Armored Unmanned Underwater Vehicle Overview
The global armored unmanned underwater vehicle market is getting tailwinds from several factors like advanced technologies, growing tensions between countries in various regions, better defense budget, increasing research funding, demand from the oil exploration sector, oceanography-related explorations, and others. Market Research Future (MRFR) discussed possibilities regarding the growth of the market in the report
The Armored Unmanned Underwater Vehicle (UUV) Market was valued at USD 3.51 billion in 2022 and is projected to expand from USD 3.79 billion in 2023 to USD 7.5 billion by 2032. The market is expected to register a compound annual growth rate (CAGR) of approximately 7.87% during the forecast period 2024–2032.
Segmentation:
The global market report with details of the armored unmanned underwater vehicle market has been segmented by type, application, and propulsion system. These segments reveal data that are backed by graphs and charts, increasing the reliability of the analysis.
By type, the global study of the armored unmanned underwater vehicle includes Remotely Operated Vehicles (ROV) and Autonomous Underwater Vehicles (AUV). The AUV segment comprises medium AUVs (depth up to 1000 m), shallow AUV (depth up to 100 m), and large AUVs (depth more than 1000 m). The ROV segment had the maximum market share in 2018 and is witnessing the highest growth speed due to its use in oil exploration.
By propulsion system, the global market includes mechanical, electric, and hybrid. The electric segment dominated the market and would retain its position by garnering the highest CAGR during the forecast period. The electric segment would benefit from its lower fuel consumption and lightweight, which are effective in several cases. It also reduces the chance of influencing environmental problems.
By application, the market encompasses mine countermeasures, ISR (surveillance, intelligence, and reconnaissance), security, detection, anti-submarine warfare, and inspection, and navigation & accident investigation. The ISR segment had the highest valuation in 2018. The anti-submarine segment would record the fastest growth speed during the forecast period.
Regional Analysis:
Better defense budget and several ongoing oil exploration projects are expected to make sure that the market in North America gets the chance to dominate the global market. The US and Canada would contribute notably. In Asia Pacific, this growth would witness a steep rise.
Competitive Landscape:
SUBSEA 7 (UK), Teledyne Technologies Inc. (US), Lockheed Martin Corporation (US), General Dynamics Corporation (US), Oceaneering International Inc. (US), Saab AB (Sweden), BAE Systems plc (UK), L3 Harris OceanServer (US), International Submarine Engineering Limited (Canada), Kongsberg Gruppen (Norway), and Boeing (US) are some of the major companies who are investing in developing top-end models for the defense sector. Companies are banking on recent upgrades to use that as a proper advantage against their rivals.
Industry News:
In June 2020, the U.S. government approved the sale of 16 Mk VI patrol boats to Ukraine. These boats would be an asset for the Ukrainian navy, who are focused on patrolling the coastlines on the Black Sea and Sea of Azov. The rear ramp of Mk VIs can be used to operate small watercraft, like rubber rafts and small unmanned undersea vehicles. It would help the integration of the Mk 18 Kingfish underwater drone that is popular for mine-hunting.
In May 2020, BAE Systems’ Riptide announced that they had developed the first prototype of a 6000-meter rated unmanned underwater vehicle (UUV). This will allow unparalleled flexibility and cost efficiency that would allow probes under the sea for both surveillance and exploration purposes.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis about diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wants tats Research and Media Private Limited)
99 Hudson Street, 5Th Floor New York, NY 10013 United States of America
+1 628 258 0071 (US), +44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com