Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Underwater Robotics Market by Type (Remotely Operated Vehicle (ROV), Autonomous Underwater Vehicles (AUV)), Application (Defense and Security, Commercial Exploration, Scientific Research, and Others), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global underwater robotics market is undergoing a significant expansion with expectations of rising from a valuation of US$ 4.3 billion in 2023 to an estimated US$ 11.1 billion by 2032. With a compounded annual growth rate (CAGR) of 11.8% during the forecast period, the sector witnesses progressive growth spurred by the burgeoning demand for oceanic exploration and research, and the need for efficient maintenance of underwater infrastructure.
Underwater robotics, encompassing both remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs), are experiencing a technological renaissance. The integration of artificial intelligence (AI) and machine learning (ML) into these systems is significantly enhancing the capabilities of these machines in data gathering and analysis, which is critical for oceanographic studies and resource assessments.
Diverse Applications Across Sectors
The use of underwater robotics extends beyond scientific endeavors into commercial and defense sectors. In the offshore oil and gas industry, these advanced robotic systems are vital for inspection, maintenance, and repair, aiding in operational safety and cost reduction. Moreover, defense and security applications are growing as underwater robots prove indispensable for mine detection, surveillance, and reconnaissance in strategic maritime regions.
Regional Market Insights
North America remains at the pinnacle of the regional markets, housing significant offshore energy activities and intensive research initiatives. The Asia Pacific market is fast emerging due to increasing maritime operations and research investments. Europe continues to demonstrate robust performance with its strong offshore industry presence, and Latin America along with the Middle East and Africa, are harnessing potential growth opportunities with their focus on offshore energy and maritime security.
Market Dynamics and Competitive Landscape
While the market faces hurdles such as environmental concerns and stringent regulations, it also encounters burgeoning opportunities in applications extending from ecological research to underwater mining. The industry players are engaging in strategic research and development to advance the capabilities of underwater robotic systems, with a particular focus on improving the autonomy and navigational technology of these devices. The competitive landscape reveals a drive towards sustainability, with companies investing in eco-friendly materials and energy-efficient designs. Global military and defense industries, as well as commercial enterprises, continue to explore the potentials of underwater robotics, bolstering a dynamic market environment.
Companies Featured
- Atlas Elektronik (ThyssenKrupp Marine Systems)
- Deep Ocean Engineering Inc.
- ECA Group (Groupe Gorgé)
- Eddyfi Technologies
- General Dynamics Mission Systems Inc. (General Dynamics Corporation)
- International Submarine Engineering
- Oceaneering International Inc.
- Saab Ab
- TechnipFMC plc
- Soil Machine Dynamics Ltd.
- VideoRay LLC
Key Attributes
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $4.3 Billion |
| Forecasted Market Value (USD) by 2032 | $11.1 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/5f4rhg
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