UUV Market to Reach $7.64bln
The global unmanned underwater vehicles (UUV) market was around USD 2.92 billion in 2018 and is expected to reach approximately USD 7.64 billion by 2025, at a CAGR of slightly above 14.91% between 2018 and 2025.
The global unmanned underwater vehicles market is growing, owing to its rising applications in the defense and military sector, scientific research applications, and commercial purposes, said a report from Zion Market Research.
Unmanned underwater vehicles (UUV), also referred to as underwater drones, are vehicles that can operate underwater without any kind of human interference.
The rising demand for these vehicles in navel applications for safety and security purposes is another major factor driving the unmanned underwater vehicles market growth. Moreover, the increasing number of offshore oil and gas activities is also expected to propel this market in the future.
Additionally, rising surveillance activity for security purposes, increasing rigid rules and regulations, and growing government investments will further accelerate the unmanned underwater vehicles market.
Underwater sea exploration for sea mapping and oil and gas pipelines inspection are also stimulating the market. However, the unmanned underwater vehicles market may be negatively affected due to the economic crisis and defense budget cuts.
On the basis of the propulsion system, the unmanned underwater vehicles market is segmented into electric, mechanical, hybrid, and others.
Hybrid systems are anticipated to hold a substantial market share, owing to the development of improved engines by the manufacturers, to deploy fuel-efficient engines. Moreover, the advantages of UUVs over manual vehicles are also expected to drive this segment.
The North American unmanned underwater vehicles market is anticipated to show notable growth over the projected time period, owing to the presence of prominent market players, such as Boston Engineering Corporation, Bluefin Corp, and Deep Ocean Engineering in the region and increased government spending in the defense sector.