In 2017, the global underwater robotics market was valued at USD 2.52 Billion. It is projected to grow at a compound annual rate (CAGR), of 13.5% between 2018 and 2025. Market growth is expected to be boosted by the potential use of underwater surveillance and offshore oil & gas exploration. Remotely operated vehicles (ROVs), for example, are widely used to drill, develop, repair and maintain offshore oil and gas exploration. They also overcome the limitations of subsea divers.
Market growth is expected to be driven by the increasing adoption of robotics for defense and security applications. In manufacturing, robotics has been widely used over the last few years. They have been improved over time and are now more reliable and sophisticated for law enforcement and military applications.
Submarines have been the mainstay of underwater surveillance. The advancements in underwater robotics mean that there is now additional equipment to assist with underwater surveillance. Governments 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. In July 2017, for example, the U.S. Defense Advanced Research Projects Agency signed a USD 4.6 million contract with BAE Systems. to develop an Unmanned Underwater Vehicle (UUV). This will allow manned submarines to detect targets using sonar pulses.
When it comes to underwater robotics deployment, communication and navigation are major issues. These issues are often hard to solve. Information is transmitted underwater using electromagnetic (EM), sound waves (FSO), or free-space optical(FSO). Sound waves used for communication below the surface of water can be affected by temperature gradients and surface noise.
Due to its conductivity, electromagnetic waves don't perform well in water. FSO waves can be used underwater as a wireless communication carrier. It is limited to extremely short distances. A complex signal processing and extra power are also required to enable underwater communication. In the long-term, underwater robot adoption is expected to be limited by communication and navigation problems in deep waters.
The market was divided into two types: ROV and AUV. In 2017, ROV accounted for more than 86.0% of the market. The ROVs will lose market share, while AUVs will gain ground over the next seven year. The ROV market segment's growth is due to the rising offshore deep-sea drilling industry and its ability to perform underwater operations like drilling, equipment assembly, and maintenance.
Over the forecast period, AUVs are expected to experience significant growth. This is due to increasing adoption of AUVs in defense applications like surveillance, mine counter measurement and anti-warfare. The potential for use in ocean floor mapping and testing water samples, as well as polar ice research and pipeline inspection, will drive further expansion during the forecast period.
The market for underwater robotics can be divided into three segments based on their application: defense and security and commercial exploration. Scientific research is another segment. In 2017, the largest segment was commercial exploration. This segment is forecast to grow at 14.8% CAGR over the forecast period.
This is due to the increasing use of offshore oil and gas exploration, as well as undersea mineral exploration. One of the most important technologies that miners use for deep-sea mineral riches is underwater robotics. Mining companies are using robotics technology to mine the richest mineral deposits beneath the seabed. Nautilus Minerals, a Canadian company, plans to deploy underwater robots at 1,600 m below the Papua New Guinea waters to extract precious metals like gold, silver, copper.
Europe dominated the market with a revenue of USD 855.6 millions in 2017. Due to increased offshore oil and gas exploration in Europe, the region will contribute significantly to the global market share. In May 2018, Lukoil of Russia, an oil company, completed the construction of a third well at Filanovsky Field of the Caspian Sea.
The forecast period will see significant growth in Asia Pacific due to the increasing use of underwater robotics for defense and oil and natural gas exploration in countries like China, India, South Korea and Japan.
Due to the existence of both large and small players, there is strong competition on the market. Established players dominated the market. Companies with innovative products are challenging established players. To expand their product range and strengthen their market position, underwater robotics companies are using acquisitions and new product development.
Oceaneering International, Inc., for example, announced in October 2016 that it would expand its AUV operations in West Africa to support existing and potential customers. The market for underwater robotics is dominated by the following players:
Oceaneering International
Bluefin Robotics Corp
International Submarine Engineering
Schilling Robotics LLC
Saab AB
Inuktun Services Ltd.
Up Market Research published a new report titled “Underwater Robotics Market research report which is segmented by Application (Defense & Security, Commercial Exploration, Scientific Research), by Type (ROV, AUV), By Players/Companies Oceaneering International, Inuktun Services Ltd, Bluefin Robotics Corp, Schilling Robotics LLC, International Submarine Engineering, Saab AB”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Underwater Robotics Market Research Report |
By Application | Defense & Security, Commercial Exploration, Scientific Research |
By Type | ROV, AUV |
By Companies | Oceaneering International, Inuktun Services Ltd, Bluefin Robotics Corp, Schilling Robotics LLC, International Submarine Engineering, Saab AB |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 223 |
Number of Tables & Figures | 157 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Defense & Security, Commercial Exploration, Scientific Research), by Type (ROV, AUV).
Underwater Robotics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Underwater Robotics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
How you may use our products:
Reasons to Purchase the Underwater Robotics Market Report:
Some other reports from this category!