Of late, the global unmanned underwater vehicles market has been observing a tremendous growth in their valuation. With the significant rise in the oil and gas industry, the deep-water offshore activities for the production of oil and gas and the number of offshore constructions have increased substantially, which is influencing the uptake rate of unmanned underwater vehicles across the world. In addition, the surging threats over maritime security is expected to boost the demand for these vehicles over the next few years, reflecting positively on this market.
By 2017, the global market for unmanned underwater vehicles is anticipated to reach a value of US$2.4 bn. The opportunity in this market is anticipated further rise at a healthy CAGR of 11.80% over the period from 2017 to 2024 and increase to US$4.26 bn by the end of 2024.
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Commercial Exploration to Continue Reporting High Demand for Unmanned Underwater Vehicles
The defense sector, scientific research, and commercial exploration are the key application areas for unmanned underwater vehicles across the world. Currently, the demand for these vehicles is relatively greater in the commercial exploration segment and the trend is projected to continue over the forthcoming years on the grounds of the considerable rise in various activities related to commercial exploration, such as seabed mapping, surveys, pipeline inspection, and offshore drilling.
Autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) have gained a reputation as the key unmanned underwater vehicles across the world. Among the two, ROVs have been the leading contributors to this market and are anticipated to remain so in the near future due to their increasing demand for ultra-deep water drilling. Mechanical systems, electrical systems, and hybrid systems are the most preferred propulsion systems utilized in unmanned underwater vehicles.
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North America to Report Continued Dominance over Global Unmanned Underwater Vehicles Market
In terms of the geography, the worldwide market for unmanned underwater vehicles reports its reach across Asia Pacific excluding Japan (APEJ), North America, Europe, the Middle East and Africa (MEA), Latin America, and Japan. With early adoption of technology, North America has been leading the overall market for the last few years. This regional market is estimated to proliferate at a CAGR of 11.40% between 2017 and 2024, maintaining its dominance over the global market in the near future. The continual increase in the oil and gas exploration activities is likely to boost the North America market for unmanned underwater vehicles substantially over the next few years.
Europe and Asia Pacific excluding Japan are also witnessing significant growth in their respective markets for unmanned underwater vehicles, thanks to the increasing exploration activities in these regions. However, it is the Middle East and Africa that is expected to offer the most promising opportunities for the growth of the overall market in the near future. The ongoing expansion in the oil and gas industry and the increase in the activities related to the discovery of new oil and gas exploration fields between the Gulf of Mexico and Africa are expected to propel the Middle East and Africa market for unmanned underwater vehicles in the years to come.
The global market for unmanned underwater vehicles demonstrates a highly competitive business landscape. Some of the key vendors of unmanned underwater vehicles across the world are Subsea 7, Thales SA, Teledyne Gavia ehf, Boeing Co., Kongsberg Maritime AS, Oceaneering International Inc., General Dynamics Corp., Saab AB, Atlas Elektronik GMBH, and Lockheed Martin Corp.
Rapid Technological Progress to Bolster Growth of the Unmanned Underwater Vehicles Market
The global unmanned underwater vehicles market is estimated to be driven by growing demand for maritime security and the rising trend of updation and modernization of underwater inspection. An unmanned underwater vehicle is a robot vehicle capable of operating underwater sans the occupancy of human being. As such, unmanned underwater vehicles are self-propelled. It is usually utilized in military operations and industries. These vehicles are designed in such a way that it operates for periods ranging from short to long time periods.
The global unmanned underwater vehicles market is likely to gather momentum from the increased integration of technological innovations. These vehicles are empowered with sensors and instruments that are needed for the certain tasks. These devices could be explosive devices, sonar, chemical injector, and camera. Unmanned underwater vehicles are utilized for subsea applications as they constantly help through high end computer systems. They make an offering of safe option for underwater exploration and activities, which is likely to pave way for rapid development of the global unmanned underwater vehicles market in the near future.
Market Demand to Ride on the Back of Continuous Depletion of Traditional Onshore Reserves
The offshore industry comprises oil and gas plants. The demand for energy has tripled in the last 50 years due to many technological innovations in emerging countries. With the constant depletion of traditional onshore reserves, offshore resources have been playing an important role in catering to the rising demand for energy. This factor has resulted in shifting the production facilities of oil and gas to subsea regions. These factors are estimated to pave way for rapid growth of the global unmanned underwater vehicles market in the forthcoming years.
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Unmanned underwater vehicles have come up as a cost effective alternative for deep water drilling operations as they are able to operate autonomously and do away with the need of surface vessels. The utilization small and portable unmanned underwater vehicles are estimated to drive the demand for these vehicles in the forthcoming years.
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