Unmanned Underwater Vehicle (UUV) Market worth 4.00 Bn USD by 2020
The report, now available on ASDReports, "Unmanned Underwater Vehicles (UUV) Market by Type (Remotely Operated Vehicle & Autonomous Underwater Vehicle), ROV & AUV Market by Application, by Product, by Propulsion System, by Payload & by Geography - Global Forecasts to 2020", The global unmanned underwater vehicle (UUV) market is estimated at USD 2.29 Billion in 2015 to reach USD 4.00 Billion by 2020, at a projected CAGR of 11.90% from 2015 to 2020. This growth can be attributed to growing deep-water offshore oil & gas production, rising demand for maritime security & threats and need for ocean data & mapping, globally.
“Commercial Exploration segment estimated to command new growth in the Remotely Operated Vehicle (ROV) market, while Defense segment to influence Autonomous Underwater Vehicle (AUV) market, among applications”
In the ROV market commercial segment is growing at a higher CAGR due to huge investment by major players into the commercial usage of ROVs mainly, survey and seabed mapping, offshore drilling and pipeline inspection. In the AUV market, defense segment has highest projected CAGR due to rising demand of anti-submarine warfare, mine countermeasure, and undersea surveillance purposes. In North America, commercial exploration segment comprises the largest market share of global ROV market and the trend of investment is increasing considering more offshore extraction potentialities. Similarly, due to increasing security concerns, the U.S. and Canada are expected to use AUVs for various defense operations, thus the region is estimated to have the highest market share of global AUV market.
Unmanned Underwater Vehicles (UUV) Market - Global Forecasts to 2020
“The sensors payload segment of Unmanned Underwater Vehicle to grow the highest during the forecast period”
The global unmanned underwater vehicle market has been segmented and analyzed in terms of payloads, namely, sensors, radars, cameras, lasers, and others. While the overall market is dominated by the camera segment as the payload is cost-effective and has ample opportunities for more advanced technological developments in near future , the sensors segment is projected to grow at comparatively at the highest CAGR during the forecast period, primarily driven by the increased use of sensors in defense for scanning, detecting, mapping, and remote sensing and to measure the concentration of various elements, compounds, the absorption and the presence of microscopic life.
“Africa and Latin-America to be the game changers in the Unmanned Underwater Vehicle market”
The unmanned underwater vehicle market is dominated by North America, as of 2015, owing to the technological advancements and the growing incidences of terrorism in the region and more offshore discoveries for deep-water extraction. However, Africa and Latin-America are expected to drive the growth of the global unmanned underwater vehicle market over the coming years, with the African market projected to grow at comparatively the highest CAGR from 2015 to 2020. This rapid growth of the African market can be attributed to the Oil & gas exploration programs undertaken by countries such as South Africa and Nigeria and the anti-submarine warfare to support the detection of manned submarine.
“Oceaneering International (U.S.): The top player in the Unmanned Underwater Vehicle market “
The major players in this market have been identified to be Oceaneering International (U.S.), Kongsberg Maritime (Norway), Teledyne Technologies, Inc. (U.S.), and Subsea 7 S.A. (U.K.), among others.
The report segments and analyzes the unmanned underwater vehicle market on the basis of its type (remotely operated vehicle, and autonomous underwater vehicle), ROV product type (small vehicle, high-capacity electric vehicle, work-class vehicle and heavy work-class vehicle), AUV product type (man-portable vehicle, lightweight vehicle, heavyweight vehicle and large vehicle), propulsion (electric system, mechanical system, hybrid and others), payload (sensors, lasers, camera, radars, & others) and maps these segments and sub-segments across the major regions of the world, namely, North America, Europe, Asia-Pacific, the Middle East, Latin-America and Africa.
Source : ASDReports - Market Research - view original press release