Underwater Robotics Global Market 2019 Strategies, Share, Trends, Segmentation, Growth Forecast 2023

The global underwater robotics market was valued at USD 2.12 billion in 2017 and is expected to reach USD 4.20 billion by the end of the forecast period at a CAGR of 12.6%.

Underwater Robotics Market or underwater vehicles are specialized to either be operated by a remote or programmed to operate automatically without the need for a pilot. The major reason for the use of underwater robotics market is the need for continuous surveillance at submerged ocean areas. The major coastal countries such as the US, the UK, India, and Australia face a threat of underwater attacks. Although, the naval defense system is highly functional in these countries, the use of underwater vehicles helps in monitoring the locations which are hard to access. While defense and security is estimated to be the leading application area of underwater robotics throughout the forecast period, scientific research and commercial exploration is also expected to offer a number of opportunities in the utilization of underwater vehicles. The autonomous underwater vehicles (AUVs) are extensively used in the oil & gas industry, mine detection, surveillance, and underwater payload delivery as AUVs don’t require any human support to operate. One of the major sub-segments in commercial exploration is the archeological exploration to locate submerged ruins.

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Key Players

The key players in the underwater robotics market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Kongsberg Gruppen (Norway), Atlas Maridan ApS (Denmark), Deep Ocean Engineering, Inc. (US), Bluefin Robotics (US), ECA SA (France), International Submarine Engineering Ltd (Canada), Inuktun Services Ltd (Canada), Saab AB (Sweden), Schilling Robotics, LLC (US), and Soil Machine Dynamics Ltd (UK). These players contribute significantly to market growth.

Apart from the top key players, the other players contribute nearly 30%–35% in the underwater robotics market. These are BAE Systems PLC (UK), BaltRobotics Sp.z.o.o. (Poland), Boston Engineering Corporation (US), Oceaneering International, Inc. (US), Ocean Aero, Inc. (US), Palmarii Dynamics AB (Sweden), Pelorus Naval Systems Inc. (US), and SeaRobotics Corporation (US).

Segmentation

The global underwater robotics market has been segmented based on type, application, and region.

By type, the underwater robotics market has been segmented into remotely operated vehicle (ROV), and autonomous underwater vehicle (AUV).

By application, the underwater robotics market has been segmented into defense & security, commercial exploration, and scientific research.

By region, the underwater robotics market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The global market for underwater robotics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the underwater robotics market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).

Among the aforementioned regions, Noth America dominated the underwater robotics market due to higher use of UAVs by the US Navy for security and surveillance, and the oil & gas industry for oil fields exploration. The US is expected to remain a prime region for the underwater robotics manufacturing and adoption. The number of vehicles exported out of the US is much higher than any other country and contributes towards higher revenue generation. The US is also expected to continue its dominance throughout the forecast period as it occupies nearly 28% of the total market share among other countries.

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Competitive landscape

The companies operating in underwater robotics market are adopting organic growth strategies such as product development and enhancement as well as inorganic strategies such as expansion, agreement, and partnerships to increase their presence in the global market. However, the threat of new entrants remains a key challenge for the existing players in the underwater robotics market.

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