(MENAFN- iCrowdNewsWire) Increasing investments in the oil and gas industry and rising concerns about coastal protection and naval cross-border threats are some key factors driving market growth
The global Unmanned Underwater Vehicles (UUV) market size reached USD 1.96 Billion in 2020 and is expected to register a revenue CAGR of 15.8%, during the forecast period, according to latest analysis by Emergen Research. Some major factors driving global Unmanned Underwater Vehicles market revenue growth include rising concerns regarding coastal protection and naval cross-border threats, increasing defense spending by governments globally, and increased investments by businesses in the oil and gas industry. In addition, increasing defense spending by governments globally is expected to augment revenue growth of the market going ahead.
Global energy consumption has grown significantly in recent years as a result of various technological advancements in across industries and sectors in developing countries. Offshore resources are becoming more important for meeting growing energy demand due to rapid degradation and depletion of traditional onshore energy resources. As a result, production lines for oil and gas have been relocated to underwater regions. Rapid technological advancements in UUVs, including better communication and access to deeper depths, are expected to increase UUV utilization in the oil and gas sector.
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Some Key Highlights From the Report
- Autonomous Underwater Vehicles (AUV) segment revenue is expected to expand at a significantly rapid CAGR during the forecast period. Autonomous underwater vehicles have major potential in underwater operations, and can conduct aquatic survey activities, including locating and mapping underwater wrecks, stones, and obstacles.
- Electric segment is expected to lead in terms of revenue over the forecast period. Electric unmanned underwater vehicles do not require a complex support system to operate, carry a complete energy source onboard, and do not need external power, which is expected to drive up demand for these vehicles.
- North America is expected to account for a larger revenue share than other regional markets over the forecast period. Increasing use of ROVs in the defense and commercial industries is expected to continue to drive revenue growth of the North America Unmanned Underwater Vehicles (UUV) market going ahead.
- Some major companies in the market include Saab AB, Lockheed Martin Corporation, Kongsberg Gruppen, The Boeing Company, Atlas Elektronik GmbH, General Dynamics Corporation, Oceaneering International, Inc., BAE Systems plc, Boston Engineering Corporation, and Bluefin Robotics Corporation
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The global Unmanned Underwater Vehicles market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Unmanned Underwater Vehicles market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Emergen Research has segmented the global Unmanned Underwater Vehicles (UUV) market on the basis of type, propulsion system, product type, payload, application, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Hybrid Underwater Vehicles (HUV)
- Remotely Operated Vehicles (ROV)
- Autonomous Underwater Vehicles (AUV)
- Propulsion System Outlook (Revenue, USD Billion; 2018–2028)
- Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Small Vehicle
- Work Class Vehicle
- High-Capacity Electric Vehicle
- Heavy Work Class Vehicle
- Payload Outlook (Revenue, USD Billion; 2018–2028)
- Synthetic Aperture Sonar
- Inertial Navigation Systems
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Scientific Research
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Significant Features of the Unmanned Underwater Vehicles Market Report:
- Extensive competitive landscape analysis to offer the readers key insights into driving and restraining factors along with strategies adopted by the key players
- Assessment of the existing and emerging trends of the business sphere
- Detailed analysis of the emerging growth opportunities and threats and limitations the players might face in the coming years
- Significant breakdown of the market to assess the factors that might influence the global market growth
- An 8-year forecast for better understanding of the workings and growth opportunities of the market
- Extensive analysis of the key geographical regions to assess market share, market size, production and consumption, revenue contribution, and supply and demand ratio
- Comprehensive overview of the Unmanned Underwater Vehicles market on a regional and global level
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