Autumn Market Research projects that the global unmanned underwater vehicles (UUVs) market is estimated to reach $5.3 billion by 2023, growing at a CAGR of 14% over the forecast period (2018-2023). The unmanned underwater vehicle (UUV) is a type of robotic vehicles that perform operations underwater without the aid of humans. In recent years, the application of these vehicles is increasing drastically in mine clearing, exploration of the deep sea, underwater inspection of cables or pipelines, and several other operations.

The capability to save numerous lives by the application of unmanned underwater vehicles is gaining significant traction throughout the world. In addition, several factors such as the rising demand for oil and gas, an increasing number of nuclear power plants, and the rising protection of maritime forces are driving the demand and production of UUVs globally. The augmented research being conducted underwater at an increasing pace is further bolstering the market of UUVs throughout the world.

The study outlines the market structure and offers in-depth analysis of the unmanned underwater vehicles market by type (ROVs and AUVs), Application (Commercial, Research, Military & Defense, and Others), and region (North America, Europe, Asia-Pacific, South America, and ROW). The study also provides the market data for product types, propulsion type, and payload type for different types of UUVs as well as competitive landscape of the market, along with economic, industry- and region-specific, and technological trends driving the UUVs market over the forecast period.

Overview:

The UUVs are majorly used in the exploration, evaluation, and surveillance of oil fields. The study of various parameters of the oil fields is a vital procedure prior to the extraction of oil from the fields. This has led to an increase in the demand for UUVs in oil and gas production regions. Thereby, there is an increasing demand for UUVs from the ROW region such as Saudi Arabia, Kuwait, Africa, Yemen, Qatar, and other countries.

There is a high requirement of unmanned vehicles for underwater operations because of the inaccessibility of specific areas by humans at such greater depths. In addition, the environment of the deep-sea regions is perilous to humans due to the extreme temperature, habitat, pressure, oxygen depletion, and various other factors.

Some of the major manufacturers of Unmanned Underwater Vehicle market include Bluefin Robotics Corp., Deep Ocean Engineering Inc., Lockheed Martin Corp., Teledyne Technologies Inc., The Boeing Company, Fugro N.V., Kongsberg Gruppen ASA, and Saipem S.p.A.

Key Takeaways:

Precisely defined market structure, growth potential, applications of the product.
Analyze the current market demand and identify future growth trends and opportunities associated with unmanned underwater vehicles market.
Examine competitive landscape of the industry by understanding similar companies and analyze their products, strategies, and business.
Detect the top regional market for product growth and factors driving the market in each region.
Assess the pace at which the consumers’ preferences are changing in a specific industry.
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