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Overview
The global underwater drone market will touch USD 15.0 billion at a 16.50% CAGR by 2032 as per the recent Market Research Future report.
Drivers
Demand for AUV to Boost Market Growth
The autonomous underwater vehicles (AUV) are playing a chief role in the growth of this market. AUVs are an essential part of ocean studies since they are utilized for data collection, exploration, and can generate 3D reconstructions or maps. Over the forecast period, AUVs are expected to see considerable demand from the oil and gas sector, due to the ability of AUVs to inspect and repair underwater structures, which, in turn, should further boost market growth. Additionally, the increasing use of AUVs in search, identification, and localization activities is also anticipated to have a favourable impact on market growth.
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Key Players
Prominent market players profiled in the underwater drone market report include ECA Group, The Boeing Company, Deep Ocean Engineering, Inc., TechnipFMC plc, Saab Seaeye Ltd, Oceaneering International, Inc., kongsberg maritime, Bluefin Robotics Corporation, teledyne marine, and Lockheed Martin Corporation.
COVID-19 Analysis
The outbreak of COVID-19 has forced governments globally to make healthcare a top priority. Consequently, countries are reducing their defense budgets to help fund pandemic response and recovery initiatives. In order to allocate more resources to combating the pandemic, nations such as South Korea and Thailand have decreased their military expenditures.
Opportunities
Technological Advances to offer Robust Opportunities
The main trends that are becoming more and more popular in the underwater drone market are technological breakthroughs. In order to maintain their market share in the underwater drone industry, major players in the field are utilizing cutting-edge technology like artificial intelligence. The imitation of human intelligence in machines created to behave and think like people is known as artificial intelligence, or AI. Drones can be guided by AI to carry out autonomous tasks.
Restraints and Challenges
High Cost to act as Market Restraint
The high price of laser communication systems coupled with dearth of effective communication may act as market restraints over the forecast period.
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Market Segmentation
The global underwater drone market is bifurcated into product type, propulsion system, type, and application.
By application, defense & security will lead the market over the forecast period.
By type, remotely operated vehicle will domineer the market over the forecast period.
By propulsion system, electric system will spearhead the market over the forecast period.
By product type, light work class will spur the market over the forecast period.
Regional Analysis
North America to Head Underwater Drone Market
The North American region was the leader in the Underwater Drone Market in 2022, with a 45.80% share. North America, especially the United States, allocates a large amount of funding towards defense and security. This results in high demand for underwater drones for military uses like surveillance, reconnaissance, and mine detection. Additionally, the United States held the biggest market share in the North American Underwater Drone market, while Canada was the fastest growing Underwater Drone market in North America.
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