Global Unmanned Underwater Vehicles (UUV) Market Size to Reach USD 11.18 Billion in 2032 | Emergen Research
Increasing integration of advanced technologies in UUVs and increasing deep-water oil & gas exploration and production activities are some key factors driving Unmanned Underwater Vehicles (UUV) market growth
Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global Unmanned Underwater Vehicles (UUV) market size reached USD 1.96 Billion in 2020 and is expected to register a revenue CAGR of 15.8% during the forecast period, according to latest analysis by Emergen Research. Increased deep-water oil and gas exploration and production, and increasing integration of advanced technologies in UUVs are some key factors expected to drive market revenue growth during the forecast period. Rising need for ocean mapping and deployment for defense purposes are also expected to boost revenue growth of the market going ahead.
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Development of UUVs with improved battery capacity and better autonomy and manipulating capabilities is expected to result in these vehicles establishing a stronger position in various commercial and defense applications. Thrusters use maximum energy in UUVs and battery life of around 24 hours, which is further decreased if these vehicles must operate in deep water. The limited battery life of UUVs necessitates human involvement in battery charging. Nickel-metal Hydride (NiMH) batteries used in AUVs have a lower rate of degradation and a lower danger of leakage than Li-ion batteries in the event of a disaster. As a result, NiMH batteries are more widely utilized in higher-speed UUVs. Also, onboard sensors in UUVs improve ability to convey power to electrical equipment for scanning and tracking. Such technologies help reduce the consumption of onboard electrical components, and also are paving the way for further developments such as underwater AUV recharge.
However, high operating cost of UUVs and slow speed of underwater surveying are key factors expected to hamper global Unmanned Underwater Vehicles (UUV) market revenue growth to some extent during the forecast period.
*Scope of Research *
*Report Details* *Outcome*
Market size in 2020 USD 1.96 Billion
CAGR (2021–2032) 15.8%
Revenue forecast to 2032 USD 11.18 Billion
Base year for estimation 2020
Historical data 2018–2019
Forecast period 2021–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2021 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Propulsion System, Product Type, Payload, Application, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled Saab AB, Lockheed Martin Corporation, Kongsberg Gruppen, The Boeing Company, Atlas Elektronik GmbH, General Dynamics Corporation, Oceaneering International, Inc., BAE Systems plc, Boston Engineering Corporation, Bluefin Robotics Corporation
Customization scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The global unmanned underwater vehicles market is fairly fragmented, with a number of large and medium-sized market players accounting for a major revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, adopting more advanced technologies in unmanned underwater vehicles, developing, testing, and introducing new and more efficient unmanned underwater vehicles in the market. Some major players operating in the global unmanned underwater vehicles market are:
· Saab AB
· Lockheed Martin Corporation
· Kongsberg Gruppen
· The Boeing Company
· Atlas Elektronik GmbH
· General Dynamics Corporation
· Oceaneering International, Inc.
· BAE Systems plc
· Boston Engineering Corporation
· Bluefin Robotics Corporation
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*Strategic Development*
In June 2020, Kongsberg Gruppen received its first order for a state-of-the-art remotely operated vehicle (ROV) launching and recovery system (LARS), which is particularly built to manage ROVs from unmanned boats. The system is powered completely by electricity, rendering it more ecologically friendly and minimizing maintenance needs. The ROV can be launched and recovered beneath sea level, with launching and recovery taking place in the moon pool.
*Some Key Highlights From the Report*
· Small vehicle segment revenue is expected to expand at a significantly rapid CAGR over the forecast period due to rise in consumer expenditure and utilization in applications for water column properties tracking, monitoring, and operations in benthic zones.
· Sensors segment is expected to register significantly robust revenue growth over the forecast period due to high usage of sensors in military applications such as for tracking, monitoring, and identifying objects etc.
· Defense segment is expected to account for larger revenue share over the forecast period due to increased defense spending and greater military use of UUVs to ensure coastal security and in naval warfare, detection of undersea explosives, and mines etc.
· Asia Pacific is expected to register fastest revenue growth rate during the forecast period. Increased defense spending by various countries, notably China, India, Japan, and South Korea, is expected to drive revenue growth of the Asia Pacific market.
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*Emergen Research has segmented the **global Unmanned Underwater Vehicles (UUV) market on the basis of type, propulsion system, product type, payload, application, and region: *
· *Type Outlook (Revenue, USD Billion; 2018–2032)*
· Hybrid Underwater Vehicles (HUV)
· Remotely Operated Vehicles (ROV)
· Autonomous Underwater Vehicles (AUV)
· *Propulsion System Outlook (Revenue, USD Billion; 2018–2032)*
· Electric
· Hybrid
· Others
· *Product Type Outlook (Revenue, USD Billion; 2018–2032)*
· Small Vehicle
· Work Class Vehicle
· High-Capacity Electric Vehicle
· Heavy Work Class Vehicle
· *Payload Outlook (Revenue, USD Billion; 2018–2032)*
· Cameras
· Sensors
· Synthetic Aperture Sonar
· Inertial Navigation Systems
· *Application Outlook (Revenue, USD Billion; 2018–2032)*
· Scientific Research
· Commercial
· Defense
· Others
· *Regional Outlook (Revenue, USD Billion; 2018–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. BENELUX
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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