New York, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, Unmanned Underwater Vehicle Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Remotely Operated Vehicle and Autonomous), Accessories (Camera, Sensor, Sonar, Navigation System, Communication System, and Others), and Application [Commercial (Oil & Gas Industries, Environmental Monitoring, Hydrography, Search & Recovery, and Harbor Surveys), Defense, and Research]”, the global unmanned underwater vehicle market demand is influenced by surging demand for technologically enhanced undersea vehicles among defence forces and continual advancements in unmanned sub-sea technology to propel growth.
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Global Unmanned Underwater Vehicle Market - Report Scope:
| Market Size Value in | USD 2.83 Bn in 2022 |
| Market Size Value by | USD 4.44 Bn by 2028 |
| Growth rate | CAGR of 7.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 160 |
| No. of Tables | 11 |
| No. of Charts & Figures | 54 |
| Historical data available | Yes |
| Segments covered | Type, Accessories, and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Unmanned Underwater Vehicle Market: Competitive Landscape and Key Developments:
Kongsberg Gruppen, Teledyne Marine, Lockheed Martin Corporation, Saab AB, L3Harris Technologies Inc, SUBSEA7, ATLAS ELEKTRONIK GmbH, International Submarine Engineering Limited, ECA Group, and Gabri Srl are among the key players operating in the unmanned underwater vehicle market.
July 2022: The US Navy awarded a contract worth USD 358.5 million to Leidos for developing a medium-size unmanned underwater vehicle.
August 2019: The US Naval Undersea Warfare Center awarded a contract worth USD 22 million to Teledyne Technologies Inc for supplying autonomous underwater vehicles (AUVs) and related monitoring and communications acoustic systems.
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The global unmanned underwater vehicle market is experiencing steady growth in the current scenario and is anticipated to grow in the coming years. The unmanned underwater vehicle market consists of well-established players across the globe, which invest huge amounts in delivering the most advanced technology to the naval forces, commercial sectors, and scientific research institutions and organizations. Some of the major software companies are also strengthening the unmanned underwater vehicle market grip by installing advanced software that enhances the respective vehicles' capabilities.
Unmanned Underwater Vehicle Market: Type Overview
Based on type, the unmanned underwater vehicle market is segmented into remotely operated vehicle and autonomous. The remotely operated vehicle segment is likely to dominate the unmanned underwater vehicle market in 2022, and it is also projected to retain its dominance during the forecast period. Remotely operated vehicles are the most widely used unmanned underwater vehicles across industries worldwide, while autonomous underwater vehicles are gaining prominence among industries in recent years. Owing to the various types of remotely operated vehicles available in the market, procuring these vehicles is also increasing rapidly. On the other hand, autonomous underwater vehicles (AUVs) are equipped with various advanced technologies which facilitate the respective teams to carry out their tasks without involving any humans, thereby eliminating human error and risk to human life associated with the tasks.
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Geographically, the unmanned underwater vehicle market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America was the most prominent region in the market, owing to a large number of manufacturers and suppliers in the region. Moreover, software companies are enhancing the capabilities of these vehicles by introducing advanced software. In addition, the US defense authority is continuously investing significant amounts in research and developments, resulting in technological developments in UUVs, increasing the demand for such unmanned marine systems among US Navy and international naval forces. Manufacturers are also acquiring contracts from various commercial sectors across the globe to deploy unmanned marine systems in applications such as oil & gas exploration, environmental monitoring, hydrography, and oceanography. Moreover, the significant rise in hydrographic and oceanographic studies in developed countries and developing economies is bolstering the unmanned underwater vehicle market in North America. On the other hand, countries in Asia Pacific, such as China, Japan, South Korea, and India, are constantly spending substantial amounts in development and procurement of advanced unmanned underwater robots. The defense sector captured the majority of the market in Asia Pacific, while unmanned marine robots are gaining prominence in the commercial sectors of Asia Pacific, leading the region to expand at a prime rate.
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COVID Impact on Global Unmanned Underwater Vehicle Market Growth:
The COVID-19 pandemic severely impacted various industries, such as military, aerospace, and manufacturing. The lockdowns imposed by governments of various countries hampered the global manufacturing sectors and supply chains and logistics, owing to complete or partial delays in business operations across various countries. Further, the impact of the pandemic led to a loss of production and reduced revenue for several enterprises globally. All these industries experienced a temporary delay in operations across various production facilities; consequently, the production of military unmanned surface vehicles was impacted negatively. The COVID-19 outbreak severely affected shipping and marine industries as their businesses were shut down for safety to prevent the spread of COVID-19, which directly impacted the import and export of military UUVs across the global market. However, the investments in the procurement of military UUV technologies had not been majorly impacted during the pandemic as these were allocated from the defense budget of the countries with a specific allocated amount for the defense sector. The manufacturers of UUVs faced a few major challenges in the procurement of components and raw materials as the entire supply chain industry was disrupted, which also led to delays in product deliveries and the extension of several contracts' duration.
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