Underwater Robots Market to Grow At 13.7% CAGR To Reach US$ 4.3 Billion By 2033: Fact.MR Report
The increasing demand for autonomous and remotely operated vehicles is a main driver shaping the market growth
Rockville , Nov. 01, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global underwater robots market is projected to reach a value of US $4.3 Bn by the end of 2033 while rising at a CAGR of 13.7%Underwater robots, also known as ROVs or AUVs, are special vehicles designed to do tasks underwater. These are super-efficient and can work for a long time without needing help from humans. This makes them great for jobs like exploring the ocean floor, keeping an eye on the environment, and doing maintenance in places that are risky for people. They're also really good at collecting precise data and can do it consistently without getting tired. Plus, they're safer and often more cost-effective than sending humans or using other kinds of underwater vehicles.
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The growth of the underwater robots market is primarily driven by a surge in demand for autonomous and remotely operated vehicles (ROVs) for deep-sea exploration, environmental monitoring, and offshore activities. Advancements in technology, including improved sensors and navigation systems, have bolstered their capabilities, making them more versatile and reliable.
Underwater robots must withstand harsh conditions, including high pressures, corrosive saltwater, and varying temperatures, which can put a strain on their materials and systems. Navigating in complex underwater environments, avoiding obstacles, and maintaining precise positioning can be difficult due to limited visibility and underwater currents.
*Report Attribute* *Details*
Value Projection (2033) US$ 4.3 Billion
Growth Rate (2023-2033) 13.7% CAGR
No. of pages 170 Pages
No. of Tables 84 Tables
No. of Figures 74 Figures
*Key Takeaways: *
· The North American market is expected to occupy a market share of 26.4% in 2023. Underwater robots have applications in the defense sector and this contributes to the growth of the market in the region.
· The East Asia market is expected to witness a CAGR of 18.3% during the forecast period and the market is expected to occupy a share of 21% in 2023.
· Moreover, China’s oil & gas market is expected to grow at a CAGR of more than 2% and this will create opportunities for the Underwater robots market during the forecast period.*The growing demand for deep-sea exploration and research, technological advancements enhancing underwater robot capabilities, and an increasing need for cost-effective and safe underwater operations are the three key factors shaping the market growth-* *Says FACTMR Expert*
*Key Companies Profiled in This Report*
· Oceaneering International
· Bluefin Robotics Corp
· International Submarine Engineering
· Schilling Robotics LLC
· Saab AB*Market Competition*
Within the intense competition, companies in the underwater robotics industry are striving to lower the robot's cost in order to appeal to medium and small-scale users, especially from emerging countries, while also aiming to boost their profit margins.
· In October 2023, Sarcos Technology and Robotics Corp. revealed that it successfully met an order from Atlantas Marine Ltd. for two Guardian Sea Class robotic systems, along with a comprehensive support package. The company, headquartered in Salt Lake City, Utah, confirmed the delivery of these systems in the third quarter of 2023.*Winning strategies: *
· Focusing on making robots for deep-sea exploration is a smart move in the market. This involves understanding and meeting the unique challenges of underwater environments. By doing this, companies can stand out in a market that requires advanced technology for exploring the ocean's depths.
· Top players in the underwater robots market should create specialized robots for defense purposes like mine detection, underwater surveillance, and deploying autonomous vehicles in naval operations.
· Making robots with advanced imaging and robotic arms for inspecting and fixing underwater structures like bridges and pipelines is a great course of action in the industry. This strategy meets a crucial need for precise maintenance of vital underwater infrastructure, improving safety and longevity.*Get Customization on this Report for Specific Research Solutions:*
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*Country-specific Perspectives*
*Why is there such a need for underwater robots in the US?*
Over the estimated period, the US underwater robot market is anticipated to grow at a compound annual growth rate (CAGR) of 12.5%.
Applications for underwater robots exist in the defence industry; in 2021, US defence spending exceeded US$1.5 trillion. The United States is investing more in the defence industry each year. Over the course of the projection period, the US defence sector is anticipated to rise at a CAGR of more than 5.0%. The underwater robot industry has enormous growth potential due to the defence use of underwater robots for harbour protection and enemy ship search.
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*About Fact.MR**:*
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