Unmanned Underwater Vehicles Market Generated $4,104.2 Million Revenue in 2020: P&S Intelligence

NEW YORK, July 13, 2021 /PRNewswire/ -- According to the market research firm P&S Intelligence, global unmanned underwater vehicles (UUVs) market generated $4,104.2 million revenue in 2020, the market is being driven by the increasing requirement for maritime security equipment, advancements in underwater inspection systems, and surging spending by governments for the procurement of UUVs.

Manufacturing plants, including those that produce UUVs, were shut down during the COVID-19 pandemic. The resulting decline in product sales affected the unmanned underwater vehicles market negatively till the third quarter of 2020. But, since the last quarter of 2020, lockdowns have been lifted, manufacturing has resumed, and imports and exports have been allowed in several countries, thereby pushing the market on the path to recovery once again.

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The bifurcations of the UUVs market under the type segment are remotely operated underwater vehicle (ROV) and autonomous underwater vehicle (AUV). Of these, the AUV category, which generated the higher revenue during 2015–2020 (historical period), will continue this trend during the forecast period (2021–2030). AUVs are used extensively to prepare seafloor maps before the underwater oil and gas infrastructure is created. This allows exploration and production companies to easily and cost-effectively install the pipes and other equipment with a rather weak impact on the marine environment.

Defense, commercial, scientific research, and others are the categories of the UUVs market on the basis of application. Till 2030, the fastest growth will be seen in the commercial category because UUVs are widely used for seabed mapping, deep surveys, pipelining, offshore drilling, cabling, and many other commercial purposes.

North America dominated the UUVs market in 2020 on account of the increasing defense budget of the U.S. and adoption of enhanced technologies. The usage of UUVs by the regional navies for maritime surveillance and defense is rising. Other key applications of these vehicles in the continent are harbor and port security, explosives detection and disposal, and mine hunting.

Browse detailed report with COVID-19 impact analysis on Unmanned Underwater Vehicles (UUVs) Market Research Report: By Type (Remotely Operated Vehicle, Autonomous Underwater Vehicle), Propulsion Type (Electric, Non-Electric), Application (Commercial, Defense, Scientific Research) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/unmanned-underwater-vehicles-uuv-market

Companies in the UUVs market are pursuing product development contracts and partnerships to augment their revenue.

For instance, in February 2020, the U.S. Department of Defense (DoD) granted Lockheed Martin Corporation a contract worth $12.3 million for developing and demonstrating extra-large UUVs for the Defense Advanced Research Projects Agency (DARPA). The UUVs are required for long-duration missions, wherein they will carry heavy payloads, so that the dependence on different types of logistical technologies and vessels of opportunity can be reduced, especially in forward-working conditions.

In the same way, in December 2019, Saab AB was awarded a contract by the Swedish Defence Materiel Administration (FMV) for the development of a self-propelled naval mine based on the UUV technology.

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Key players in the global UUVs market are Lockheed Martin Corporation, Teledyne Technologies Inc., Kongsberg Gruppen, Oceaneering International Inc., Saab AB, Subsea 7 S.A., The Boeing Company, Oceanserver Technology Inc., and Fugro.

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SOURCE P&S Intelligence