Underwater Robotics Market Overview:
Underwater Robotics market size was worth USD 4.11 Billion in 2021, accounting for a CAGR of 13% during the forecast period, and the market is expected to be worth USD 12.35 Billion by 2030.
Ever increasing population has resulted into monstrous demand for energy. Fossil fuels being the primary sources are now at topmost demand. In order to meet this soaring demand countries and oil companies all over the world are feuding to find new sources pushing oil & gas exploration industry. With 37 % of fossil fuels extracted from oceans floors, underwater robots are at demand due to numerous human limitation at deep water levels. Furthermore recent technological advancements have given robots multiple capabilities enhancing their ability to perform complex tasks. Furthermore with gradual rise in number of conflicts between nations, underwater robots now also have a crucial role in military and defense operations. For instance they are actively used in performing underwater patrolling and surveillance tasks at extreme conditions which were off the limit to human capabilities.
98 percent of the total international internet traffic flows through undersea cables. These cables are at constant need for maintenance and repair. This further pushed the requirement of underwater robots to perform these complex tasks again the reason being human incapability to perform under harsh and extreme condition posed by the ocean.
Market Dynamics:
Underwater robotics is field dealing with development and functioning of underwater robots generally known as underwater vehicles. These robots have vast range of application ranging from oil exploration, military operations, underwater inspection and maintenance. They are mainly of two types AUV (autonomous underwater vehicle) & ROV (remotely operated vehicle). Open ocean poses extreme conditions making human intervention next to impossible in these harsh condition but on the other hand robots could work easily that too in effective and efficient manner. Some of the key technologies used in underwater robotics include sonar for navigation and imaging, hydraulic and electric propulsion systems, and advanced materials for buoyancy and structural support.
Driver:
Escalating demand for crude oil and other fossil fuels have augmented the need for underwater oil exploration this is the major driver for underwater robotic market. It is well-known fact that humans are limited by their physical capabilities and oceans pose extreme conditions underwater which no human can bear but these physical barriers pose no threat for robots thus they are capable of performing exploration task effectively and efficiently. Another major driving factor driving the demand is rising national security threats posed by Terroirs organizations or enemy nation. In these scenario too robots are required to engage in surveillance and patrolling activities. Another major application of underwater robots is into maintenance and repairing operation generally of internet cables and crude oil pipelines this utility is also expected to augment the demand for underwater robots.
Restraint:
Technological advancements are both ways. With integration of automaticity into robotics the risk of cyberattacks have also increased multiple times these cyberattacks could seriously pose as a national security threat. This makes it a major restraint in mass adoption of autonomous robots into defense operations. Furthermore the field of robotics is extremely complex and requires advance engineering this adds high cost of research and development. Thus restraining development of new products and technologies which in turn cause stagnation of market expansion.
Opportunities:
With major countries investing into R&D of underwater robots the cost of production is anticipated to diminish in coming years. This will augment the adoption rate of robots into different defense and exploration related operations hence fostering the demand.
COVID-19 Impact:
The underwater robot market has been impacted due to the COVID-19 pandemic in multiple parts of the world. The main factors were travel restrictions imposed by governments in order to curb spread of corona virus. These restrictions resulted in static travel activity thus oil demand was contracted. This further forced oil companies to cut down there production which ultimately caused an extended halt on the oil exploration activities. Impacting the demand of underwater robots. The overall impact of COVID-19 on the industry is estimated to be minimal because situation has stabilized in 2022, the market experienced a V-shaped recovery and is projected to grow in similar manner due to reopening of the economy and removal of travel bans now the oil demands is near to pre COVID level and oil companies have again started oil exploration activities.
Underwater Robotics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 12.35 Billion |
| CAGR (2022-2030) | 13% |
| By Type | Remotely Operated Vehicle), AUV (Autonomous Vehicle |
| By Application | defense, oil & gas exploration, scientific research |
| By Geography | North America, Europe, Asia Pacific, Latin America ,Middle East and Africa, |
| Key Players | Bluefin Robotics, Inuktun Services, International Submarine Engineering, MacArtney Group, Deep Ocean Engineering, ECA Group, ACSA, Soil Machine Dynamics, Atlas Maridan. |
Market Segmentation:
By Type
The type segment is bifurcated into ROV (Remotely Operated Vehicle) and AUV (Autonomous Vehicle). In this segment the largest market share is captured by ROV the reason being they are more accurate and easy to operate as compared to human counterparts, especially in oil exploration activists. Furthermore, one common use of underwater robots in oil exploration is for the inspection, maintenance, and repair of offshore oil and gas platforms and pipelines. ROVs can be equipped with tools and instruments to perform tasks such as welding, cutting, cleaning and can be used to inspect structures for damage or corrosion. The AUV type robots are abundantly employed into defense related functions furthermore with technological advancements the adoption into defense sector is set to expand further. For instance a common use of underwater robots in the military is for mine countermeasures. AUVs can be equipped with sensors and other instruments to detect and identify underwater mines, and can be used to clear mines from shipping lanes and other strategic waterways.
By Application
This segment could be categorized into defense, oil & gas exploration, scientific research and others. The defense sector has largest market share of AUV robots and is gradually growing with continuous technological advancements in the field of robotics.
Oil & gas industry has witnessed augmented growth in integration of underwater robots for the function of oil and gas exploration. This sector employees ROVs more as compared to AUVs .With shrinking reserves the need for new oil reserves has drastically increased thus augmenting the demand of underwater robots.
The use of underwater robotics in scientific exploration is increasing they are employed in a variety of scientific exploration applications like they are used in oceanography, marine biology, and geology. These robotic systems are designed to operate in extreme conditions, and can be used to collect data, conduct research, and perform various tasks without the need for human intervention.
By Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa & Latin America. North America region has dominating market share among all the regions the reason being large military spendings incurred by US marine alongside huge investments into research and development these factors are supporting the market in this region.
Asia pacific region is estimated to grow with highest CAGR the underlying cause being increasing spendings by countries like India, china and japan in order to strengthen military capabilities and at the same time with rising investments into oil industry is further expected to drive the demand for underwater robots even higher.
Europe region is also expected to grow significantly in forecasted period the rationale being augmented spendings in marine sector and also increased spendings into oil and gas exploration activities.
Middle East will showcase moderate growth with most of the demand attributed to the oil & gas exploration and commercial activities. Furthermore, the demand for AUVs from countries like Israel and Saudi Arabia for naval defense operations will drive the market.
Underwater robotics market Competitive Landscape:
The competitive landscape of the underwater robotics market has been thoroughly analyzed in this report. With in-depth profiles of the major players operating in the market. Further, the rise in Research and Development (R&D), product enhancement, various business innovative strategies, and product launches have accelerated the growth of this market. Key players in this market include-
- Bluefin Robotics
- Inuktun Services
- International Submarine Engineering
- MacArtney Group
- Deep Ocean Engineering
- ECA Group
- ACSA
- Soil Machine Dynamics
- Atlas Maridan
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