PUBLISHER: Allied Market Research | PRODUCT CODE: 1239472
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239472
Underwater drones are unmanned underwater vehicles designed to enhance the analysis of what lies below the oceans, seas, and rivers. Underwater drones dive deep down the oceans and help locate and detect the oil & gas reserves, marine life, submerged archaeological sites, and temperature variations. The sensors, manipulator arms, cameras, and other equipment fitted on underwater drones simplify inspection and surveillance tasks for oil & gas companies and defense forces. This boosts the demand for underwater drones globally. An increase in defense expenses to strengthen the armed forces, a rise in offshore oil & gas exploration activities, and a surge in demand for oceanographic research to assess the oceans are anticipated to drive the growth of the global underwater drone market during the forecast period. However, the challenges associated with underwater communications are anticipated to hinder market growth during the forecast years.
Moreover, Asia-Pacific was the second highest revenue contributor in the underwater drone market due to several countries increasing their military dominance in the region. China sends underwater drones across different places for spying purposes to better understand the military activities and developments of other countries. To counter the rise in interference of the Chinese army, countries such as India and Japan have started the development and procurement of underwater drones in the region. For instance, in September 2022, The Chinese Navy developed extra-large unmanned underwater vehicles (XLUUVs), seen as a key part of the country's future naval fleet. It is around 16 meters (52 feet) long and appears to have two propellers. Its size is similar to the US Navy's Orca XLUUV developed by Boeing.
The market is segmented into type, propulsion system, application, product type, and region. The type of segment is further divided into remotely operated vehicle (ROV), autonomous underwater vehicles (AUV), and hybrid vehicles. By propulsion system, the market is segmented into electric system, mechanical system, and hybrid system. By application, the market is segmented into defense & security, scientific research, commercial exploration, and others. By product type, the market is segmented into micro, small and medium, light work class, and heavy work class. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report includes a study of the underwater drone market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Competitive analysis and profiles of the major underwater drone market players include: The Boeing Company, Lockheed Martin Corporation, Bluefin Robotics, Saab Seaeye Ltd, Teledyne Marine Group, Kongsberg Maritime, Oceaneering International, Inc., TechnipFMC plc, ECA Group, and Deep Ocean Engineering, Inc.