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Global Unmanned Underwater Vehicle (UUV) Market to Grow at a CAGR of 14.50% During 2022-2027, Aided by the Increased Demand in the Oil and Gas Industry

According to a new report by EMR titled, ‘Global Unmanned Underwater Vehicle (UUV) Market Report and Forecast 2022-2027’, the market attained a value of around USD 3.9 billion in 2021. The industry is further expected to grow at a CAGR of 14.50% between 2022 and 2027 to reach a value of USD 8.8 billion by 2027.

The global unmanned underwater vehicle (UUV) industry is being driven by rising demand for UUV solutions in the oil and gas industry for underwater exploration. This can be attributed to the rising energy demand across various end use industries. Moreover, the heightened investments in the scientific exploration of sea and ocean floor are leading to the increased deployment of unmanned underwater vehicles, which are predicted bolster the industry growth in the forecast period. Additionally, the rapid technological advancements to improve the underwater communication and development of efficient propulsion system are estimated to aid the market growth in the coming years.

The rising emphasis of the leading market players in the manufacturing and development of efficient unmanned underwater vehicle mechanisms for diverse applications is estimated to significantly catalyse the industry growth in the forecast period. For instance, in July 2019, Oceaneering International Inc. (NYSE: OII) announced the receival of a contract to perform the first-ever deepwater autonomous underwater vehicle survey at the BHP-operated Trion block in Mexican waters. Furthermore, another leading unmanned underwater vehicle vendor, SAAB AB (OTCMKTS: SAABF), signed a contract with Ocean Infinity, a leading marine robotics company, to sell 10 of its new electric work remotely operated vehicles (eWROV) in November 2021. These developments are expected to positively impact the growth of the unmanned underwater vehicle (UUV) industry in the forecast period.

Market Breakup by Type, Application, Pay Load, Propulsion System, Product Type, and Region:

  • The market is divided, based on type, into remotely operated vehicle (ROV), autonomous underwater vehicle (AUV), and hybrid underwater vehicles (HUV).
  • On the basis of application, the market can be distributed into commercial exploration, defence, and scientific research, among others.
  • Based on pay load, the industry is segregated into sensors, synthetic aperture sonar, cameras, and inertial navigation systems, among others.
  • The industry is segmented, on the basis of propulsion system, into mechanical, electric, and hybrid, among others.
  • On the basis of product type, the market can be categorised into small vehicles, high-capacity electric vehicles, work class vehicles, heavy work class vehicles, man portable, light weight vehicles, heavy weight vehicles, and large vehicles.
  • Region-wise, the global market for unmanned underwater vehicle (UUV) can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for unmanned underwater vehicle (UUV) is being driven by the increased demand for the product in oil and gas industry applications.
  • The rising government investments in the ocean exploration activities have significantly contributed to the market expansion.
  • The increased expenditure in the development of underwater defence infrastructure is also aiding the industry growth.
  • The rising technological advancements are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for unmanned underwater vehicle (UUV) for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, applications, pay loads, propulsion systems, product types, and major regions of unmanned underwater vehicle (UUV).
  • It assesses the regional price trends for the (2017-2021) and (2022-2027) periods.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global unmanned underwater vehicle (UUV) market  are Oceaneering International Inc., General Dynamics Mission Systems, Inc., TechnipFMC plc, Boston Engineering Corporation, BaltRobotics Sp.z.o.o., and Saab AB, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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