Underwater Robotics Market Overview
The global underwater robotics market is projected to grow from USD 2.2 billion in 2022 to USD 5.003 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2022 - 2030).Underwater robotics or underwater vehicles are specialized to either be operated by a remote or programmed to operate automatically without the need for a pilot or an operator. These systems are used for a variety of applications within water bodies such as R&D, commercial projects, oil & gas industry, marine life science, and others. Additionally, one of the major uses of underwater robotics is the need for continuous surveillance in submerged ocean areas. There are two types of underwater robots, namely remotely operated vehicles (ROV) and autonomous underwater vehicles (AUV).
The increasing demand for underwater robotics products is the key factor that aids market growth. The underwater robotics manufacturers must provide products as per industry and customer needs while offering advanced technologies to maintain their market positions and gain a competitive advantage. Vendors in the global underwater robotics market are focused on improving their technologies and upgrading products as well as expanding into the underdeveloped and developing economies.
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Competitive Analysis
The key players of the global underwater robotics market are Atlas Maridan ApS. (Germany), Deep Ocean Engineering, Inc. (US), General Dynamics Mission Systems, Inc. (US), International Submarine Engineering Ltd. (Canada), ECA SA (France), Eddyfi (Canada), Oceaneering International, Inc. (US), Saab AB (Sweden), TechnipFMC plc (UK), and Soil Machine Dynamics Ltd. (UK), among others.
In December 2019, ECA SA signed an agreement with the Oceanographic Institute to provide the H300 MK2 ROV system to the institute for carrying out underwater research projects on living marine resources, biotechnologies, and aquaculture.
In September 2019, General Dynamics Mission Systems, Inc. introduced a new autonomous unmanned underwater vehicle, the Bluefin-12. This system uses shared Bluefin Robotics’ core capabilities, increased mission modularity, and embedded intelligence to complete the users’ long-endurance, high-consequence, and changing missions.
In May 2018, Eddyfi acquired M2M, a renowned developer and manufacturer of phased array ultrasonic testing (PAUT) instruments for NDT. This acquisition offers Eddyfi Technologies a unique chance to enter the PAUT market with the most advanced technologies.
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Segmental Analysis
The global underwater robotics market has been segmented based on type, application, and region.
Based on type, the market has been bifurcated into remotely operated vehicles (ROV) and autonomous underwater vehicles (AUV). The AUV segment is projected to exhibit significant growth over the forecast period due to its increasing demand and adoption in defense applications, including surveillance, anti-warfare applications, mine counter measurement, and others. Companies such as Atlas Maridan ApS, International Submarine Engineering, and Bluefin Robotics are the major manufacturers of AUVs.
An autonomous underwater vehicle (AUV) is an unmanned underwater vehicle that works underwater without requiring commands or any inputs from the operator. AUVs are usually used as survey platforms to map the seafloor or characterize the physical, chemical, or biological properties of water. After completing the mission, these AUVs return to a pre-programmed location where data can be downloaded and processed. These vehicles are costlier as compared to ROVs. One of the significant features of an AUV is the ability to carry a wide range of payloads or sensors. These sensors conduct both spatial and time-series measurements such as seabed mapping and oceanographic measurement due to which AUVs can provide high quality, high-resolution data as compared to ROVs.
Based on the application, the underwater robotics market has been segmented into defense and security, commercial exploration, and scientific research. The commercial exploration segment was the dominant segment in 2019 and is expected to register a CAGR of 10.4% over the forecast period. ROVs are mostly used in commercial exploration as ROV technologies and capabilities have improved the offshore oil & gas industry. This industry has relied on ROVs for drilling support and subsea construction services to enable deepwater exploration and development projects worldwide. These machines have accurate and intelligent inspection mechanisms, faster, more responsive systems in cases of unfortunate incidents, and efficient damage control systems for safer results. Oil & gas companies invest heavily in R & D, and companies such as TechnipFMC plc, Eddyfi Technologies, and Oceaneering International, Inc. are the key players in the manufacturing of underwater robots for such companies.
The global underwater robotics market, by region, has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the global market, valued at USD 903.69 million in 2019; the market is projected to register a CAGR of 12.7% during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR of 15.8% during the forecast period.
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