Global Underwater Robotics Market was valued US$ 2.56 Bn in 2017 and is expected to reach US$ 6.98 Bn by 2026, at a CAGR of 13.36 % during a forecast period.
The underwater robotics market is segmented into type, application, and region.
Further, global underwater robotics market based on type includes remotely operated vehicle and autonomous underwater vehicles. In terms of application segment, global underwater robotics market is classified into defense & security, commercial exploration, and scientific research.
Based on regions, the global underwater robotics market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
Based on the type, a remotely operated vehicle is the dominant segment due to a remotely operated vehicle are expected to lose market share and autonomous underwater vehicles are expected to gain traction during the forecast period. The growth of a remotely operated vehicle segment is attributed to rising offshore deep sea oil and drilling industry owing to its capability to perform undersea operations such as drilling, equipment assembling, underwater repair, and maintenance. The autonomous underwater vehicles segment is projected to witness significant growth over the forecast period due to increasing demand and adoption in defense applications such as surveillance, mine counter measurement, anti-warfare application, and others. Moreover, potential use in ocean floor mapping, testing water samples, polar ice research, and pipeline inspection is expected to further drive expansion over the forecast period.
The major driving factor of global underwater robotics market is an exploration for oil & gas, mineral exploration, underwater data collection, search and rescue, monitoring sea life & underwater environmental changes, and also in military and defense applications.
The high cost of R&D for the development of underwater robots is a key factor restraining the growth of the global underwater robotics market. Furthermore, malfunctions that occur while performing underwater expeditions or surveys is another factor expected to hinder the growth of the global underwater robotics market over the forecast period.
In terms of region, The Asia Pacific region is estimated to expand at the highest CAGR over the forecast period due to high adoption of underwater robots in emerging economies and growing investments in autonomous marine vehicles in the countries such as China, South Korea, Japan, India, and Australia are expected to drive the region’s growth.
The major key player of global underwater robotics market is ATLAS MARIDAN Apps, 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.
The scope of Global Underwater Robotics Market:
Global Underwater Robotics Market, by Type:
• Remotely Operated Vehicle
• Autonomous Underwater Vehicles
Global Underwater Robotics Market, by Application:
• Defense & Security
• Commercial Exploration
• Scientific Research
• Others
Global Underwater Robotics Market, by Region:
• North America
• Europe
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operated in Global Underwater Robotics Market
• 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
• Soil Machine Dynamics Ltd.
• TECHNIPFMC PLC
• GENERAL DYNAMICS MISSION SYSTEMS, INC.
• INUKTUN SERVICES LTD.
• MACARTNEY GROUP.
• DEEP OCEAN ENGINEERING, INC.
• VIDEORAY LLC.
• FORUM ENERGY TECHNOLOGIES
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