Research Nester recently published report titled “Underwater Robotics Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of underwater robotics market in terms of market segmentation by type, by application and by region.
The market is segmented by type into remotely operated underwater vehicles (ROV) and autonomous underwater vehicles (AUV); by application into commercial exploration, defense & security, scientific research and by region. ROV segment capture the largest market share owing to its wide application in drilling, development, repair, and maintenance operations for offshore oil and gas exploration while overcoming the limitations of human subsea divers. The underwater robotics market is anticipated to record a CAGR of around 15.65% during the forecast period i.e. 2019-2027.
A major factor driving the underwater robotics market growth is the increasing use of underwater surveillance for defense and offshore oil and gas exploration activities. Use of remotely operated vehicles for development, drilling, maintenance, and repair operations of offshore oil and gas exploration to overcome restrictions from human divers contributes to the growth of the underwater robotics market. Robotics is being used extensively in the manufacturing sector. Huge developments are being made in the military and law enforcement applications by robotics, thus improving the defense infrastructure. This is positively contributing to the growth of the global market
On the basis of regional analysis, the underwater robotics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific market is anticipated to capture the largest market share in the underwater robotics market owing to increasing application of underwater robotics in defense& security and oil and gas exploration activities in countries such as China, India, South Korea and Japan. With the availability of advanced technologies and skilled manpower, Asia Pacific region is expected to hold a significant revenue share by 2027.
Advancement in Underwater Technologies
Traditionally a submarine alone has been an important navigation system used for underwater surveillance. Government across different countries are investing in this technology for advanced military applications such as intelligence, surveillance, investigation, mine countermeasure, oceanography, communication/navigation, anti-submarine warfare, and others. For instance, in July 2017, the U.S. Defense Advanced Research Projects Agency (DARPA) signed a contract of USD 4.6 Million with BAE Systems.
Advancement in Defense Sector
The market is attributed to the rising investments in defense sectors across the world. For instance the United States Department of Defense announced an investment of USD 600 million over the period of 2016 to 2020 for the development of variable payload unmanned undersea vehicle capabilities. The investment was majorly made by the US navy to improve intelligence, surveillance and rescue operations, acoustic surveillance, mine countermeasure and anti-submarine welfare operations.
However, lack of skilled worker is anticipated to be a key restraint for the growth of underwater robotics market during forecast period. Navigation and communication are one of the major problems in underwater robotics operations. In underwater communication, information is transmitted using electromagnetic (EM), free-space optical (FSO) or sound waves. The use of sound waves for communication under surface water can be severely affected by surface ambient noise and temperature gradients. Electromagnetic waves do not work optimally in underwater atmosphere particularly in seawater and FSO waves are also restricted for very short distance.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of underwater robotics market which includes Soil Machine Dynamics Ltd., ATLAS MARIDAN Aps, Schilling Robotics LLC, Deep Ocean Engineering Inc., Saab AB, Bluefin Robotics Corporation, Oceaneering International Inc., ECA Group, Inuktun Services Ltd., International Submarine Engineering and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the underwater robotics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.