HOME › Research Insight › Unmanned Underwater Vehicles Market is Dominate Asia – Pacific Market
Unmanned Underwater Vehicles Market is Dominate Asia – Pacific Market
According to Shama Lunia, Senior Research Associate of the Aerospace and Defense business unit at MarketsandMarkets, the global Unmanned Underwater Vehicles (UUV) market is dominated by the Asia-Pacific, Latin America, and African regions, with high investments in offshore oil exploration activities.
The global UUV market is estimated to be $1.66 billion in 2014 and expected to reach $4.84 billion in 2019. The global ROV (Remotely Operated Vehicles) market is estimated to be $1.20 billion in 2014 and is expected to register a CAGR of 20.11% to reach $3.01 billion in 2019. The global AUV market is estimated to be $457 million in 2014 and is expected to register a CAGR of 31.95% to reach $1.83 billion in 2019.
The key growth regions will be Asia-Pacific, Latin America, and Africa. Countries such as China, Japan, Brazil, Norway and India, will show reliable levels of growth.
The growth for this market will be sluggish in the North American and European regions. There is a slight decline in the global share of advanced markets. The AUV market is expected to mature over the next five years. Significant investments made by the BRIC countries and the countries from the Latin American and African regions in the oil exploration and deepwater study will prove to be a prominent driver for the UUV market. The emerging countries will also be actively involved in the military activities for Intelligence, Surveillance, and Reconnaissance (ISR) purposes.
The on-board battery endurance constraint will be taken care of by the introduction of the Air Independent Propulsion system (AIP) and solar cells. Miniaturization and better endurance will cause a significant increase the span of the seabed-mapping activities using AUV. The ultra-deepwater exploration activities will definitely prove to be a driver for the ROV market in the near future.
The increasing demand in energy globally, will significantly drive the oil and gas sector. The mine hunting, pipeline inspections, and mine countermeasure (MCM) operations, will require ROV to perform complex tasks. UUV will be primarily used for oil rig construction and maintenance activities.
The increased capabilities of the AUV with technological advancements will certainly drive the AUV market. Better sonar, inertial navigation systems, and acoustic systems, will enhance the deepwater applications. The multiple payloads and subsystems attached to the ROV will enable them to perform operations that are complex and inaccessible.
SAAB (Sweden), Fugro (The Netherlands), Oceaneering (U.S.), will be the market leaders that occupy a significant market share for ROV. Kongsberg (Norway), Teledyne (U.S.), Bluefin Robotics (U.S.), and Atlas Elekronik (Germany), will be the leaders in the AUV market.
Unmanned Underwater Vehicles Market by Product (Autonomous Underwater Vehicle, Remotely Operated Vehicle), Application (Defense, Oil and Gas, Scientific Research), Region & Country - Global Trends & Forecasts to 2014 - 2019
North - Dominion Plaza,
17304 Preston Road,
Suite 800, Dallas, TX 75252