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Underwater drone market set to reach $7.39 billion, 11.7% CAGR, Globally. Autonomous Underwater Vehicles (AUV) to grow at 15% CAGR during 2020-2027.
PORTLAND, ORAGON, UNITED STATES, September 14, 2022 /EINPresswire.com / -- According to the report published by Allied Market Research, the global underwater drone market was estimated at $3.59 billion in 2019 and is expected to hit $7.39 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Increase in deep-water offshore oil and gas exploration, surge in demand for underwater drones for defense and security applications, and growth in demand for oceanographic research drive the growth of the global underwater drone market. On the other hand, communication problems associated with AUVs impede the growth to certain extent. Nevertheless, advent of energy-efficient underwater drones and rise in adoption of underwater drones in emerging economies pave the way for lucrative opportunities in the coming years.
The outbreak of the pandemic led to a sharp decline in military budgets to contribute to the pandemic response and recovery measures. Also, the demand from other end using sectors such as oil and gas has also decreased to a significant extent.
Nevertheless, the government bodies in various regions are coming up with relaxations in order to maintain economic stability, due to which, the industry is expected to retrieve soon.
The global underwater drone market is analyzed across type, application, propulsion system, product type, and region. Based on type, the Remotely Operated Vehicle (ROV) segment contributed to the highest share in 2019, holding nearly three-fifths of the global underwater drone market. The Autonomous Underwater Vehicles (AUV) segment, on the other hand, is projected to manifest the fastest CAGR of 15.0% from 2020 to 2027.
Based on application, the defense and security segment accounted for two-fifths of the total market share in 2019, and is expected to rule the roost throughout the forecast period. Simultaneously, the commercial exploration segment is anticipated to showcase the fastest CAGR of 12.3% by the end of 2027.
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Based on geography, North America accounted for more than one-third of the total market share in 2019, and is projected to retain its dominance from 2020 to 2027. Simultaneously, the market across Asia-Pacific region would showcase CAGR of 12.8% by 2027. The other two regions studied through the report include Europe and LAMEA.
The key market players analyzed in the global underwater drone market report include The Boeing Company, Lockheed Martin Corporation, Bluefin Robotics, Saab Seaeye Ltd, Teledyne Marine Group, Kongsberg Maritime, Oceaneering International, Inc., TechnipFMC plc, ECA Group, and Deep Ocean Engineering, Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of“Market Research Reports” and“Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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