The global unmanned underwater vehicle market size is expected to reach USD 78308 million by 2027 exhibiting a CAGR of 1491 during the forecast period The increasing application of UUVs in underwater search and survey communication navigation and maritime surveillance will propel the healthy growth of the market states Fortune Business Insights in a report titled “Unmanned Underwater Vehicles Market Size Share and Global Trend by Type Remotely Operated Vehicle ROV and Autonomous Underwater Vehicle AUV By Application Commercial Exploration Scientific Research Defense and Miscellaneous By Product Type Small Vehicle HighCapacity Electric Vehicle WorkClass Vehicle and Heavy WorkClass Vehicle By Propulsion System Electric System Mechanical System and Hybrid System By Payload Camera Sensors Inertial Navigation System and Others and Regional Forecast 20202027” The market size stood at USD 32655 million in 2019
The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world We understand that this health emergency has negatively impacted various sectors across the globe Rising support from governments and several companies can help in the fight against this highly infectious virus Some industries are struggling and some are thriving More or less nearly every sector is estimated to be impacted by this pandemic
We are making endless efforts to uplift businesses in this crucial need of the hour Our expertise and experience can offer enormous benefits to help regain during this global pandemic
Surging Deep Water Oil and Gas Production to Facilitate Growth
The increasing gas and oil production and exploration activities will have a tremendous impact on the global market For instance in 2019 the Gulf of Mexico observed new oil discoveries by key companies such as Shell Chevron Repsol and Equinor Shell has been successful in deepwater wellexploration projects The new exploration project is expected to produce more than 900000 barrels of oil by 2020 The increasing energy demand will subsequently accelerate deepsea exploration which in turn will aid expansion of the market The oil and gas industry is expected to account for the lion’s share in the world’s primary energy supply by 2050 The increasing utilization of UUVs in the oil and gas industry can have an outstanding effect on the market in the forthcoming years Moreover the increasing commercial applications such as seafloor mapping or seabed imaging and pipeline disruption study in the sea environment will foster healthy growth of the market
Disrupted Oil Industry to Dampen Business Amid Coronavirus
COVID19 had a severe impact on the industries due to the spread of the disease to almost 200 countries worldwide Moreover the global oil industry experienced a sudden drop in demand across various countries The oil demand is projected to fall 93 mbd yearonyear basis in 2020 and 2021 According to UNCTAD global maritime transport plunged by 41 in 2020 due to unexpected disruption caused by the COVID19 pandemic The disorder has mainly hampered the supply chain shipping network trade volumes and port However the global Shipping industryis making efforts for sustainable recovery and smooth operations which in turn will aid the market
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest share during the forecast period The United States is the largest producer operator and exporter of UUVs globally The increasing use of remotely operated vehicles ROVs in commercial and defense sectors will promote the expansion of North Americas market The growing use of autonomous underwater vehicles AUVs for carrying deepwater surveys in oil and gas production can contribute positively to the market growth in the region Asia Pacific is expected to experience a significant growth rate during the forecast period The growth is attributed to the increasing investments in the defense sector from several countries such as India China Japan South Korea and others
June 2020 Seamec Limited announced that it has signed a threeyear contract with Fugro for inspection repair and maintenance IRM of subsea pipeline on Indias west coast Fugro is expected to offer work class ROV services to Seamec during the contract duration
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