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Unmanned Underwater Vehicles Market Size to Record 13.5% CAGR Over 2023-2030; Increasing Production of Oil & Gas in Deep Ocean to Accelerate Market Growth

September 18, 2023 | Aerospace & Defense

The global unmanned underwater vehicles market size touched USD 3.02 billion in 2022 and is predicted to reach USD 3.34 billion in 2023. The market is anticipated to touch USD 8.14 billion by 2030, recording a CAGR of 13.5% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Unmanned Underwater Vehicles Market Size, Share, COVID-19 Impact Analysis & Russia-Ukraine War Impact Analysis, By UUV Type (Remotely Operated Vehicles (ROV), Autonomous Underwater Vehicles (AUV), and Hybrid Underwater Vehicles (HUV)), By Sub-System (Propulsion, Drive System, Collision Avoidance, Payloads & Imaging, and Communication & Navigation), By Operational Range Type (Large Vehicles (Depth More Than 1000M), Medium Vehicles (100M to 1000M), Shallow Vehicles (Depth Upto 100M)), By Application (Search & Salvage Operations, Archeological & Exploration, Oceanography, Environmental & Meteorological Research, Oil & Gas, and Naval & Coastal Defense), By End User (Research Institute, Commercial, Government, Defense/Homeland Security, and Others),  and Regional Forecast, 2023-2030”.


Sectors such as defense, commercial, and oil & gas are growing at a robust pace due to factors, such as rising cross-border tensions, increasing demand for oil & gas products, and growing number of deep-water operations. UUVs or underwater drones, play a vital role in carrying out underwater construction and inspection activities for the offshore oil & gas sector. Moreover, advancements in UUV technologies, such as higher-resolution cameras, enhanced manipulator arms, and more sensitive probes. These features are anticipated to fuel the unmanned underwater vehicles market share.


COVID-19-Induced Restrictions Slowed Oil & Gas Industry’s Growth, Impeded Market Progress


The COVID-19 pandemic had a severe impact on the functioning of many industries across the world, and the oil & gas sector was no exception. Since the outbreak caused several supply chain issues, there was a severe shortage of the required equipment and labor, which forced the oil & gas sector to halt all operations temporarily. The disruptions caused by the pandemic also affected the volume of cargo volumes and shipping networks due to decreased business activity. These aspects had a negative impact on the demand for UUVs.


Russia-Ukraine War Increased Demand for Innovative Weapons, Boosted the Market Progress


The Russia and Ukraine boosted the demand for innovative weapons considerably. The need for smart underwater weapons in Russia increased dramatically to gain an important advantage over Ukraine. Many countries supporting Ukraine in the war have also started to expand their existing weapon portfolio, which has further created a positive impact on the market.


Increasing Production of Oil & Gas in Deep Ocean to Accelerate Market Growth


The demand for energy in many developing countries has increased drastically in recent years due to the introduction of advanced technologies in various industries. Offshore manufacturing resources have gained significant traction as they can cater to the rising demand for energy as the conventional onshore resources are depleted. This is why oil & gas production activities have moved to underwater sites to ramp up the production capacity of manufacturers. These factors are expected to enhance the unmanned underwater vehicles market growth.


Competitive Landscape


Key Market Players to Focus on Introducing Advanced Technologies in Unmanned Underwater Vehicles


Companies, such as Teledyne Technologies Incorporated, Lockheed Martin Corporation, Oceaneering International, Inc., and L3 Harris Technologies Inc. are the top market players. These companies are focusing on delivering smart and compact unmanned underwater vehicles that are equipped with innovative technologies.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527


Notable Industry Development:


July 2020 - Virginia Tech researchers at the Center for Marine Autonomy and Robotics partnered with Boston-based Dive Technologies to support the development and testing of a new autonomous underwater vehicle. The company claimed that the vehicle had an innovative design, autonomous systems, and cutting-edge control software.


List of the Companies Profiled in the Report:



  • The Boeing Company (U.S.)

  • Teledyne Technologies Inc. (U.S.)

  • L3 Harris Technologies Inc. (U.S.)

  • Lockheed Martin Corporation (U.S.)

  • Oceaneering International Inc. (U.S.)

  • SAAB AB (Sweden)

  • Fugro (Finland)

  • General Dynamics Corporation (U.S.)

  • International Submarine Engineering (Canada)

  • Kongsberg Gruppen (Norway)


Further Report Findings



  • North America accounted for the largest share of the global market revenue due to the rising adoption of remotely-operated vehicles in the commercial and defense industries

  • The market in Europe is also witnessing commendable growth as there is a robust demand for advanced machines from the region’s commercial and defense sectors. Moreover, rising government support to promote the production of unmanned underwater vehicles will further support the regional market’s growth.

  • The autonomous underwater vehicle segment held the largest market share in the UUV type segment as these vehicles have shown immense promise while carrying out underwater operations. They are also used for underwater surveys that will help researchers get information about the ocean and underwater wrecks.


Table of Segmentation




























































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR 13.5% from 2023 - 2030



Unit



Value (USD Billion)



Segmentation



By UUV Type, By Sub-System, By Operational Range Type, By Application, By End User and Region



By UUV Type



  • Remotely Operated Vehicles (ROV)

  • Autonomous Underwater Vehicles (AUV)

  • Hybrid Underwater Vehicles (HUV)



By Sub-System



  • Propulsion

  • Drive System

  • Collision Avoidance

  • Payloads & Imaging

  • Communication & Navigation



By Operational Range Type



  • Large Vehicles (Depth More Than 1000M)

  • Medium Vehicles (100M to 1000M)

  • Shallow Vehicles (Depth Upto 100M)



By Application



  • Search & Salvage Operations

  • Archeological & Exploration

  • Oceanography

  • Environmental & Meteorological Research

  • Oil & Gas

  • Naval & Coastal Defense



By End User



  • Research Institute

  • Commercial

  • Government

  • Defense / Homeland Security

  • Others



By Region



  • North America (By UUV Type, By Sub-System, By Operational Range Type, By Application, By End User and By Country)

    • U.S. (By Application)

    • Canada (By Application)



  • Europe (By UUV Type, By Sub-System, By Operational Range Type, By Application, By End User and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By UUV Type, By Sub-System, By Operational Range Type, By Application, By End User and By Country)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • Rest of the World (By UUV Type, By Sub-System, By Operational Range Type, By Application, By End User and By Country)

    • Middle East & Africa (By Application)

    • Latin America (By Application)




Unmanned Underwater Vehicles (UUV) Market
  • PDF
  • 2023
  • 2019-2022
  • 200

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