The new report by Expert Market Research titled, ‘Global Unmanned Underwater Vehicle (UUV) Market Size and Forecast 2022-2027’, gives an in-depth analysis of the unmanned underwater vehicle (UUV) market, assessing the market based on its segments like type, application, payload, propulsion system, product type, and regional markets among others. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 3.9 billion
• Forecast CAGR (2022-2027): 14.50%
• Forecast Market Size (2027): USD 8.8 billion
In the unmanned underwater vehicle (UVV) sector, the autonomous underwater vehicle (AUV) category is expected to have a large market share. The rising need for autonomous underwater vehicles for ocean mapping and the identification of shipwrecks or rocks underwater can be linked to this trend. During the projected period, North America is expected to have a large proportion of the unmanned underwater vehicle (UVV) market. This increase might be ascribed to the increased deployment of unmanned underwater vehicles in the region for defence and commercial purposes. Furthermore, the market is expected to develop because of the growing need for autonomous underwater vehicles to help in the underwater exploration of the oil and gas industry. Meanwhile, demand for autonomous underwater vehicles is also expected to surge in the Asia Pacific area.
Unmanned Underwater Vehicle (UUV) Industry Definition and Major Segments
An unmanned underwater vehicle (UVV) is a submersible vehicle that may be operated remotely or independently without the need for human intervention. Manual exploration poses a lot of problems, thus these are needed in underwater exploration operations. These vehicles are incorporated with built in sensors for video cameras, thrusters, sonar, and others.
By type, the market is divided into:
• Remotely Operated Vehicle (ROV)
• Autonomous Underwater Vehicle (AUV)
• Hybrid Underwater Vehicle (HUV)
On the basis of application, the market can be segmented into:
• Commercial Exploration
• Scientific Research
Based on payload, the industry can be segregated into:
• Synthetic Aperture Sonar
• Inertial Navigation Systems
On the basis of propulsion system, the market can be distributed into:
Based on product type, the market can be categorized into:
• Small Vehicles
• High-Capacity Electric Vehicles
• Work Class Vehicles
• Heavy Work Class Vehicles
• Man Portable
• Light Weight Vehicles
• Heavy Weight Vehicles
• Large Vehicles
The major regional markets of the unmanned underwater vehicle (UUV) market are:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa regions
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Unmanned Underwater Vehicle (UUV) Market Trends
In the foreseeable term, the growing demand for autonomous underwater vehicles for exploratory operations among oil and gas producers is expected to considerably boost industry growth. This can be linked to increased energy demands across industrial verticals, which are being fueled by the world’s fast-growing population. Furthermore, governments’ growing investments in ocean exploration and the development of defence and warfare technologies are expected to boost market growth. Furthermore, market growth is expected to be fueled by significant technological improvements throughout the forecast period.
Key Market Players
The major players in the market:
- Oceaneering International Inc.
- General Dynamics Mission Systems, Inc.
- TechnipFMC plc
- Boston Engineering Corporation
- BaltRobotics Sp.z.o.o.
- Saab AB
- Among others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.