Unmanned Underwater Vehicles (UUV) Market worth $4.4 billion by 2025
Based on the system, the sensors segment of the ROV market is expected to witness the highest growth during the forecast period
The global UUV market size is projected to grow from $2 billion in 2020 to $4.4 billion by 2025. This represents at a CAGR of 16.4 per cent from 2020 to 2025. The growth of the market can be attributed to the rising number of deep-water offshore oil & gas production activities and increasing maritime security threats.
“The commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period. This growth can be attributed to the increased demand for UUVs in commercial applications, such as surveys and seabed mapping, offshore drilling, and pipeline inspection,” read the Markets and Markets report.
Based on application, the commercial exploration segment of the Remotely Operated Vehicle (ROV) market is expected to witness the highest growth during the forecast period. Based on the system, the sensors segment of the ROV market is expected to witness the highest growth during the forecast period.
The ROV market has been segmented and analyzed based on the system into a propulsion system, collision avoidance system, a navigation system, communication system, sensors, payloads, and chassis. sensors, radars, cameras, lasers, and others. Based on sensors, the camera segment is estimated to be the largest segment of the market in 2017, as high-resolution cameras are the most widely used payloads in various applications.
The sensors segment is projected to witness the highest growth, due to the increased use of sensors in the defense sector for scanning, detecting, mapping, and remote sensing. Sensors are also used in the commercial sector to measure the concentration of various elements and compounds and detect the presence of microscopic life.
“North America is projected to have maximum market share in the autonomous underwater vehicles market during the forecast period. Due to increasing security concerns, the US and Canada are expected to use an autonomous underwater vehicle (AUVs) for various defense operations, such as anti-submarine warfare and surveillance. Autonomous underwater vehicles (AUVs) are used for collecting data related to the seabed. The main driver for the growth of the North America autonomous underwater vehicle market is the increased use of autonomous underwater vehicles (AUVs) for carrying out deepwater surveys for the oil & gas industry that otherwise would have been expensive,” read the report.