UUV Market to Reach $7.64bln

Laxman Pai
Thursday, August 15, 2019

The global unmanned underwater vehicles (UUV) market was around USD 2.92 billion in 2018 and is expected to reach approximately USD 7.64 billion by 2025, at a CAGR of slightly above 14.91% between 2018 and 2025.

The global unmanned underwater vehicles market is growing, owing to its rising applications in the defense and military sector, scientific research applications, and commercial purposes, said a report from Zion Market Research.

Unmanned underwater vehicles (UUV), also referred to as underwater drones, are vehicles that can operate underwater without any kind of human interference.

The rising demand for these vehicles in navel applications for safety and security purposes is another major factor driving the unmanned underwater vehicles market growth. Moreover, the increasing number of offshore oil and gas activities is also expected to propel this market in the future.

Additionally, rising surveillance activity for security purposes, increasing rigid rules and regulations, and growing government investments will further accelerate the unmanned underwater vehicles market.

Underwater sea exploration for sea mapping and oil and gas pipelines inspection are also stimulating the market. However, the unmanned underwater vehicles market may be negatively affected due to the economic crisis and defense budget cuts.

On the basis of the propulsion system, the unmanned underwater vehicles market is segmented into electric, mechanical, hybrid, and others.

Hybrid systems are anticipated to hold a substantial market share, owing to the development of improved engines by the manufacturers, to deploy fuel-efficient engines. Moreover, the advantages of UUVs over manual vehicles are also expected to drive this segment.

The North American unmanned underwater vehicles market is anticipated to show notable growth over the projected time period, owing to the presence of prominent market players, such as Boston Engineering Corporation, Bluefin Corp, and Deep Ocean Engineering in the region and increased government spending in the defense sector.

Categories: Unmanned Vehicles Underwater Engineering Autonomous Ships Drones

Related Stories

Subsea 7 CEO Will Retire at Year End

New Age Sells Stake in Marine XII

Utgard Comes on Stream

Big Data, Security & Remote Ops

BP Using Drones to Track Methane Emissions

Tullow Makes Second Discovery Offshore Guyana

Chevron to Boost St. Malo Production

VAALCO Spuds Etame Appraisal

Monitoring, and Addressing, Crude Quality in Real-time

P-68 FPSO Ready for Deployment

Current News

Australia Reviewing Equinor Environmental Plan

Equinor, SSE Win Contract for Largest Offshore Wind Project

Liberator Pilot Well Plugged and Abandoned

Petrofac Sells Mexico Assets to Perenco

Petronas Q2 Profit Rises 8%

Allseas Scores Gyda Platform Removal Job

Monitoring, and Addressing, Crude Quality in Real-time

Dominion to Build Largest US Offshore Wind Farm

Maersk Drilling Rig Extended by Equinor

IUMI Reports Cut in Offshore Insurance Premiums

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week