- Street: Omkar Heights,, Sinhagad Road,, Manik Baug, Vadgaon Bk,
- City: Pune
- State: Maharashtra
- Country: India
- Listed: February 9, 2019 5:57 am
- Expires: 16 days, 20 hours
Global Underwater Robotics Market by type (remotely operated vehicle, and autonomous underwater vehicles .), application (defense & security, commercial exploration, and scientific research.), by region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) is expected to reach US$ 6.98 Bn by 2026, at a CAGR of 13.36 % during a forecast period.
The major driving factor of global underwater robotics market are 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.
High cost of R&D for development of underwater robots is a key factor restraining growth of the global underwater robotics market. Furthermore, malfunctions that is occur while performing underwater expeditions or surveys is another factor expected to hinder growth of the global underwater robotics market over the forecast period.
Remotely operated vehicle is the dominant segment.
Remotely operated vehicle is the dominant segment due to remotely operated vehicle are expected to lose market share and autonomous underwater vehicles are expected to gain traction during forecast period. Growth of 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.
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.
North America is anticipated to account for highest revenue share in the global underwater robotics market.
The market in North America is anticipated to account for highest revenue share in the global underwater robotics market, followed by the market in Asia Pacific due to increasing use of underwater robots in the defense sector in the region. The market in Asia Pacific accounted for second-highest revenue share in the global underwater robotics market, owing to high adoption of underwater robots in emerging economies and growing investments in autonomous marine vehicles in the region. Also, the underwater robotics market in Europe is also expected to witness significant growth over the forecast period.
The major key player of global underwater robotics market are 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.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global underwater robotics market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall vertical ecosystem, useful for taking informed strategic decision by the key stakeholders in the vertical. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global underwater robotics market. The driving forces as well as considerable restraints have been explained in depth. in addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global underwater robotics market positioning of competitors.
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