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 Market is Expected to Reach US$ 5 Billion By 2025: Credence Research - EconoTimes)
SAN JOSE, Calif., April 11, 2018 -- According to a new market research report published by Credence Research “Unmanned Underwater Vehicles Market (Product Type – Autonomous Underwater Vehicles (AUV), Remotely Operating Underwater Vehicles (ROV) and Hybrid Underwater Vehicles;Operating Depth– Less than 200m, 200 to 1,000m, 1,000 to 3,000m and More than 3,000m; Application – Defense, Scientific Research and Commercial) – Growth,Future Prospects and Competitive Analysis,2017 - 2025”, the global unmanned underwater vehicles (UUV) market is estimated to reach US$ 5 Bn by 2025.
Market Insights
Unmanned underwater vehicles (UUV), also called as underwater drones, refer to waterborne vehicles that are designed to operate underwater without any human onboard. These vehicles can be designed to operate fully or partially autonomous in order to carry out predetermined and programmed missions. UUV are used for various applications including surveillance, reconnaissance, mine countermeasures, ocean floor mapping, pipeline inspection, polar ice research, anti—submarine warfare and several others. Since there is no human operator onboard, using UUV become an extremely safe alternative for marine applications.
Rising investment over development of more advanced UUVs is the most prominent factor fueling the market growth. Several countries including the U.S., the U.K., Russia and France are investing heavily for developing unmanned vehicles for marine defense. For instance, in February 2016, the U.S. Department of Defense (DoD) announced to invest nearly US$ 600 Mn for prototyping UUVs of different sizes. The DoD plans to build UUVs for multiple payloads. Similarly, the U.K. Ministry of Defense announced to invest over US$ 22 Mn for procuring a fleet of sea drones. The overall expenditure over UUVs is estimated to remain strong in the following years, thereby escalating the market growth.
Competitive Insights
The overall UUV market is highly competitive in nature, with the presence of large number of established aerospace & defense companies. These companies principally rely upon government contracts demanding fleets of undersea drones. In addition, these companies receive heavy funding from the defense departments for research & development of UUVs. One of the major trend observed across the market is growing inclination towards autonomous underwater vehicles (AUVs). Subsequently, majority of the companies are now narrowing their research to AUVs, so as to meet the growing demand. Some of the major companies operating in the UUV market include Kongsberg Maritime AS, Boeing Company, Bluefin Robotics Corporation (General Dynamics Corporation), Raytheon Company, Teledyne Technologies, Inc., Thales Group, Lockheed Martin Corporation, Saab Group, BAE Systems Plc. and several others.
Key Trends
- Growing investment for research & development of unmanned underwater vehicles
- Increasing demand from commercial applications such as oil & gas
- Rising inclination towards autonomous underwater vehicles (AUV) and hybrid underwater vehicles
Browse Full Report With TOC, Figures And Tables @ http://www.credenceresearch.com/report/unmanned-underwater-vehicles-uuv-market
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