Underwater Robotics Market By Type (Autonomous Underwater Vehicles (AUV) (Shallow AUV, Medium AUV, and Large AUV) and Remotely Operated Vehicle (ROV) (Work Class ROV, Observation Class ROV, and Intervention/Inspection Class ROV)), and By Application (Scientific Research, Commercial Exploration, and Defense & Security) – Global Analysis & Forecast 2020-2030

Report ID : 389  |  Published Date : Aug 2020  |  Pages : 170  |  Region : Global  |  Report Code : AD-2

Underwater robotics Market Overview and Introduction

Ocean exploration, is disciplined & organized and includes rigorous observation & documentation of biological, chemical, physical, geological, and archaeological aspects of the ocean. Findings made through ocean exploration are fundamental to reducing unknowns in deep-ocean areas and providing high-value environmental intelligence needed to address both current and emerging science & management needs. Information from ocean exploration is important to unlock the mysteries of deep-sea ecosystems that can reveal new sources for medical drugs, food, energy resources, and other products. Information from deep-ocean exploration can help to predict earthquakes and tsunamis and help us to understand how humans are affecting and being affected by changes in the earth’s environment. As the ocean attracts great attention to environmental issues and resources as well as scientific & military tasks, the need for underwater robotic systems has become more apparent. Underwater robotics represents a fast-growing research area and a promising industry as advanced technologies in various subsystems develop and potential application areas are explored. Focused efforts have been made to develop Autonomous Underwater Vehicles (AUVs) and Remotely Operated Vehicles (ROV)  to overcome challenging scientific & engineering problems caused by the unstructured & hazardous ocean environment. Particularly, there is a great demand for advances that may increase the functional & behavioral autonomy of underwater robots, facilitate human/machine interaction in the underwater environment, simplify the operability of complex platforms, reduce costs, and increase safety, reliability, & efficiency. 

The global underwater robotics market is majorly driven by the increasing commercial exploration, leading to increased investments in underwater robotics such as increasing capital expenditure of companies in offshore oil & gas industries. The world's largest oil & gas companies reported that the capital expenditure reached USD497.1bn in 2018 and increased to nearly USD540bn in 2019. The rising defense expenditure of countries worldwide is also boosting the market growth. According to the Bard College Center for the Study of the Drone, the Department of Defense requested approximately $9.39 billion for drones and associated technologies in the 2019 budget. Moreover, major players investing more in the development of underwater robotics is also boosting the market growth. However, the high costs involved in the installation & maintenance of underwater robotics may hinder market growth to a certain extent.

The global underwater robotics market has been segmented into the following categories – type, application, and region.

Underwater robotics Market By Type

Based on type, the market can be segmented into Autonomous Underwater Vehicles (AUV) & Remotely Operated Vehicle (ROV). AUVs can be sub-segmented into shallow AUV, medium AUV, and large AUV. ROVs can be sub-divided into work class ROV, observation class ROV, and intervention/inspection class ROV. The ROV segment will dominate the market during the forecast period as ROVs are widely utilized across all phases of the offshore oilfield life cycle. They are also utilized for offshore drilling support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair, thus, propelling the growth of this segment.

Underwater robotics Market By Application

Based on application, the market is segmented into scientific research, commercial exploration,  defense & security, and others. The commercial exploration segment accounted for the largest market share owing to the utilization of such robotics in the commercial exploration of oil & gas owing to a positive growth trend in crude oil production from deepwater & ultra-deepwater resources.

Underwater robotics Market By Region

Based on region, the global underwater robotics market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).  North America dominated the market share owing to offshore oil & gas projects in North America becoming more competitive as a result of improved efficiencies and tightening of the supply chain. This is further leading to declining offshore drilling costs. Moreover, the presence of major players providing underwater robotics in the region is further contributing to the overall market growth in the region.

Underwater robotics Market Prominent Players

Some of the key players operating in the global underwater robotics market include Oceaneering International, Inc., General Dynamics Mission Systems, Inc., International Submarine Engineering Limited, TechnipFMC plc, Saab Seaeye Ltd, Eddyfi, ATLAS ELEKTRONIK, Deep Ocean Engineering, Inc., Subsea Tech, SH Group A/S, and others.