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(Transportation-News.com, February 13, 2019 ) [237 Pages Report] The unmanned underwater vehicle market is projected to grow from an estimated USD 2.69 Billion in 2017 to USD 5.20 Billion by 2022, at a CAGR of 14.07% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
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The Unmanned Underwater Vehicle (UUV) market is projected to grow from USD 2.69 Billion in 2017 to USD 5.20 Billion by 2022, at a CAGR of 14.07% from 2017 to 2022. The growth of the market can be attributed to the rising number of deep-water offshore oil & gas production activities and increasing maritime security threats. Government organizations and private agencies across the globe have been investing in the development and manufacturing of advanced UUVs.
Based on application, the unmanned underwater vehicle market has been segmented into defense, commercial exploration, scientific research, and miscellaneous. The commercial exploration segment is projected to witness the highest growth during the forecast period, due to the increased demand for UUVs in commercial applications, such as surveys and seabed mapping, offshore drilling, and pipeline inspection.
Based on type, the unmanned underwater vehicle market has been segmented into Remotely Operated Vehicle (ROV) and Autonomous Underwater Vehicle (AUV). The remotely operated vehicle market is estimated to be a larger market in 2017, due to the high demand for high-powered ROVs for ultra-deep sea ocean levels drilling.
The geographical analysis of the unmanned underwater vehicle market covers regions, namely, North America, Europe, Asia Pacific, Middle East, Latin America, and Africa. The market in Africa is projected to witness the highest growth during the forecast period, owing to the increasing activities pertaining to the discovery of new regions for oil & gas exploration between Africa and the Gulf of Mexico.
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