Portland, OR, April 03, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global underwater drone market garnered $3.6 billion in 2021, and is estimated to generate $15.4 billion by 2031, manifesting a CAGR of 15.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.6 billion |
| Market Size in 2031 | $15.4 billion |
| CAGR | 15.9% |
| No. of Pages in Report | 430 |
| Segments covered | type, propulsion system, application, product type, and region |
| Drivers | Surge in deep-water offshore oil & gas exploration Increase in demand for underwater drones for defense and security applications Growth in demand for oceanographic research |
| Opportunities | Surge in government support to modernize military forces |
| Restraints | The communication problems associated with AUVs |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global underwater drone market, owing to implementation of global lockdown which resulted to temporary closure of manufacturing and operational activity.
- The need for underwater drones is predicted to increase significantly in the near future, due to the easing of lockdown measures, vaccination drives, and the reopening of markets throughout the world.
The research provides detailed segmentation of the global underwater drone market based on type, propulsion system, application, product type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on product type, the light work-class segment held the highest share in 2021, accounting for nearly one-third of the global underwater drone market, and is expected to continue its leadership status during the forecast period. However, the micro segment is expected to register the highest CAGR of 17.6% from 2022 to 2031.
Based on application, the defense and security segment accounted for the highest share in 2021, contributing to nearly half of the global underwater drone market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the scientific research segment is expected to manifest the highest CAGR of 17.7% from 2022 to 2031.
Based on type, the Remotely Operated Vehicle (ROV) segment accounted for the highest share in 2021, holding more than half of the global underwater drone market, and is expected to continue its leadership status during the forecast period. However, the hybrid vehicles segment is estimated to grow at the highest CAGR of 18.0% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the global underwater drone market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 18.0% during the forecast period.
Leading market players of the global underwater drone market analyzed in the research include Bluefin Robotics Corporation, ECA Group, kongsberg maritime, Oceaneering International, Inc., Saab Seaeye Ltd, TechnipFMC plc, The Boeing Company, Deep Ocean Engineering, Inc., Lockheed Martin Corporation, teledyne marine.
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The report provides a detailed analysis of these key players of the global underwater drone market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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