Global Underwater Drone Market Size, Statistics, Segments, Forecast & Share Worth USD 8.89 Billion, By 2030 at 11.89% CAGR | Underwater Drone Industry Trends, Demand, Growth, Value & Analysis Report by Zion Market Research
NEW YORK, Jan. 4, 2023 /PRNewswire/ -- As per Zion Market Research study, The global underwater drone industry size was worth around USD 3.35 billion in 2021 and is predicted to grow around USD 8.89 billion by 2030 with a compound annual growth rate (CAGR) of nearly 11.89% between 2022 and 2030.
Underwater Drone Market: Overview
Industrial Revolution 3.0 brought machines into the market, and the current Industry 4.0 evolution enables the development of remote, small, and innovative drones. New features are added to drones regularly aiding in expanding the product line of underwater drones. Underwater drones, also known as unmanned underwater vehicles (UUV) are submersible robots that can function under water with or without remote control, without the need for a human occupant.
The market of underwater drones is accelerating at a positive rate given the increase in demand for surveillance, intelligence, and data gathering, due to developments in automation, big data, and analytics. Institutes and companies are using these drones to map the ocean floor for research as well as commercial purposes. Maritime logistics are also employing submerged robots for hull inspection, cleaning, photography, and navigation purposes.
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Key Industry Insights & Findings of the Underwater Drone Market Reports:
- As per the analysis shared by our research analyst, the global underwater drone market is estimated to expand annually at a CAGR of around 11.89% over the forecast period (2022-2030)
- In terms of revenue, the global underwater drone market was valued at nearly USD 3.35 billion in 2021 and is anticipated to hit USD 8.89 billion by 2030
- The market is projected to expand at a significant rate due to the massive use of underwater robots in maritime logistics and huge demand for automated robots
- Based on application, defence segment accounted for the largest market share in the year 2021
- Based on technological type, autonomous underwater vehicle (AUV) is predicted to dominate the global industry over the forecast timeline
- In terms of region, the Asia-Pacific underwater drone industry is projected to record the highest CAGR of 12.7% during the forecast timeframe
Zion Market Research published the latest report titled "Underwater Drone Market By Technological Type (ROV, AUV, And Hybrid), By Application (Research, Defence, Communication, Exploration, And Others), By Product Type (Micro, Small & Medium, Light Work-Class, And Heavy Work-Class), And By Region: Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030" into their research database.
Industry Dynamics:
Underwater Drone Market: Growth Drivers
- Manpower shortage, political unrest, and increased COVID protocols to boost market growth.
Maritime logistics started to opt for robots to cope with the labor shortages, increasing the demand for automated robots to replace labor operations. Given the political unrest, several other countries are anticipating a worldwide war scenario, which can help drive the demand for underwater drones for defense uses. Increased COVID protocols require companies to reduce manpower, and use automated services, to reduce the chances of COVID infection. Another driver contributing to the growth of the global underwater drone market can be the increase in demand for data-driven processes, for improved risk assessment, and forecasting, which is possible by the use of underwater drones.
Underwater Drone Market: Restraints
- Security and data sensitivity concerns expected to restrict global market growth.
Underwater drones are remote-controlled, or automated by means of programming and software, making it easier to hack and leak sensitive data. This becomes a threat to the privacy of organizations using underwater drones, thereby hampering the market growth.
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Underwater Drone Market: Opportunities
- Increased environmental awareness and affinity towards energy-efficient & green products.
Increased global awareness related to green and clean energy alternatives to the conventional ones, provides scope for research and development of renewable source-powered drones. For example, the demand for solar and wind-powered underwater vehicles has increased. Ocean Aero developed underwater drones that utilize these energy sources and can operate for several months without the requirement of recharging. Such innovations will likely bring up new growth avenues for the global underwater drone market.
Underwater Drone Market: Challenges
- Communication Issues related to AUV drones.
AUV drones being completely automated, communication and navigation become issues. These systems communicate using radio signals, which get absorbed in water at a higher rate in comparison to other mediums such as air and vacuum. Radio signals face difficulties in terms of deep-sea communication, posing an issue for the increased application of AUV submerged drones.
Global Underwater Drone Market: Segmentation
- The global underwater drone market is divided on basis of type, application, product type, and region.
By technological type, the underwater drones market can be divided into remotely operated vehicles, autonomous underwater vehicles, and hybrid vehicles. Hybrid vehicles employ both autonomous as well as remote operation technologies. AUV market segment is expected to account for a major portion of the whole underwater drone market, due to Industry 4.0.
By application, the market can be segregated into research purposes, defense requirements, communications between submerged units & surface units, commercial explorations, and others. The current tense worldwide political scenario will increase the demand for defense drones. On the other hand, increased automation in maritime will account for growth in commercial exploration applications of submerged drones.
In regard to product type, the market can be classified as micro-drones, small & medium drones, light work-class drones, and heavy work-class drones. It is difficult to predict the demands in product type segmentation given the uncertainty of COVID-19 and the continuous evolution of industries and technologies, changing processes worldwide.
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List of Key Players in Underwater Drone Market:
- Chasing
- Blueeye Robotics
- Robosea
- Notilo Plus
- Navatics
- PowerVision
- ECA Group
- Deep trekker Inc.
- Terradepth
- ecoSUB Robotics
- Eelume AS
- Nido Robotics
- Neptune Robotics
Key questions answered in this report:
- What are the growth rate forecast and market size for Underwater Drone Market?
- What are the key driving factors propelling the Underwater Drone Market forward?
- What are the most important companies in the Underwater Drone Market Industry?
- What segments does the Underwater Drone Market cover?
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Recent Developments
- In 2020, new startups such as ecoSUB Robotics and Nido Robotics are providing advanced drones at a fairly cheaper price in comparison to other companies in the market. The new Autonomous Underwater Vehicles (AUVs) developed by ecoSUB Robotics are capable of traveling 500-2500 meters underwater, along with a Graphical Unser Interface (GUI).
- In May 2021, development of Robot Operating System (ROS), an open-source software collection that provides robotic services, in pandemic times has accelerated the evolution of drones. Though initially released by Stanford Artificial Intelligence Laboratory in 2007, it was updated and a stable version was launched in May 2021.
Regional Dominance:
- Europe and North America regions expected to witness substantial growth during forecast period.
In current times, Europe and North America are the markets with a high demand in the global underwater drone market. The presence of several software & data processing companies in these regions and the increased demand for ocean exploration accounts for a significant share of the market in these regions for underwater drones.
Asia Pacific region is following pursuit to enter the western big players of the underwater drone market. China's target to establish a minimum of 40 innovation centers propelled by automation and robotics helps in increasing the supply and demand for underwater drones in this region. The Middle East and Africa are still considered to have the smallest market for underwater drones.
Global Underwater Drone Market is segmented as follows:
Underwater Drone Market: By Technological Outlook (2022-2030)
- ROV
- AUV
- Hybrid
Underwater Drone Market: By Application Outlook (2022-2030)
- Research
- Defense
- Communication
- Commercial Exploration
- Others
Underwater Drone Market: By Product Outlook (2022-2030)
- Micro-drones
- Small & Medium Drones
- Light Work-Class Drones
- Heavy Work-Class Drones
Underwater Drone Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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