Unmanned Underwater Vehicle Market Growth Opportunities and Forecast by 2031

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

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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 Regional Insights

The regional trends and factors influencing the Unmanned Underwater Vehicle Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Unmanned Underwater Vehicle Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Unmanned Underwater Vehicle Market Report Scope

Unmanned Underwater Vehicle Market Players Density: Understanding Its Impact on Business Dynamics

The Unmanned Underwater Vehicle Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Unmanned Underwater Vehicle Market are:

1. Kongsberg Gruppen
2. Teledyne Marine
3. Lockheed Martin Corporation
4. Saab AB
5. L3Harris Technologies Inc
6. SUBSEA7

Disclaimer: The companies listed above are not ranked in any particular order.

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