Unmanned Underwater Vehicles Market worth $7.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 9, 2023 -- The Unmanned underwater vehicles market is estimated to be USD 3.5 billion in 2022 and is projected to reach USD 7.4 billion by 2027, at a CAGR of 16.0% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth of this market can be attributed to the rise in trade of Unmanned underwater vehicles, developments in the military sector, and unmanned commercial sector.
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Major players in the Unmanned underwater vehicles market include Kongsberg Maritime (Norway), Saab AB (Sweden), Oceaneering International Inc. (US), The Boeing Company (US), General Dynamics Corp. (US), Teledyne Technologies (US), and ECA Group (France). Other key players in the market are BAE Systems (UK), Huntington Ingalls Industries (US), Mitsubishi Heavy Industries (Japan), Lig Nex 1 (South Korea) and ST Engineering (Singapore). The report covers various industry trends and new technological innovations in the Unmanned underwater vehicles market for the period, 2018-2027.
Need for Ocean Data and Mapping
UUVs are equipped with sensors and payloads and, hence, are useful for ocean research and seabed mapping. They are used to measure water temperature, salinity, pH values, and currents, as well as to help understand the dynamics of the ocean. Such data is also required to create a detailed map for navigation and mineral extraction. Although these activities are also performed by USVs (unmanned surface vehicles), they have high production costs.
OceanAero's Submaran and Triton are unmanned underwater vessels used for this purpose. The UUVs integrate the capabilities of a submarine and a surface sailing vessel and can gather a wide range of data, including environmental monitoring and sampling, remote area monitoring, oceanographic data gathering and hydrography. They are also effective environmental monitoring solutions for research or spill response.
By UUV Type, Market for AUVs is Projected to Grow at Highest CAGR During Forecast Period
Autonomous underwater vehicles have exhibited huge potential in underwater operations. These programmable autonomous robots are utilized for underwater survey missions that include detecting and mapping submerged wrecks, rocks, and obstructions. AUVs can operate in difficult access areas, and provide accurate data as these vehicles are equipped with highly advanced payloads. The US is considered to be a lucrative market for AUVs, owing to increased spending on the procurement and development of AUVs for military applications.
By AUV Shape, Segment for Torpedo Shaped AUVs is Projected to Grow at Highest CAGR During Forecast Period
Torpedoes AUVs are named after the torpedo (electric ray) fish, which is capable of producing an electric discharge in the range of 8 to 220 volts, depending on the species, to stun the prey, as well as for self-defense. Torpedo AUVs are cylindrical with the semi-circular or triangular-shaped hull at one end of the cylinder and thruster at the other end.
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North America region accounts for largest market share in Unmanned underwater vehicles market
North America led the Unmanned underwater vehicles market in 2021, with the US accounting for the largest share of the regional market. The growing demand for Unmanned underwater vehicles in the US and Canada, and the use of unmanned underwater vehicles in different commercial as well as military applications are key factors driving the market in North America.
Major unmanned underwater vehicles market players present in North America include Oceaneering International Inc. (US), Huntington Ingalls Industries (US), L3harris Technologies (US), Lockheed Martin Corporation (US), Teledyne Technologies (US), Northrop Grumman Corp. (US), and General Dynamics Corp. (US). Other key players present in North America are International Submarine Engineering Ltd. (Canada), and Anduril (US).
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