The Unmanned Underwater Vehicle Market size is projected to reach US$ 7.29 billion by 2031 from US$ 4.13 billion in 2023. The market is expected to register a CAGR of 7.4% in 2023–2031. Increasing government focus on strengthening the defense system of several countries is one of the major drivers for the unmanned underwater vehicle market. Additionally, the growing application of unmanned underwater vehicles for deep underwater surveys and environmental monitoring is also acting as a major driver for the market.
Unmanned Underwater Vehicle Market Analysis
Unmanned underwater vehicles primarily operate without human interaction. They are available in a few kinds, like small, medium, and large. Unmanned underwater vehicles generally carry various payloads, such as cameras, sensors, and engineered opening sonars, among others. Unmanned underwater vehicles have wide applications in the oil and gas industry, along with their utilization in ecological security, military and oceanography, observing, archaeological and investigation, and search and rescue operations.
Unmanned Underwater Vehicle Market Overview
Unmanned underwater vehicles have an extensive range of utilization in several military applications such as submarine fighting, payload conveyance, oceanography, mine counter, and among others. In addition, unmanned underwater vehicles can also be utilized for research activities, monitoring remains of air crashes and boat accidents. The unmanned underwater vehicle market is being segmented into type, accessories, and application. Based on type, the market is classified into remotely operated vehicles and autonomous. On the basis of accessories, the market is categorized into camera, sensor, sonar, navigation system, communication system, and others. Based on application, the unmanned underwater vehicle market is segmented into commercial (oil & gas industries, environmental monitoring, hydrography, search & recovery, and harbor surveys), defense, and research.
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Unmanned Underwater Vehicle Market: Strategic Insights
Market Size Value in US$ 2.83 billion in 2022 Market Size Value by US$ 4.44 billion by 2028 Growth rate CAGR of 7.8% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Unmanned Underwater Vehicle Market: Strategic Insights
| Market Size Value in | US$ 2.83 billion in 2022 |
| Market Size Value by | US$ 4.44 billion by 2028 |
| Growth rate | CAGR of 7.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Unmanned Underwater Vehicle Market Drivers and Opportunities
Growing Defense Spending in Various Nations is Expected to be the Prime Driver for the Unmanned Underwater Vehicle Market
The changing modern warfare and defense scenario requires governments of various countries across the globe to allocate substantial funds and financial aid toward respective defense and military forces. The defense budget allocation supports army and military forces to obtain increased technologies and equipment from domestic or international developers. On the other hand, military and army system upgrades are expanding owing to expanding defense budget allocation. Furthermore, the improving governmental spending displays the government's focus on improving national defense forces. There is an augmented need to reinforce defense and military forces with advanced unmanned underwater vehicles, among others; hence, naval forces across the globe are focusing on investing substantial amounts in obtaining advanced technologies. Defense forces' constant inclination to acquire new technologies for non-combat and combat operations further boosts defense expenditure worldwide., which is anticipated to drive the unmanned underwater vehicle market globally.
Increasing Offshore Oil & Gas Production
Investment and focus on offshore oil and gas production are growing across the globe. For instance, in October 2022, the Italian government announced plans to increase its gas production capacity. This proposal also includes the formation of new offshore gas rigs across the country. In May 2023, the Chinese government stated that it had accomplished the construction of a new 12,000-ton offshore drilling rig. In June 2023, the government announced drilling deeper into offshore platforms to lower its dependency on other nations regarding the import of oil and gas. Thus, mounting investment for the development of offshore oil and gas production is anticipated to fuel the application of unmanned underwater vehicles for monitoring and surveillance activities, which is anticipated to drive the growth of unmanned underwater vehicles over the forecast period.
Unmanned Underwater Vehicle Market Report Segmentation Analysis
Key segments that contributed to the derivation of the unmanned underwater vehicle market analysis are type, accessories, and application.
- Based on type, the unmanned underwater vehicle market has been divided into remotely operated vehicle and autonomous. The autonomous underwater vehicle segment held a larger market share in 2023.
- In terms of accessories, the market has been segmented into camera, sensor, sonar, navigation system, communication system, and others. The camera segments dominated the market in 2023.
- In terms of application, the market has been segmented into commercial (oil & gas industries, environmental monitoring, hydrography, search & recovery, and harbor surveys), defense, and research. The defense segments dominated the market in 2023.
Unmanned Underwater Vehicle Market Share Analysis by Geography
The geographic scope of the unmanned underwater vehicle market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America led the unmanned underwater vehicle Market in 2023. The North America region includes the US, Canada, and Mexico. Strong defense and naval force and high investment in research and development activities for strengthening the region's defense system are acting as a major driver for the unmanned underwater vehicle market in North America. The growing government focus on procuring advanced unmanned underwater vehicles for intelligence, surveillance, target acquisition, and reconnaissance activities is also having a positive impact on the unmanned underwater vehicle market in North America.
Unmanned Underwater Vehicle Market Report Scope
Unmanned Underwater Vehicle Market News and Recent Developments
The unmanned underwater vehicle market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Unmanned Underwater Vehicle Market and strategies:
- On February 2024 Pentagon Tech Hub collaborated with Anduril Industries, Inc. to get a large underwater drone for the Navy. (Source: Anduril Industries, Inc, Press Release/Company Website/Newsletter)
- On October 2023, Lockheed Martin Corp.’s LMT business segment, Rotary and Mission Systems, signed a business contract to deliver engineering support for extra-large unmanned undersea vehicle (UUV). The contract has been offered by the Naval Sea Systems Command, Washington, D.C. (Source: Lockheed Martin Corp, Press Release/Company Website/Newsletter)
Unmanned Underwater Vehicle Market Report Coverage and Deliverables
The “Unmanned Underwater Vehicle Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Accessories, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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