Unmanned Underwater Vehicle Market accounted to US$ 2.64 Bn in 2017 and is expected to grow at a CAGR of 5.6% during the forecast period 2018 – 2025, to account to US$ 3.99 Bn by 2025.
The global market for unmanned underwater vehicle market is expected to exhibit high growth in near future. The increase in UUV demand is expected to be experienced across the globe. For instance, major navies in the APAC region, especially China and India are emphasizing on the development of submarines, however, the demand for unmanned vehicles are also gaining momentum substantially in order to effectively monitor illegal access in the maritime boundaries of these countries.
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The market for the unmanned underwater vehicle is concentrated with large numbers of well-established players as well as emerging players across the globe. The major companies operating in the market include Kongsberg Gruppen, ECA Group, Teledyne Technologies Inc., Lockheed Martin Corporation, Atlas Elektronik GmbH, Saab AB, Subsea 7 S.A., L-3 Technologies, International Submarine Engineering, and Gabri S.r.L among others.
Despite the factors restraining the market growth, the rising demand for UUV in rapidly developing economies of APAC is projected to generate optimal growth opportunities during the forecast period. Also, increasing activities of Russian submarines around the Scandinavian countries in the Baltic Sea, and near the UK have fueled the demand for the more effective undersea surveillance systems using unmanned vehicles in the European region.
The global UUV market is segmented into: by types, applications, and geography. The market for UUV is anticipated to expand at a prime growth rate in the APAC region during the forecast period from 2018 to 2025. The major market share is captured by North America, pertaining to the large number of manufacturers, and suppliers in the region. Moreover, software companies are also enhancing the capabilities of the vehicles by introducing advanced programs and software.
In addition, the US Defense authority is continuously investing significant amounts in research and developments, resulting in advanced technology, which in turn is increasing the demand for such unmanned marine systems, among US Navy as well as international naval forces. Along with these factors, the significant rise in hydrographic and oceanographic studies in the developed countries and developing economies are bolstering the market for the unmanned underwater vehicle in North America region.
On the other hand, countries in Asia Pacific region such as China, Japan, South Korea, and India among others are constantly spending substantial amounts in development and procurement of advanced unmanned undersea robots. The defense sector captured the majority of the market in the Asia Pacific, while the unmanned marine robots are gaining prominence in the commercial sectors of Asia Pacific region.
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APAC has been an active participant in the UUV market for over a decade now and has made significant development since then. China and Japan are the pioneers in UUV development in APAC, whereas India is rapidly emerging economy in UUV market. Singapore initiated two programs that included Starfish and Meredith. Starfish was developed by National University of Singapore and ST Electronics, whereas Meredith was found by DSO National Labs.
Moreover, as the technology has been in existence for a long, majority of the Asian economies including Australia, Japan, China, Singapore, and Vietnam uses UUVs that are manufactured by local and international suppliers like ECA, Kongsberg, Atlas Elektronik and Saab AB for Mine countermeasures (MCM). MCM is one of the major usages of UUVs, and in APAC most of the navies integrate MCM based UUVs with ISR (Intelligence, Surveillance, and Reconnaissance). However, the ISR mission that is beyond MCM requires maturity in terms of concepts and technologies.
The global market for unmanned underwater vehicle market is expected to exhibit high growth in near future. The increase in UUV demand is expected to be experienced across the globe. For instance, major navies in the APAC region, especially China and India are emphasizing on the development of submarines, however, the demand for unmanned vehicles are also gaining momentum substantially in order to effectively monitor illegal access in the maritime boundaries of these countries.
Get PDF Sample Copy of this Report @ https://www.theinsightpartners.com/sample/TIPTE100001272
The market for the unmanned underwater vehicle is concentrated with large numbers of well-established players as well as emerging players across the globe. The major companies operating in the market include Kongsberg Gruppen, ECA Group, Teledyne Technologies Inc., Lockheed Martin Corporation, Atlas Elektronik GmbH, Saab AB, Subsea 7 S.A., L-3 Technologies, International Submarine Engineering, and Gabri S.r.L among others.
Despite the factors restraining the market growth, the rising demand for UUV in rapidly developing economies of APAC is projected to generate optimal growth opportunities during the forecast period. Also, increasing activities of Russian submarines around the Scandinavian countries in the Baltic Sea, and near the UK have fueled the demand for the more effective undersea surveillance systems using unmanned vehicles in the European region.
The global UUV market is segmented into: by types, applications, and geography. The market for UUV is anticipated to expand at a prime growth rate in the APAC region during the forecast period from 2018 to 2025. The major market share is captured by North America, pertaining to the large number of manufacturers, and suppliers in the region. Moreover, software companies are also enhancing the capabilities of the vehicles by introducing advanced programs and software.
In addition, the US Defense authority is continuously investing significant amounts in research and developments, resulting in advanced technology, which in turn is increasing the demand for such unmanned marine systems, among US Navy as well as international naval forces. Along with these factors, the significant rise in hydrographic and oceanographic studies in the developed countries and developing economies are bolstering the market for the unmanned underwater vehicle in North America region.
On the other hand, countries in Asia Pacific region such as China, Japan, South Korea, and India among others are constantly spending substantial amounts in development and procurement of advanced unmanned undersea robots. The defense sector captured the majority of the market in the Asia Pacific, while the unmanned marine robots are gaining prominence in the commercial sectors of Asia Pacific region.
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APAC has been an active participant in the UUV market for over a decade now and has made significant development since then. China and Japan are the pioneers in UUV development in APAC, whereas India is rapidly emerging economy in UUV market. Singapore initiated two programs that included Starfish and Meredith. Starfish was developed by National University of Singapore and ST Electronics, whereas Meredith was found by DSO National Labs.
Moreover, as the technology has been in existence for a long, majority of the Asian economies including Australia, Japan, China, Singapore, and Vietnam uses UUVs that are manufactured by local and international suppliers like ECA, Kongsberg, Atlas Elektronik and Saab AB for Mine countermeasures (MCM). MCM is one of the major usages of UUVs, and in APAC most of the navies integrate MCM based UUVs with ISR (Intelligence, Surveillance, and Reconnaissance). However, the ISR mission that is beyond MCM requires maturity in terms of concepts and technologies.
