Limited announced that it has signed a three-year contract with Fugro for inspection, repair, & maintenance (IRM) of subsea pipeline on India's west coast. Fugro is expected to offer work class ROV services to Seamec during the contract duration.
The Report Lists the Key Players in the Market for Unmanned Underwater Vehicles:
- Boeing (The U.S.)
- Fugro (The Netherlands)
- General Dynamics Corporation (The U.S.)
- International Submarine Engineering (Canada)
- KONGSBERG (Norway)
- L3Harris Technologies, Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- Oceaneering International, Inc. (The U.S.)
- Saab AB (Sweden)
- Teledyne Technologies Incorporated (The U.S.)
Information Source -
https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
The Global Unmanned Underwater Vehicles (UUV) Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.DriversOrganizations across the globe have been investing in R of advanced UUVsRising number of deep-water offshore oil & gas production activitiesRestraintsDeclining military budgets in developed economiesThe comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on product type and application.
These segments are studied in detail incorporating the market estimates and forecasts at regional and country level.
The segment analysis is useful in understanding the growth areas and probable opportunities of the market.Browse the complete Global Unmanned Underwater Vehicles (UUV) Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/20176-unmanned-underwater-vehicles-uuv-market-reportThe report also covers the complete competitive landscape of the global Unmanned Underwater Vehicles (UUV) market with company profiles of key players such as:ATLAS ELEKTRONIK GmbHBAE Systems Plc.Bluefin Robotics CorporationBoeing CompanyInternational Submarine Engineering Ltd.Kongsberg Maritime ASL3 OceanServerLockheed Martin CorporationRaytheon CompanySaab GroupSubsea 7 S.A.Teledyne Technologies, Inc.Thales GroupA detailed description of each has been included, with information in terms of H.Q, future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments.SEGMENTATIONS IN THE REPORT:By Product Type:Autonomous Underwater Vehicles (AUV)Remotely Operating Underwater Vehicles (ROV)Hybrid Underwater VehiclesBy Applications:DefenseScientific ResearchCommercialBy Geography:North America (NA) – US, Canada & Rest of North AmericaEurope (EU) – UK, Germany, France & Rest of EuropeAsia Pacific (APAC) – China, Japan, India & Rest of APACLatin America (LA) – Brazil & Rest of Latin AmericaMiddle East & Africa (MEA) – Middle East and AfricaDownload Free Sample Report of Global Unmanned Underwater Vehicles (UUV) Market @ https://www.decisiondatabases.com/contact/download-sample-20176The Global Unmanned Underwater Vehicles (UUV) Market has been exhibited in detail in the following chapters -Chapter 1 Unmanned Underwater Vehicles (UUV) Market PrefaceChapter 2 Executive SummaryChapter 3 Unmanned Underwater Vehicles (UUV) Industry AnalysisChapter 4 Unmanned Underwater Vehicles (UUV) Market Value Chain AnalysisChapter 5 Unmanned Underwater Vehicles (UUV) Market Analysis By Product TypeChapter 6 Unmanned Underwater Vehicles (UUV) Market Analysis By ApplicationsChapter 7 Unmanned Underwater Vehicles (UUV) Market Analysis By GeographyChapter 8 Competitive Landscape Of Unmanned Underwater Vehicles (UUV) CompaniesChapter 9 Company Profiles Of Unmanned Underwater Vehicles (UUV) IndustryPurchase the complete Global Unmanned Underwater Vehicles (UUV) Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-20176Other Reports by DecisionDatabases.com:Global Autonomous Underwater Vehicles Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Armored Vehicles Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Recreational Vehicles Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
The main difference is that AUV does not require continuous human interference or control and operates according to the pre-programmed instructions while the ROV is controlled continuously via an umbilical cord.
Unmanned underwater vehicles (UUVs) are primarily used in defense and government operations, academic and scientific research, commercial activity and retrieval systems.
Offshore oil and gas industry heavily depends on the vessels and container facilities provided by UUVs in deep waters for various exploration and upstream processes.
The applications include surveillance, reconnaissance, mine countermeasures, ocean floor mapping, pipeline inspection, polar ice research, anti-submarine warfare and so on.
Market Research and Market Trends of Unmanned Underwater Vehicles (UUV) EcosystemTo improve the ability of unmanned systems to communicate and operate between air, surface, and undersea domains is one important area of focus beyond developing larger UUVs.
AeroVironment successfully achieved communication of its Blackwing UAV with a swarm of unmanned undersea vehicles recently and parallel to it Lockheed Martin also launched a UAV from a Marlin MK2 autonomous underwater vehicle successfully.
