Underwater Robotics Market by Type (Remotely Operated Vehicle (ROV), Autonomous Underwater Vehicles (AUV)), Application (Defense& Security, Others),Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global underwater robotics market is expected to grow from USD 2,300.4 Million in 2017 to USD 7,081.4 Million by 2025 at a CAGR of 15.1% during the forecast period from 2018-2025.Rising use of advanced robotics technology in oil & gas industry and growing investments in defense sectors across different countries are two major factors affecting the growth of the market.
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The Remotely Operated Vehicle (ROV)segment dominated the market with the highest share of 61.20% in 2017
The type segment is classified into Remotely Operated Vehicle (ROV) and Autonomous Underwater Vehicles (AUV). The Remotely Operated Vehicle (ROV) segment dominated the market and valued around USD 1,407.84 Million in 2017. The growth of the segment is attributed to increasing offshore deep sea oil and drilling industry due to its ability to perform undersea operations such as drilling, equipment assembling, underwater repair, and maintenance.
The commercial exploration segment dominated the market and valued around USD 993.77 Million in 2017
The application segment is segmented into defense& security, commercial exploration, scientific research and others. The commercial exploration segment dominated the market with the highest share of 43.20% in 2017. The rising use of underwater robotics in offshore oil and gas exploration as well as in undersea mineral exploration activity is leading to increase in demand. Underwater robotics is one of the important technologies miners use to explore deep sea mineral wealth.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. TheEuroperegion is dominating the market with the highest share of 39.50% in 2017.Europe is dominating the market due to increasing offshore oil and gas exploration activities in European countries. For instance, in May 2018, oil firm Lukoil of Russia completed construction of third well in Filanovsky field of the Caspian Sea in the Russian sector.
The major players of market include ATLAS MARIDAN Aps, Deep Ocean Engineering, Inc., Bluefin Robotics Corporation, ECA Group, International Submarine Engineering, Inuktun Services Ltd., Oceaneering International, Inc., Saab AB, Schilling Robotics, LLC, Soil Machine Dynamics Ltd. For instance,in October 2016, Oceaneering International, Inc. announced expansion of AUV operations in West Africa region to support its existing and new customers.
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