Tuesday, 21 September 2021 05:23 GMT

Unmanned Underwater Vehicle Market Estimated to Reach $6.5 Billion by 2026


(MENAFN- MarketersMEDIA) The Upsurge in Offshore Drilling Activities, Mining Activities, and Other Commercial Applications Have Driven the Demand for Advanced Unmanned Underwater Vehicles Market



Hyderabad, India - July 24, 2021 /MarketersMedia/ — The Global Unmanned Underwater Vehicle (UUV) Market is estimated to reach $6.5 billion by 2026, growing at a CAGR of 10.6% from 2021 to 2026. There are various stages at which value is added in the process of manufacturing and selling of the unmanned underwater vehicles including the AUV's (Autonomous Unmanned Vehicles) and ROV's (Remote Operated Vehicles). The value chain of the UUV (Unmanned Underwater Vehicles) is a combination of the supply chain as well as the supporting organizations. The supply chain of the UUV contains the suppliers of the raw material, followed by the component manufacturers, product manufacturers, distributors, and finally the operation/sales of the UUV. The Research and development is supporting body for the UUV development. Supporting organizations for the UUV value chain include educational institutions, industry associations, and others. The rising demand for AUVs and ROVs as drone ships for hydrographic survey and anti-submarine warfare will drive market growth.

Unmanned Underwater Vehicle Market Segment Analysis - By Type

By Type, the market is segmented into AUV, ROV and Hybrid. ROV Unmanned Underwater Vehicles are dominating in the market at 46.2% share in 2020 owing to its wide range of applications in commercial and scientific applications. Capex is yet another driver for the underwater unmanned vehicle market. The more the capital expenditure, the more will be exploration and drilling activity, which will drive the ROV market.

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Unmanned Underwater Vehicle Market Segment Analysis - By Application

Subsea exploration activity is forecast to escalate the usage of underwater unmanned vehicles market growing at a CAGR of 14.5% through 2026.The ROV operations market is driven by the start of new oilfield development, active oilrig count and the volume of offshore capital expenditure.

Unmanned Underwater Vehicle Market Segment Analysis – By Geography

By Geography the Unmanned Underwater Vehicles Market is dominated by North America with a market share of 34.5% in 2020. In North America the presence of industrial sectors along with continuous growth of technological advancement have resulted in the requirement of Unmanned Underwater Vehicles, as these are equipped with turbine engines, sensors and cameras which provides them high power density, enormous thrust capacity, good efficiency with good load capacity, fuel quality and others making them convenient in these industrial and commercial applications..

Unmanned Underwater Vehicles Market Drivers

Growing Distribution Network

The distribution network in the case of UUV's consists of 2 members that is the Brokers and the post production service providers. Distributors are required to reduce the administrative costs and increase product awareness. There is a low value-added at this stage due to the dearth of companies that involve a distribution company. Brokers and sales representatives are local & small companies having the rights to distribute and sell UUVs. Usually manufacturers are involved in direct selling in the home market and they sell via distributors of foreign subsidiaries in other countries. Post-production support services include repair, maintenance, and training services. Service-after-the-sale is usually conducted in the manufacturing facilities. Sometimes the manufacturer may authorize service representatives that provide local support. These services involve, providing the customer support, maintaining close contact with the customer and evaluating product performance. This shift to an increasingly distributor based approach will significantly drive the market growth.

Technological Advancements:

The technological advancements have led to the adoption of cloud computing, GIS, low cost LiDAR systems, wireless technologies, high precision cameras and others. The technological advancements have resulted in the development of LAN infrastructure due to which the implementation of a software layer is possible in the Unmanned Underwater Vehicles. This software layer allows each computation module of the Unmanned Underwater Vehicles to support multiple applications by providing service to the network. Owing to the advanced technological advancements, there is a communication gateway between the Unmanned Underwater Vehicles and the ground station, predominantly procured and used in military applications. NASA has designed new technologies like cutting wing weight, shape memory technology for the buildup of more efficient and scalable Unmanned Underwater Vehicles.

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Unmanned Underwater Vehicles Market Challenges

Lack of efficiency:

Unmanned Underwater Vehicles are used in various applications such as mapping, agriculture, mining, construction and others but these drones faces many changes in terms of battery capacity, size of area, cost and others. The major restraining factor is the efficiency in terms of mapping large areas.

Unmanned Underwater Vehicles Market Landscape

Some prominent players of Underwater and Unmanned vehicles are SAAB Seaeye, Subsea7, Oceaneering International Inc., Deep Ocean Engineering, MC Schilling Robotics LLC, Bluefin Corp, Fugro Subsea, ECA Robotics, Forum Energy Technologies, Seabotix Teledyne Technologies, Kystdesign, Saipem (Sonsub), SMD (Soil machinedynamics) and others. Some prominent explorers and operators are Monterey Bay Aquarium Research Institute, Ocean Explorer, Canyon Offshore, Oceaneering International, Hibbard Inshore LLC, SaipemAmerica and others

Acquisitions/Technology Launches

In October 2020, DJI launched two new Unmanned Underwater Vehicles named“Zenmuse P1” and“Zenmuse L1”. These drones are used for data collection for precise aerial inspection and data collection missions in aerial surveying.

Key Takeaways

The upsurge in offshore drilling activities, mining activities and other commercial applications have driven the demand for advanced Unmanned Underwater Vehicles.

The Renewable Energy harvesting sector is witnessing a significant growth in the market

In North America, rise in archeological surveying, mining activities, growth of the emerging economies, investments in the construction activities and others are fuelling the growth of the market.

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Release ID: 89037155

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