New York , March 12, 2024 (GLOBE NEWSWIRE) -- The global underwater robotics market size is predicted to grow at a CAGR of over 16% from 2024 to 2036. The market is projected to garner a revenue of USD 7.7 billion by the end of 2036, up from a revenue of USD 1.3 billion in the year 2023. The increasing demand for underwater robotics owing to the rise in offshore oil and gas explorations. The escalating research in oceanography and other exploration in the waters is driving the market growth. Only 90% of the ocean was explored as sunlight stops at 200 meters depth below the surface as per the estimations.
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In addition, the increase in the demand for minerals, and metals for the application in technological sector is boosting the market growth. The need for underwater robotics to work in the mining sector for oil and gas extraction is propelling the market size. 70% demand for global cobalt is from the battery industry and the rising production of electrics, automobiles, and electronics is estimated to rise by over 490% by the end of 2040.
Underwater Robotics Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Remotely Operated Vehicles segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Rising Demand in the Defense Sector is Expanding the Growth of the Underwater Robotics Market
The escalating concern for security across the world is anticipated to shoot up the market growth. The growing need for mine clearance and surveillance in the deep waters is dangerous and difficult for humans to perform. Hence, underwater robotics are applied for such works. The underwater drones are used by the warships to fight the submarines and vessels that belong to enemies and they can also release explosives to destroy the target during such conditions. The U.S. is developing an underwater vessel called Orca for mine laying operations as of 2023 and it was estimated that USD 100 million was needed as a fund for research and development to make the underwater robots fully automatic.
Underwater Robotics Industry: Regional Overview
Investment Hike in the Navy and Military Operations is Propagating the Market Growth in the North America Region
North America region's underwater robotics market is prophesied to secure a significant market share of 46% during the forecast period. The multiplying percentage of investments in the improvement of the military and navy sector is reckoned to amplify the growth of the market. Besides, growing urbanization and industrialization which raised the need for oil and gas are strengthening the market trends. The military expenditure of the U.S. in the year 2021 increased to over USD 800 billion for a year as per the survey.
Rising Exploration Activities and Research is Amplifying the Market Expansion in the Asia Pacific Region
The Asia Pacific region market is assessed to garner a noteworthy market share in the coming years on account of increased coat-line and deep-sea access across the region. The research-related activities in the marine, resource exploration, and fisheries are developing the size of the market. INS Sandhayak was re-incarnated with a helicopter and integration of over 2900 tonnes of modern sensors from the previous Sandhayak, a Navy’s veteran Hydrographic Survey Vessel decommissioned in 2021
Underwater Robotics Segmentation by Type
- Remotely Operated Vehicles
- Autonomously Operated Vehicles
The remotely operated vehicles segment is predicted to account for 52% share of the global underwater robotics market by 2036. The size of the market segment is attributed to the rising demand for remotely operated vehicles (ROV) to work in deep-sea oil drilling. The market segment size is credited to the application of these vehicles in seafloor experiments to work for drilling and precision instrument positioning. The ROV is capable of going to depths higher than 20,000 feet and can lift over 12,000 libra pounds from the sea floor to the surface but can't do this more than 10,000 feet deep.
Underwater Robotics Segmentation by End-User
- Commercial Exploration
- Defense and Security
- Scientific Research
- Underwater Construction
The market from the commercial exploration segment is envisaged to dominate the market growth owing to the rise of commercial applications such as shipwreck rescue, inspection of factory infrastructures, and surveying in the marine sector. The size of the market segment is credited to the rise of the oil and gas sector worldwide. The number of robotics patented from 2020-2023 in the oil and gas industry was over 522,000.
A few of the well-known market leaders in the global underwater robotics market that are profiled by Research Nester are MacArtney Group, International Submarine Engineering Limited, Soil Machine Dynamics Ltd., ATLAS ELEKTRONIK GmbH, TechnipFMC plc, Deep Ocean Engineering, Inc., Saab AB, General Dynamics Mission Systems, Inc., Oceaneering International, Inc, ECA GROUP, and others.
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Recent Development in the Market
- ECA Group is about to supply KTOPER mine disposal vessels to the Navy of Lithuania to apply countermeasures at sea.
- Saab is delivering a tactical interface to the Australian Navy fleet of Hunter frigates. The announcement made by the SAAB and Department of Defense (Australia) that the interface is based on the Next Generation Combat Management System CMS of Saab and is going to be a unit of any large surface vessel in the marine industry.
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