Underwater Robotics Market is anticipated to grow at a CAGR of ~13% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Underwater robotics Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Underwater Robotics Market is anticipated to grow at a CAGR of ~13% from 2020 to 2030.
Ocean exploration is about making discoveries and searching for things that are unusual & unexpected. Exploration helps to ensure that ocean resources are not just managed but managed well so that these resources can be utilized by future generations. Through ocean exploration, the baseline information can be established to understand the environmental change, and thus, can be useful to foresight future conditions. Ocean exploration can improve ocean literacy and inspire people to seek careers in science, technology, engineering, and mathematics. The challenges of exploring the deep ocean can provide the basis for technology and engineering innovations that can be applied in other situations. With the development of new materials, advanced computing, and sensory technology, as well as theoretical advancements and R & D activities, there is a significant advancement in underwater robotics.
The market growth of underwater robotics can be attributed to factors, such as potential utilization in underwater surveillance and offshore oil & gas exploration are expected to boost market growth over the forecast period. For instance, Remotely Operated Vehicles (ROVs) are extensively utilized for drilling, development, repair, and maintenance operations in offshore oil and gas exploration while overcoming the limitations of human subsea divers. Moreover, the growing adoption of robotics in defense & security applications is expected to drive market growth over the next few years. Robotics has been utilized in manufacturing over the past few years. Tremendous developments over the years have made them more sophisticated and reliable for military & law enforcement applications, which is contributing significantly to the growth of the market. Moreover, governments across different countries are investing in underwater robotics for advanced military applications such as intelligence, surveillance, investigation, mine countermeasure, oceanography, communication/navigation, anti-submarine warfare, and others. Furthermore, significant investments by stakeholders in the development & incorporation of advanced technologies in underwater robotics are expected to provide lucrative growth opportunities for the market.
However, the lack of technical expertise required in underwater robotics may curb market growth to a certain extent.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/underwater-robotics-market/389
Asia Pacific is estimated to be the fast-growing region owing to its growing utilization of underwater robotics in defense and oil & gas exploration activities in countries such as China, India, South Korea, and Japan. China has substantially increased its spending on the development of new & advanced technologies for the defense & security sector. This, in turn, is expected to contribute to the increased demand for underwater robotics in the country. Moreover, countries such as Japan, India, and South Korea are also spending increasingly on the development of offshore oil & gas exploration and marine development, which require underwater robotics.
Some of the prominent players 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.
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