Unmanned Underwater Vehicle (UUV) Market Trends, Scope, Demand, Opportunity and Forecast by 2025
In terms of revenue, the global unmanned underwater vehicle market was valued at US$ 2.64 billion in 2018 and is projected to reach US$ 3.99 billion by 2025; it is expected to grow at a CAGR of 5.6% during the forecast period from 2018 to 2025.
The growth of unmanned underwater vehicle market is highly influenced by the remarkable growth in the need for ISR and submarine detection. The growing naval conflicts have resulted in the increase in military spending towards advanced unmanned marine systems, which in turn has significantly fueled the R&D practices leading to new product developments. This factor is also bolstering the unmanned underwater vehicle market.
Growth in the recent five years is primarily driven by two major factors, such as the rise in demand for enhanced ISR and diesel-electric submarine detection and increase in maritime conflict, which demands technologically enhanced the unmanned underwater vehicle. Owing to the various types of ROVs available in the market, the procurement of these vehicles are also increasing rapidly. On the other hand, the autonomous underwater vehicles are equipped with various advanced technologies which facilitates the respective teams to carry out their tasks without involving any human, thereby eliminating the human error and human risk associated with the tasks, while using AUVs
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The global UUV market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The market for UUV consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced technology to the customers. The UUV manufacturers, on the other hand, are procuring the advanced technologies to deliver its customers with additional value-added services and thus, empower the military investigation and reduce international disaster struggles.
This factor is helping the market for UUV to surge over the period. The growth of the market for UUV is highly influenced by the increasing demand in the applications of unmanned sea-based vehicles among the naval forces such as submarine detection, torpedo detection, and ISR among others. Thus, globally, the demand for unmanned undersea systems is on the rise. With improving capabilities for intelligence, surveillance, and reconnaissance (ISR), unmanned systems benefit larger coverage in terms of range, and faster attack competence in both coastal and littoral areas.
The unmanned underwater vehicle industry consists of large numbers of well-established and well-recognized companies such as Kongsberg Gruppen, Teledyne Technologies Incorporate, Lockheed Martin Corporation, SAAB AB, L3 Technologies, Inc., Subsea 7 S.A., ATLAS ELEKTRONIK GmbH, International Submarine Engineering Limited, ECA Group, and GABRI S.R.L. among others.
Recent advancement in the field of unmanned marine drones is the incorporation of a solar-powered engine. The solar-powered engine offers energy reliability, energy security, and is capable of operating for longer timeframes. These benefits are attracting the end users and are increasing the procurement of remotely operated vehicles. For instance, in 2017, Taiwan Oceanic Research Institute (TORI), constructed its first AUV (autonomous underwater vehicles) which is expected to launch in next five years with the allocation of required manpower & funds. It would lift up the country’s military investigation and reduce international disaster struggles.
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The Insight Partners,
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.