Underwater Drones Market Revenue will reach $7.83 Billion by 2025, Says Esticast Research and Consulting
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The global underwater drones market was valued at $3.01 billion in 2018 and is projected to reach $7.83 billion by 2022, growing at a CAGR of 14.63% from 2019 to 2025.
In 2018, the hybrid systems segment generated the highest revenue share in the global underwater drones market. Among major regions, Europe was the highest revenue generating market, in the year 2018.
“Recently, the underwater drones trend has risen sharply owing to the rising applications of these drones in military, oil & gas, and many other industries”.
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According to the latest report published by Esticast Research & Consulting, the Global Underwater Drone market is expected to garner a significant growth in the forecast period.
Underwater drones, also called as unmanned underwater vehicles (UUV), are the vehicles which are capable of conducting underwater operations without human presence. These vehicles are either, remotely operated, which are directed by a remote human operator or fully autonomous, which can work without any human control, like a robot.
Growing adoption of underwater drones for many industry verticals boost the global market
The underwater drones have already been used by the military and defense authorities for a long time, but in the current scenario, the application platform of underwater drones is constantly expanding. Underwater drones are well equipped with various types of cameras as per the requirement. A drastic usage of these drones has been witnessed among the oceanographers and filmmakers for making marine documentaries and other films.
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Type, payload, application, propulsion systems, product type, and geography are the segments covered under the global underwater drones market. The type segment is categorized into ROV and AUV. Based on payload, the segmentation includes sensors, synthetic aperture sonar, INS, camera, video screens, lighting systems, and others. By propulsion, the segmentation includes electric systems, mechanical systems, hybrid systems, and others. Small vehicles, high-capacity electric vehicles, work class vehicles, heavy work class vehicles, man-portable, lightweight vehicles, heavyweight vehicles, and large vehicles are classified under the product type segment. Commercial exploration, defense, and scientific research are the categorization of the application segment. Based on geography, the market is divided into North America, Europe, Asia-Pacific, South America, and The Middle East & Africa.
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North America held for the majority of the share during the forecast period
North America generated the largest revenue for the market followed by Europe in the global underwater drone market. The market for North America is growing due to the presence of major market players and large software service providers in the region. In addition to this, heavy R&D investment by military organizations and constantly rising oil and gas exploration activities are expected to boom in the region.
The research report also helps to recognize the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. Few of the market leaders profiled in the report include Kongsberg Maritime, Lockheed Martin Corporation, Teledyne Technologies, Saab Group, Oceaneering International, The Boeing Company, Subsea 7, International Submarine Engineering, Atlas Elektronik, Fugro, and Bluefin Robotics. A major market player such as Aquabotix has now come up with the latest drone models which could be used by the fishermen in order to detect the actual location of shoals of fish.