Unmanned underwater vehicles market Is Projected To Growing at a CAGR of 16.4% from 2020 to 2025

The global Unmanned Underwater Vehicles Market size is projected to grow from USD 2.0 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 16.4% from 2020 to 2025. The growth of the market can be attributed to the rising number of deep-water offshore oil & gas production activities and increasing maritime security threats.

The UUV market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25–30% globally in 2020.

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Based on application, the commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period.

The commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period. This growth can be attributed to the increased demand for UUVs in commercial applications, such as surveys and seabed mapping, offshore drilling, and pipeline inspection.

Based on the system, the sensors segment of the ROV market is expected to witness the highest growth during the forecast period

The ROV market has been segmented and analyzed based on the system into a propulsion system, collision avoidance system, a navigation system, communication system, sensors, payloads, and chassis. sensors, radars, cameras, lasers, and others. Based on sensors, the camera segment is estimated to be the largest segment of the market in 2017, as high-resolution cameras are the most widely used payloads in various applications. The sensors segment is projected to witness the highest growth, due to the increased use of sensors in the defense sector for scanning, detecting, mapping, and remote sensing. Sensors are also used in the commercial sector to measure the concentration of various elements and compounds and detect the presence of microscopic life.

North America is projected to have maximum market share in the autonomous underwater vehicles market during the forecast period. Due to increasing security concerns, the US and Canada are expected to use an autonomous underwater vehicle (AUVs) for various defense operations, such as anti-submarine warfare and surveillance. Autonomous underwater vehicles (AUVs) are used for collecting data related to the seabed. The main driver for the growth of the North America autonomous underwater vehicle market is the increased use of autonomous underwater vehicles (AUVs) for carrying out deepwater surveys for the oil & gas industry that otherwise would have been expensive.

Lockheed Martin Corporation (US) is another prominent in the UUV market. Lockheed Martin’s Marlin AUV system provides a range of civilian and military products that offer an easy way to conduct subsea surveys and inspections, and the company is expanding it for the oil and gas industry to enable economical, safer, and faster and more efficient inspections.

Teledyne Technologies Inc. (US) also held the prominent position in the market. The company invests high in R&D, while protecting its specialised products and services. It has a technically sophisticated workforce to cope with the ever-changing technologies, advanced manufacturing strengths, high intellectual property, brand-name in the industry and goodwill among the customers. Similarly, SAAB AB (Sweden) is the leading player in the UUV market. The company conducts R&D activities, which involve applied research, new product and systems development, and select concept studies. Its R&D investments remain top priority and are key to its competitiveness.

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