Armored Unmanned Underwater Vehicle Market: Growth, Opportunities & Insights by Type, Size, and Share
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.
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