According to a report by Fortune Business Insights titled “Unmanned Underwater Vehicles (UUV) Market, 2021-2028,” the global unmanned underwater vehicles market is projected to reach a size of USD 9,502.7 million by 2028, with a compound annual growth rate (CAGR) of 17.59% during the forecast period. The market’s robust growth is attributed to the increasing utilization of UUVs in various applications such as underwater search and survey, communication, navigation, and maritime surveillance.
The market size stood at USD 2,960.8 million in 2020. The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling, and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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The report provides insights into the following aspects:
- Industry Outlook: It presents an overview of the overall industry and examines its impact on the market.
- Market Drivers and Trends: The report analyzes the main factors and trends driving the growth of the market.
- Growth Restraints: It identifies the factors that are hindering the growth of the market.
- Regional Prospects: The report assesses the prospects for the market in different regions.
- Key Market Players and Strategies: It highlights the key players in the market and their preferred strategies.
Surging Deep Water Oil & Gas Production to Facilitate Growth
The increasing gas and oil production and exploration activities will have a tremendous impact on the global market. For instance, in 2019, the Gulf of Mexico observed new oil discoveries by key companies such as Shell, Chevron, Repsol, and Equinor. Shell has been successful in deep-water well-exploration projects. The new exploration project is expected to produce more than 900,000 barrels of oil by 2020. The increasing energy demand will subsequently accelerate deep-sea exploration, which, in turn, will aid expansion of the market. The oil & gas industry is expected to account for the lion’s share in the world’s primary energy supply by 2050. The increasing utilization of unmanned underwater vehicles in the oil and gas industry can have an outstanding effect on the market in the forthcoming years. Moreover, the increasing commercial applications such as seafloor mapping or seabed imaging and pipeline disruption study in the sea environment will foster healthy unmanned underwater vehicles market growth.
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Disrupted Oil Industry to Dampen Business Amid Coronavirus
COVID-19 had a severe impact on the industries due to the spread of the disease to almost 200+ countries worldwide. Moreover, the global oil industry experienced a sudden drop in demand across various countries. The oil demand is projected to fall 9.3 mb/d year-on-year in 2020 and 2021. According to UNCTAD, global maritime transport plunged by 4.1% in 2020 due to unexpected disruption caused by the COVID-19 pandemic. The disorder has mainly hampered the supply chain, shipping network, trade volumes, and port. However, the global Shipping industry is making efforts for sustainable recovery and smooth operations, which, in turn, will aid the market.
The Report Lists the Key Players in the Market for Unmanned Underwater Vehicles:
- Boeing (The U.S.)
- Fugro (The Netherlands)
- General Dynamics Corporation (The U.S.)
- International Submarine Engineering (Canada)
- KONGSBERG (Norway)
- L3Harris Technologies, Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- Oceaneering International, Inc. (The U.S.)
- Saab AB (Sweden)
- Teledyne Technologies Incorporated (The U.S.)
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest UUVs market share during the forecast period. The United States is the largest producer, operator, and exporter of UUVs globally. The increasing use of remotely operated vehicles (ROVs) in commercial and defense sectors will promote the expansion of North America’s market. The growing use of autonomous underwater vehicles (AUVs) for carrying deep-water surveys in oil & gas production can contribute positively to the market growth in the region. Asia Pacific is expected to experience a significant growth rate during the forecast period. The growth is attributed to the increasing investments in the defense sector from several countries such as India, China, Japan, South Korea, and others.
June 2020: Seamec Limited announced that it has signed a three-year contract with Fugro for inspection, repair, & maintenance (IRM) of subsea pipeline on India’s west coast. Fugro is expected to offer work class ROV services to Seamec during the contract duration.
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