Unmanned Underwater Vehicles Market worth $ 8.58 Billion, Globally, by 2027 at 13.21% CAGR: Verified Market Research

Unmanned Underwater Vehicles Market worth $ 8.58 Billion, Globally, by 2027 at 13.21% CAGR: Verified Market Research

PR Newswire

JERSEY CITY, N.J., Feb. 5, 2021

JERSEY CITY, N.J., Feb. 5, 2021 /PRNewswire/ -- Unmanned Underwater Vehicles Market has witnessed strong growth owing to the increasing use of unmanned underwater vehicles for maritime security and surveillance in naval forces. Furthermore, the surge in government investments will also accelerate the growth of the unmanned underwater vehicles market.

Unmanned Underwater Vehicles Market

Verified Market Research recently published a report, "Unmanned Underwater Vehicles Market " By Type (Remotely Operated Vehicle (ROV) and Autonomous Underwater Vehicle (AUV)), By Application (Commercial Exploration, Defense, Scientific Research, and Miscellaneous), By Payload (Sensors, Cameras, Video Screens, Lighting Systems, and Others), By Propulsion System (Mechanical, Electric, Hybrid, and Others), By Product Type (Small Vehicles, High-capacity Electric Vehicles, Work Class Vehicles, Heavy Work Class Vehicles, Man-Portable, Light Weight Vehicles, Heavy Weight Vehicles, and Large Vehicles) and By Geography. According to Verified Market Research, the Unmanned Underwater Vehicles Market was valued at USD 3.6 Billion in 2020 and is projected to reach USD 8.58 Billion by 2027, growing at a CAGR of 13.21 % from 2021 to 2027.

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Global Unmanned Underwater Vehicles Market Overview

The global unmanned underwater vehicles market is principally driven by the increasing use of unmanned underwater vehicles for maritime security and surveillance in naval forces. In addition, the rise in the number of offshore oil &gas activities is also anticipated to propel the market growth during the forecast period. The global energy demand has tripled in the past 50 years due to various technological reforms in developing economies. As conventional onshore reserves are continuously consuming, offshore resources are executing an important role in meeting this increasing energy demand. For example, the state-owned offshore oil & gas company, CNOOC of China, has declared an improvement in capital expenditure from USD 12.3 billion to USD 13.7 billion (CNY 85.0 billion to CNY 95.0 billion) in 2020. Accelerated technology advancements in UUVs in terms of increased communication and improved depth convenience are anticipated to continue supporting the use of UUVs in the oil & gas sector. Furthermore, the surge in government investments will also accelerate the growth of the unmanned underwater vehicles market.

The major players in the market are Lockheed Martin Corporation, Kongsberg Gruppen, Teledyne Technologies Inc., Oceaneering International, Inc., Subsea 7 S.A., Saab Group, The Boeing Company, Fugro, Oceanserver Technology, Inc., and Bluefin Robotics Corporation.

Verified Market Research has segmented the Global Unmanned Underwater Vehicles Market On the basis of Type, Application, Payload, Propulsion System, Product Type, and Geography.

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