As per the report published by Fior Markets, 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.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.
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.
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Leadersin the industry 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 Ltdamong otherswhichare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share.For instance,in October 2016, Oceaneering International, Inc. announced expansion of AUV operations in West Africa region to support its existing and new customers.
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 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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Increasing undersea mineral exploration activity is a major factor propelling the growth of the market. Growing investments in defense sectors across different countries is a key driver aiding in the growth of this market.Also, increasing use of advanced robotics technology in oil & gas industry is also boosting up the demand for underwater robotics market. But it involves high cost of products and high initial investment in R&D process for development of new products which may hinder the performance of the market. However, increasing use of underwater robotics technology across military and commercial exploration applications for intelligence, surveillance, inspection, underwater repair maintenance, navigation and communication, and other operations is anticipated to boost market growth in coming years.
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