The global unmanned underwater vehicles market size is expected to reach USD 9,502.7 million by 2028, exhibiting a CAGR of 17.59% during the forecast period. The market size stood at USD 2,960.8 million in 2020. The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling, and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic. The increasing application of UUVs in underwater search and survey, communication, navigation, and maritime surveillance will propel the healthy growth of the market, states Fortune Business Insights, in a report, titled “Unmanned Underwater Vehicles (UUV) Market, 2021-2028.”
Regional Analysis:
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest UUVs market share during the forecast period. The United States is the largest producer, operator, and exporter of UUVs globally. The increasing use of remotely operated vehicles (ROVs) in commercial and defense sectors will promote the expansion of North America's market. The growing use of autonomous underwater vehicles (AUVs) for carrying deep-water surveys in oil & gas production can contribute positively to the market growth in the region. Asia Pacific is expected to experience a significant growth rate during the forecast period. The growth is attributed to the increasing investments in the defense sector from several countries such as India, China, Japan, South Korea, and others.
Key Development:
June 2020: Seamec Limited announced that it has signed a three-year contract with Fugro for inspection, repair, & maintenance (IRM) of subsea pipeline on India's west coast. Fugro is expected to offer work class ROV services to Seamec during the contract duration.
The Report Lists the Key Players in the Market for Unmanned Underwater Vehicles:
- Boeing (The U.S.)
- Fugro (The Netherlands)
- General Dynamics Corporation (The U.S.)
- International Submarine Engineering (Canada)
- KONGSBERG (Norway)
- L3Harris Technologies, Inc. (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- Oceaneering International, Inc. (The U.S.)
- Saab AB (Sweden)
- Teledyne Technologies Incorporated (The U.S.)
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