Segmentation By Type (Remotely Operated Underwater Vehicles, Autonomous underwater vehicle); By Application (Commercial Exploration, Defense & Security, Scientific Research); By Region – Global Demand Analysis & Opportunity Outlook 2027
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Advancement in Defense Sector
The market is attributed to the rising investments in defense sector 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. Further, it also helps in stalking the enemy ships and protecting the harbors as well as the mine sweep for improving country’s navel security. These factors are estimated to provide a conducive platform for the development of advanced robotic system and is expected to contribute significantly to the underwater robotics market revenue.
Advancement in Underwater Technologies
Traditionally, a submarine alone has been an important navigation system used for underwater surveillance. Advancements in underwater robotics have provided an additional equipment 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.to develop Unmanned Underwater Vehicle (UUV) to supplement manned submarines, aiding them to detect targets by sending sonar pulses. Sensors used in underwater robot has vast applications in industrial sectors. Further, research and development has helped in developing advanced imaging system which is used at low depth and can trace the enemy ship in the water. Increasing focus on innovation by DRDO for advanced defense equipment is estimated to boost the growth of market during the forecast period.
Restraints
Navigation and Communication
Navigation and communication is one of the major problem 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, high power is required for underwater communication and complex signal processing. Resolving the limitations such as communication and navigation issues while deploying underwater robotics is challenging, thus affecting adversely to market growth.
The underwater robotics market is anticipated to record a CAGR of around 15.65% over the forecast period. The market is segmented by type into ROV and AUV; by application into commercial exploration, defense & security, scientific research. ROV segment is projected to hold 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.
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Our-in depth analysis of the underwater robotics market includes the following segments:
By Type
By Application
By Region
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.
The underwater robotics market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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