The global underwater robotics market size is anticipated to reach USD 6.74 billion until 2025. It is anticipated to register growth with 13.5% CAGR during the forecasted period, 2018 to 2025. This growth can be associated with its surging usage for carrying out underwater activities like intelligence, surveillance, and investigation.
In 2017, The ROV segment held a share of 86.0% across the global market due to the surging offshore deep sea drilling and oil industry across the globe. The AUV segment is projected to witness highest growth in the upcoming years on account of rising adoption and demand across the defense sector for carrying out activities like anti-warfare applications and surveillance.
The segment of commercial exploration dominated the global market. It is also expected to continue its dominance on account of surging need for carrying out offshore gas, oil, and undersea mineral exploration activities. Also, activities like extraction and mining are antipcted to positively impact the market growth in the upcoming years.
Europe dominated the global market with revenue of USD 855.6 million due to rising offshore gas and oil exploration activities across majority of European countries. But, Asia Pacific is expected to witness highest growth on account of surging usage for oil exploration and defense activities across countries like China, Japan and India.
The underwater robotics market includes key players such as Oceaneering International, Schilling Robotics LLC, International Submarine Engineering, and Bluefin Robotics Corp. These players are adopting several marketing strategies like collaborations, mergers, acquisitions, partnerships to widen their product portfolio, and reach. Also, rising presence of small players is creating strong competition among the players.
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Further key findings from the report suggest:
• In 2017, the ROV segment held a share of 86.0% across the global market.
• The segment commercial exploration dominated the global market in 2017 and is expected to continue its dominance over the forecasted period.
• Europe dominated the global market in 2017 and generated a revenue of USD 855.6 Million.
• The key players in this market are Oceaneering International, Schilling Robotics LLC, International Submarine Engineering, and Bluefin Robotics Corp.
Million Insights has segmented the global underwater robotics market on the basis of type, application, and region:
Underwater Robotics Type Outlook (Revenue, USD Million, 2014 - 2025)
• Remotely Operated Vehicle (ROV)
• Autonomous Underwater Vehicles (AUV)
Underwater Robotics Application Outlook (Revenue, USD Million, 2014 - 2025)
• Defense & Security
• Commercial Exploration
• Scientific Research
Underwater Robotics Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America