Increasing investments in the oil and gas industry and rising concerns about coastal protection and naval cross-border threats are some key factors driving market growth
The global Unmanned Underwater Vehicles (UUV) market size reached USD 1.96 Billion in 2020 and is expected to register a revenue CAGR of 15.8%, during the forecast period, according to latest analysis by Emergen Research. Some major factors driving global Unmanned Underwater Vehicles market revenue growth include rising concerns regarding coastal protection and naval cross-border threats, increasing defense spending by governments globally, and increased investments by businesses in the oil and gas industry. In addition, increasing defense spending by governments globally is expected to augment revenue growth of the market going ahead.
Global energy consumption has grown significantly in recent years as a result of various technological advancements in across industries and sectors in developing countries. Offshore resources are becoming more important for meeting growing energy demand due to rapid degradation and depletion of traditional onshore energy resources. As a result, production lines for oil and gas have been relocated to underwater regions. Rapid technological advancements in UUVs, including better communication and access to deeper depths, are expected to increase UUV utilization in the oil and gas sector.
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Some Key Highlights From the Report
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The global Unmanned Underwater Vehicles market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Unmanned Underwater Vehicles market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
Emergen Research has segmented the global Unmanned Underwater Vehicles (UUV) market on the basis of type, propulsion system, product type, payload, application, and region:
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