Pune, India, March 18, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) expects the global underwater robotics market to reach USD 4,914.29 million at a CAGR of 12.5% from 2018 to 2025 (forecast period).
Underwater robotics can be described as the use of bots or autonomous vehicles within water bodies to obtain insights about natural resources, surveillance, and other industrial and commercial processes. The growing demand for underwater robots for defense and security applications from different countries is among the key factors driving the growth of the global market. In addition, countries like the US and China have invested in underwater robots to bolster their security and maintain high surveillance across their maritime borders. In 2016, the United States Department of Defense invested approximately USD 600 million in developing unmanned underwater vehicles to be used between 2016-2020. Likewise, in December 2019, China deployed 12 underwater drones, Sea Wing Gliders, in the Indian Ocean, which were used to track the activities of the naval forces of neighboring and other countries.
These machines are designed and built to perform a number of tasks, such as working in challenging environments within water bodies, like oceans, lakes, and rivers, where the safety and accessibility of divers are compromised. In addition, the increasing demand for underwater robots for underwater archaeology, maritime safety, and marine biology applications is also pushing the growth of the market. In addition, the oil and gas industry is also using these systems and machines to improve the safety of workers and to gather informative and accurate data associated with the resources from the ocean. Likewise, the growth of undersea exploration for minerals, growing investment and the adoption of underwater robotics technology by the military and defense sectors, scientific research, commercial exploration, and other inspection, navigation & communication, surveillance, intelligence, and underwater repair and maintenance industries are some of the factors that are anticipated to accelerate the market growth over the assessment period.
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COVID-19 Impact on the Global Underwater Robotics Market
The market is expected to undergo a slight slowdown as a result of the global outbreak of a new coronavirus pandemic. Manufacturing works are at a standstill due to labor shortages. This has resulted in a significant reduction in demand from the end-use industries.
Market Segmentation
The global underwater robotics industry has been segmented into type and application.
By type, the global underwater robot market has been segmented into Autonomous Underwater Vehicles (AUV) and Remotely Operated Vehicles (ROV). A remotely operated vehicle (ROV) is an underwater vehicle which typically tied to a ship using a series of cables and is used together with a tether management system (TMS). These cables transmit commands and control signals among the operator and the ROV to enable remote navigation of the vehicle. The growth of the ROV segment is due to the growing offshore deep-sea oil and drilling industry owing to its need to perform undersea operations, like equipment assembling, drilling, underwater repair, and maintenance.
By application, the global underwater robotics market has been segmented into commercial exploration, defense & security, and scientific research.
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Regional Analysis
Region-wise, the global underwater robotics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America to lead the global market
North America led the global underwater robotics industry in 2019 and is expected to have a value of USD 792.7 million with a CAGR of 12.7% over the projected period. Market growth in the region is due to the involvement of various companies in the region and large investments made by military and defense agencies in underwater robotics.
The Asia Pacific region is considered to be the fastest-growing market, which is expected to have a CAGR of 15.8% during the projected period due to the rising investments made by the countries in the region to reinforce their military forces.
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Competitive Landscape
With the involvement of several international and regional players, the global underwater robotics market is fairly fragmented and competitive. Market players are actively engaged in technological development, global expansion, and mergers and acquisitions in order to retain their marketplace.
Prominent companies in the global underwater robotics market are:
- Atlas Maridan ApS. (Germany),
- ECA SA (France),
- Deep Ocean Engineering, Inc. (US),
- International Submarine Engineering Ltd. (Canada),
- Eddyfi (Canada),
- General Dynamics Mission Systems, Inc. (US),
- Oceaneering International, Inc. (US),
- TechnipFMC plc (UK),
- Saab AB (Sweden), and
- Soil Machine Dynamics Ltd. (UK).
Industry News
In March 2020, ECA SA entered into an agreement with the Lithuanian Navy. The agreement centered on providing K-STER mine disposal vehicles to be used for mine counter-measures at sea. It can neutralize all sorts of mines, from sea-bottom mines, floating mines, historical mines to the smartest mines.
In February 2020, Saab AB collaborated with the Australian Department of Defence to provide combat management systems for all major surface ships of the Royal Australian Navy and to provide a tactical interface to the Royal Australian Navy's fleet of Hunter-class frigates.
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