DUBLIN–(BUSINESS WIRE)–The “Unmanned Underwater Vehicles (UUV) Market by Type (Remotely Operated Vehicle & Autonomous Underwater Vehicle), ROV & AUV Market by Application, Product, Propulsion System, System, and Region – Global Forecasts to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global UUV market size is projected to grow from USD 2.0 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 16.4% from 2020 to 2025.
The UUV market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25-30% globally in 2020.
Work Class Vehicles: The largest market share segment of the remotely operated vehicles market, by product type.
Work class vehicles is the product type segment contributing the largest share of the remotely operated vehicles market. Work class vehicles that weigh about 700 kg are known as light work class ROVs. These vehicles are used in engineering and scientific research to capture, measure, construct or conceal items underwater. The maximum depth range for light work class ROVs is between 2,000 and 3,000 meters. Work class ROVs with robotic arm manipulators are used to grasp objects, pumps, and brushes for cleaning operations as well as for underwater pipeline or deep water rig construction. The electronic instruments used in work class ROVs include underwater cameras and lights; acoustic positioning instruments; Conductivity, Temperature, and Depth (CTD) recording instruments; tracking systems; and side-scan, bottom scan, and multi-beam sonar.
Electric Propulsion: largest market share segment of the remotely operated vehicles market, by propulsion type.
The electric propulsion is the fastest-growing segment of the UUV market. Electric systems contain lithium-ion batteries that are used in ROVs. The lithium-ion batteries are used in small ROVs for increased endurance and greater operating range. These batteries are commonly used in combination with other propulsion systems for improving the efficiency and reliability of ROVs.
Asia Pacific: The fastest-growing region in the ROV market.
Asia Pacific is projected to be the highest CAGR rate for the ROV market during the forecast period. The offshore industry is the Asia Pacific region is anticipated to witness positive growth. The oil & gas blocks in the South China Sea are expected to propel exploration activities in the near future. Furthermore, the approval granted by the government of New Zealand to carry out offshore drilling is projected to influence the utilization of UUVs for further seismic surveys.
- Increasing Capital Expenditure of Offshore Oil & Gas Companies
- Rising Defense Spending of Countries Worldwide
- Need for Ocean Data and Mapping
- Need for Development of Sophisticated and Highly Reliable UUVs
- High Operational Costs of UUVs
- Development and Incorporation of Advanced Technologies in UUVs
- Slow Underwater Survey Speed Resulting from Use of Acoustic Communication Technology
- Economic Challenges due to COVID-19 Pandemic
- Atlas Elektronik GmbH
- BAE Systems plc.
- Balt Robotics
- Boston Engineering Corporation
- Cellula Robotics
- Deep Ocean Engineering, Inc.
- ECA Group
- Fugro N.V.
- Gabri Srl
- Graal Tech
- International Submarine Engineering Ltd.
- Kongsberg Gruppen
- L3Harris Ocean server
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Oceaneering International, Inc.
- Orca Maritime
- Planys Technologies
- Saab Ab
- Subsea 7 S.A.
- Technipfmc plc
- Teledyne Technologies Inc.
- The Boeing Company
For more information about this report visit https://www.researchandmarkets.com/r/ulvq95
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