Growth in demand for underwater drones for defense and security applications, increase in deep-water offshore oil and gas exploration, and surge in demand for oceanographic research fuel the growth of the global underwater drone market. By type, the Remotely Operated Vehicle (ROV) segment dominated the market with major share in 2019. However, the market across Asia-Pacific would portray the fastest CAGR throughout the forecast period.
Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global underwater drone market was estimated at $3.59 billion in 2019 and is expected to hit $7.39 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Increase in deep-water offshore oil and gas exploration, surge in demand for underwater drones for defense and security applications, and growth in demand for oceanographic research drive the growth of the global underwater drone market. On the other hand, communication problems associated with AUVs impede the growth to certain extent. Nevertheless, advent of energy-efficient underwater drones and rise in adoption of underwater drones in emerging economies pave the way for lucrative opportunities in the coming years.
The outbreak of the pandemic led to a sharp decline in military budgets to contribute to the pandemic response and recovery measures. Also, the demand from other end using sectors such as oil and gas has also decreased to a significant extent.
Nevertheless, the government bodies in various regions are coming up with relaxations in order to maintain economic stability, due to which, the industry is expected to retrieve soon.
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The global underwater drone market is analyzed across type, application, propulsion system, product type, and region. Based on type, the Remotely Operated Vehicle (ROV) segment contributed to the highest share in 2019, holding nearly three-fifths of the global underwater drone market. The Autonomous Underwater Vehicles (AUV) segment, on the other hand, is projected to manifest the fastest CAGR of 15.0% from 2020 to 2027.
Based on application, the defense and security segment accounted for two-fifths of the total market share in 2019, and is expected to rule the roost throughout the forecast period. Simultaneously, the commercial exploration segment is anticipated to showcase the fastest CAGR of 12.3% by the end of 2027.
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Based on geography, North America accounted for more than one-third of the total market share in 2019, and is projected to retain its dominance from 2020 to 2027. Simultaneously, the market across Asia-Pacific region would showcase CAGR of 12.8% by 2027. The other two regions studied through the report include Europe and LAMEA.
The key market players analyzed in the global underwater drone market report include The Boeing Company, Lockheed Martin Corporation, Bluefin Robotics, Saab Seaeye Ltd, Teledyne Marine Group, Kongsberg Maritime, Oceaneering International, Inc., TechnipFMC plc, ECA Group, and Deep Ocean Engineering, Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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