According to the new research report published by The Insight Partners, titled “Unmanned Underwater Vehicle Market is expected to reach at US$ 4.44 billion by 2028; registering at a CAGR of 7.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Unmanned underwater vehicles (UUVs) are drones operating underwater with or without human interference. The majority of the global UUV market is captured by the defense forces, owing to the ever-increasing demand for subsea monitoring. The adoption trend of UUVs is increasing among various commercial sectors, such as oil & gas exploration organizations, hydrographic and oceanographic survey organizations, environmental monitoring organizations, and search & recovery teams. Various scientific research organizations are also adopting unmanned underwater vehicles for conducting oceanic studies and maritime surveys, among others.
The major defense forces across the globe are experiencing maritime security threats such as torpedo threats, underwater mines, diesel-electric submarine attacks, and short-range anti-ship missiles. Owing to these threats, the demand for technological alternatives, such as unmanned marine systems, is peaking among the defense forces. Technological advancement has reduced the risk to humans in critical and complex situations. Although underwater vehicles operate with human interference, the demand for unmanned solutions is increasing significantly over time. Hence, developers are integrating underwater drones with enhanced ISR systems to offer defense forces advanced surveillance capabilities. Applications of unmanned underwater vehicles include oil & gas exploration centers, hydrography, and oceanography, and environmental monitoring. The commercial sectors are increasingly adopting unmanned underwater technology to map and monitor the condition of seas or oceans, as well as explore various oil & gas sites.
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Based on application, the unmanned underwater vehicle market is segmented into commercial, defense, and research. The commercial segment is further classified into oil & gas industries, environmental monitoring, hydrography, search & recovery, and harbor surveys. The defense segment is expected to dominate the unmanned underwater vehicle market in 2022 and is expected to retain its dominance during the forecast period. This can be attributed to the applications of UUVs in naval forces and coastguards, ranging from object detection, mine detection, and submarine detection to border & coastal surveillance and continuous monitoring. Manufacturers of UUVs are also experiencing substantial demand for their products from commercial sectors, resulting in significant adoption of unmanned naval vehicles across the globe.
The key players operating in the unmanned underwater vehicle market include Kongsberg Gruppen, Teledyne Marine, Lockheed Martin Corporation, Saab AB, L3Harris Technologies Inc, SUBSEA7, ATLAS ELEKTRONIK GmbH, International Submarine Engineering Limited, ECA Group, and Gabri Srl. The unmanned underwater vehicle market players are constantly working on the development of innovative solutions to cater to different end-use industry demands and remain competitive in the market. Also, the defense forces are awarding different contracts to the market players. For instance:
In December 2022, the UK navy awarded a contract to Plymouth-based MSubs to supply them with a new extra-large autonomous underwater vehicle (XL-AUV) for supporting the Royal Navy (RN) for exploring the utility of uncrewed submarines in the future underwater battlespace.
In December 2022, the US Navy awarded a contract worth US$ 7.8 million to Metron Inc for Advanced Algorithm Development for Autonomous Marine Systems.
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