The new report by Expert Market Research titled, ‘Global Underwater drones Market Report and Forecast 2023-2028’, gives in-depth analysis of the global underwater drones market, assessing the market based on its segments like types, technologies, product types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2021): USD 3.355 Billion
• Forecast CAGR (2023-2028): 12%
• Forecast Market Size (2027): USD 6.64 Billion
Due to the rising use of surveillance, data collection, and intelligence, the underwater drone market is growing at a progressive growth pace. These underwater drones are specifically used for oil and gas industry research, which has led to a substantial rise in the deployment of underwater drones in recent years. In addition, ocean exploration organisations have begun using these underwater drones for ocean floor mapping and for other purposes. Underwater drones have a camera because they are often increasingly used by underwater photographers, people who need to examine underwater structures, scientists, and even tour boat companies who want to show visitors the world underneath the boat.
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Industry Definition and Major Segments
The vehicles that can perform underwater operations without human presence are underwater drones, also referred to as unmanned underwater vehicles (UUV). These vehicles are either remotely controlled, powered by a remote human operator, or fully autonomous, functioning like a robot without any human control.
Based on type, the market is bifurcated into:
• Autonomous
• Remotely Operated
On the basis of technology, the industry is divided into:
• Electric
• Mechanical
• Hybrid
On the basis of product type, the market is divided into:
• Small Vehicles
• High-Capacity Electric Vehicles
• Work Class Vehicles
• Heavy Work Class Vehicles
Based on application, the industry is segmented into:
• Oil and Gas
• Commercial Diving
• Defence
• Scientific Research
• Search and Rescue
• Underwater Discovery
• Others
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
In terms of demand and acceptance, the global underwater drone market is rapidly picking up momentum across a range of application areas. Applications such as aquaculture, marine inspection and analysis, offshore drilling, port protection, pipeline inspection and maintenance, and potable water management currently serve the demand in large part. Underwater drones are currently seeing demand primarily from regions such as Europe and North America due to the involvement of many developed economies in the regions because of their high costs. Despite the existence in emerging economies of a vast range of growth opportunities from rapidly expanding industries such as oil and gas and marine inspection and research, the high cost of these goods is, to some extent, hindering their adoption. As an increasing number of companies enter the underwater drone market, however, prices are expected to decline soon.
Key Market Players
The major players in the market are Deep Trekker Inc. ECA Group, PowerVision Inc., Atlas Elektronik GmbH, Kongsberg Gruppen ASA (FRA: KOZ), and Oceaneering International, Inc. (NYSE: OII), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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