Feb 28 2020
As per the report published by Fior Markets, the global underwater robotics market is expected to grow from USD 2.30 Billion in 2017 to USD 7.08 Billion by 2025 at a CAGR of 15.1% during the forecast period 2018-2025. Increasing undersea mineral exploration activity, applications of underwater robots identified in military application, increasing use of advanced robotics technology in oil & gas industry and growing investments in defense sectors across different countries are the factors fuelling the underwater robotics market.
Underwater robots are applied for continuous oceanic surveillance as they are designed to work in challenging environments where the safety and accessibility of divers is compromised. Underwater robots are used in the fields of maritime security, underwater archaeology, and marine biology. They also play an important role in the development of the offshore industry. Furthermore, it also finds use across archaeology and oceanology undersea to discover new species of aquatic animals and exploring sunken ships. In the development of the offshore industry, the underwater robots plays a key role. Additionally, it has many applications in the field of underwater archaeology, marine biology and maritime security. Underwater robotics or underwater vehicles are specialized to either be functioned by a remote or programmed to function automatically without the need for a pilot. The major purpose for the use of underwater robotics is the necessity for continuous surveillance at submerged ocean areas. The underwater robot market is growing with the ability to complete a wider variety of operations NASA is launching a new project to help it better understand the deepest parts of space, without ever leaving Earth. For instance, Massachusetts-based OceanServer Technology, a designer and maker of autonomous underwater vehicles, has been acquired by L-3 Technologies.
Growing undersea mineral exploration movement is a major factor propelling the growth of the market. Increase in investments in defense sectors across different countries is a key driver aiding in the growth of this market. Also, increase in use of advanced robotics technology in oil & gas industry is also boosting up the demand for underwater robotics market. But it involves high cost of products and high initial investment in R&D process for development of new products which may hinder the performance of the market. However, increasing use of underwater robotics technology across military and commercial exploration applications for intelligence, surveillance, inspection, underwater repair maintenance, navigation and communication, and other operations is anticipated to boost market growth in coming years. Navigation and communication is one of the major challenge when it comes to deployment of underwater robotics.
DOWNLOAD FREE SAMPLE REPORT AT https://www.fiormarkets.com/report-detail/386069/request-sample
Key players operating in the global underwater robotics market include ATLAS MARIDAN Aps, Deep Ocean Engineering, Inc., Bluefin Robotics Corporation, ECA Group, International Submarine Engineering, Inuktun Services Ltd., Oceaneering International, Inc., Saab AB, Schilling Robotics, LLC, and Soil Machine Dynamics Ltd among others. To enhance their market position in the global underwater robotics market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in October 2016, Oceaneering International, Inc. announced expansion of AUV operations in West Africa region to support its existing and new customers.
- Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share. For instance, in October 2018 DeepOcean had acquired Delta SubSea LLC. This helped the organization in expanding its presence into the US Gulf of Mexico.
The Remotely Operated Vehicle (ROV) segment dominated the market with the highest share of 61.20% in 2017
The type segment is classified into Remotely Operated Vehicle (ROV) and Autonomous Underwater Vehicles (AUV). The Remotely Operated Vehicle (ROV) segment dominated the market and valued around USD 1.41 Million in 2017. The growth of the segment is attributed to increasing offshore deep sea oil and drilling industry due to its ability to perform undersea operations such as drilling, equipment assembling, underwater repair, and maintenance.
The commercial exploration segment dominated the market and valued around USD 993.77 Million in 2017
The application segment is segmented into defense & security, commercial exploration, scientific research and others. The commercial exploration segment dominated the market with the highest share of 43.20% in 2017. The rising use of underwater robotics in offshore oil and gas exploration as well as in undersea mineral exploration activity is leading to increase in demand. Underwater robotics is one of the important technologies miners use to explore deep sea mineral wealth.
Browse full report with TOC at https://www.fiormarkets.com/report/underwater-robotics-market-by-type-remotely-operated-vehicle-386069.html
Regional Segment Analysis of the Underwater Robotics Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Europe region dominated the global underwater robotics market with USD 908.65 Million in 2017 where as the Asia Pacific region is growing rapidly in the market. Europe is dominating the market due to increasing offshore oil and gas exploration activities in European countries. For instance, in May 2018, oil firm Lukoil of Russia completed construction of a third well in Filanovsky field of the Caspian Sea in the Russian sector. The Asia Pacific region is anticipated to grow rapidly because of the rising use of underwater robotics in defense and oil and gas exploration activities in countries such as China, India, South Korea, and Japan.
Source: https://www.fiormarkets.com/