ID: MRFR/SEM/6136-CR | July 2020 | Region: Global | 106 pages
Global Underwater Robotics Market is projected to record a CAGR of 12.5%, witnessing substantial growth during the forecast period. The market was valued at USD 2,473.79 Million in 2019; it is expected to reach USD 4,914.29 Million by 2025.
With the advancements in technology, the adoption of robots has increased across various industries. The global underwater robotics market had registered a value of USD 2473.79 in 2019 and is projected to record a CAGR of 12.5% during the forecast period, 2020–2025. Underwater robotics can be defined as the use of bots or autonomous vehicles within water bodies to gain insights about natural resources, for surveillance, and other industrial and commercial processes. The increasing demand for underwater robots for defense and security applications from various countries is one of the key factors driving the growth of the global market. Furthermore, countries like the US and China have invested in underwater robots to strengthen their security and maintain high surveillance over their maritime borders. In 2016, the United States Department of Defense invested around USD 600 million for the development of unmanned underwater vehicles to be used between 2016–2020. Similarly, in December 2019, China had deployed 12 underwater drones, Sea Wing Gliders, in the Indian Ocean, which were used for monitoring the activities of the naval forces of neighboring and other countries.
These machines are developed and designed to perform several tasks such as working in challenging environments within the water bodies, such as oceans, lakes, and rivers, where the safety and accessibility of divers are compromised. Additionally, the increasing demand for underwater robots for underwater archaeology, maritime security, and marine biology applications is also fueling the growth of the market. Furthermore, the oil & gas industry is also using these systems and machines to increase the safety of the workers and gather informative and precise data associated with the resources from the ocean. Similarly, the growth of undersea exploration for minerals, the rising investments and adoption of the underwater robotics technology by the military and defense sector, scientific research, commercial exploration, and other industries for inspection, navigation & communication, surveillance, intelligence, and underwater repair and maintenance are some of the factors which are expected to drive the market growth during the forecast period.
North America dominated the global underwater robotics market in 2019 due to the presence of various companies in the region and high investments made by the military and defense agencies in underwater robotics. However, the Asia-Pacific region is considered the fastest-growing market, which is projected to register a CAGR of 15.8% during the forecast period due to the increasing investments made by the countries in the region to strengthen their military forces.
Global Underwater Robotics Market, By Type
Source: MRFR Analysis
For this study, the type segment of the underwater robotics market has been divided into remotely operated vehicles (ROV) and autonomous underwater vehicles (AUV). A remotely operated vehicle (ROV) is an underwater vehicle which usually tied to a ship using a series of cables and is used along with a tether management system (TMS). These cables transmit commands and control signals between the operator and the ROV enabling remote navigation of the vehicle. The growth of the ROV segment is attributed to the rising offshore deep-sea oil and drilling industry due to its need to perform undersea operations, such as equipment assembling, drilling, underwater repair, and maintenance.
The market for underwater robotics is expected to witness significant growth during the forecast period. During the study, MRFR has observed several factors that are responsible for the growth of the underwater robotics market across the globe. The rising need for continuous surveillance of submerged ocean areas and the increasing demand for underwater robots from the military & defense verticals have propelled the growth of the global market. Also, technical advancements in sensors and imaging systems have created opportunities for robot manufacturers to incorporate state-of-the-art technology in their products and fuel the market growth. However, high costs associated with the R&D of underwater robots might hamper the growth of the global market during the forecast period.
Global Underwater Robotics Market, by region, has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the global market valued at USD 792.7 million; the market is expected to register a CAGR of 12.7% during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR of 15.8%.
The Key Companies in the Global Underwater Robotics Market include Atlas Maridan ApS. (Germany), Deep Ocean Engineering, Inc. (US), General Dynamics Mission Systems, Inc. (US), International Submarine Engineering Ltd. (Canada), ECA SA (France), Eddyfi (Canada), Oceaneering International, Inc. (US), Saab AB (Sweden), TechnipFMC plc (UK), and Soil Machine Dynamics Ltd. (UK).
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
The global underwater robotics market is poised to record a market value of USD 4.2 Billion by 2023.
The global underwater robotics market is maturing at a whopping 13.06% CAGR over the review period of 2017 to 2023.
A few significant players of the global underwater robotics market are Saab AB (Sweden), Schilling Robotics, LLC (US), and Soil Machine Dynamics Ltd (UK).
The autonomous underwater vehicle (AUV) segment is expected to drive market growth over the review period.
The power distribution unit segment is likely to witness the highest demand in the underwater robotics market.