Underwater Robotics Market Growth, Share, Size, Gross Margin, Future Demands and Forecast 2020-2027
Overview
The global underwater robotics market is expected to reach USD 4,914.29 million by 2025 at a CAGR of 12.5% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the Underwater Robotics Market in the coming years. Underwater robotics or underwater vehicles are specialized to either be operated by a remote or programmed to operate automatically without the need for a pilot or an operator. These systems are used for a variety of applications within water bodies such as R&D, commercial projects, oil & gas industry, marine life science, and others. Additionally, one of the major uses of underwater robotics is the need for continuous surveillance in submerged ocean areas. There are two types of underwater robots, namely remotely operated vehicles (ROV) and autonomous underwater vehicles (AUV).
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The increasing demand for underwater robotics products is the key factor that aids market growth. The underwater robotics manufacturers must provide products as per industry and customer needs while offering advanced technologies to maintain their market positions and gain a competitive advantage. Vendors in the global underwater robotics market are focused on improving their technologies and upgrading products as well as expanding into the underdeveloped and developing economies.
Competitive Analysis
The key players of the global underwater robotics market are Atlas Maridan ApS. (Germany), Deep Ocean Engineering, Inc. (US), General Dynamics Mission Systems, Inc. (US), International Submarine Engineering Ltd. (Canada), ECA SA (France), Eddyfi (Canada), Oceaneering International, Inc. (US), Saab AB (Sweden), TechnipFMC plc (UK), and Soil Machine Dynamics Ltd. (UK), among others.
In December 2019, ECA SA signed an agreement with the Oceanographic Institute to provide the H300 MK2 ROV system to the institute for carrying out underwater research projects on living marine resources, biotechnologies, and aquaculture.
In September 2019, General Dynamics Mission Systems, Inc. introduced a new autonomous unmanned underwater vehicle, the Bluefin-12. This system uses shared Bluefin Robotics’ core capabilities, increased mission modularity, and embedded intelligence to complete the users’ long-endurance, high-consequence, and changing missions.
In May 2018, Eddyfi acquired M2M, a renowned developer and manufacturer of phased array ultrasonic testing (PAUT) instruments for NDT. This acquisition offers Eddyfi Technologies a unique chance to enter the PAUT market with the most advanced technologies.
Global Underwater Robotics Market: Segmentation
Global Underwater Robotics Market Research Report: Information by Type (Remotely Operated Vehicles [ROV] and Autonomous Underwater Vehicles [AUV]), Application (Commercial Exploration, Defense & Security, and Scientific Research), and Region.
The global underwater robotics market has been segmented on the basis of type, application, and region. Based on type, the underwater robotics market has been segmented as remotely operated vehicles (ROV) and autonomous underwater vehicles (AUV). The ROV segment holds a larger share based on type for the underwater robotics market due to the ROVs’ early adoption for various scientific, commercial, and military and defense applications. Additionally, ROVs are used in applications, such as hull inspection & cleaning, FPSO rigs, subsea structure inspection & work, the inspection of hydraulic dams and others, and in the oil & gas industry, which also drives the growth of the market.
Regional Analysis
Global Underwater Robotics Market, by region, has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the global market valued at USD 792.7 million; the market is expected to register a CAGR of 12.7% during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR of 15.8%.
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