According to new market research report "Unmanned Underwater Vehicles Market by product [ROV (Remotely Operated Vehicles) and AUV (Autonomous Underwater Vehicles)], Application (Defense, Oil and Gas, Scientific Research) & by Geography (North America, Europe, Asia-Pacific, The Middle-East, Latin America, ROW) - Forecasts & Analysis (2014-2019)", is projected to cross $4.84 Billion by 2019, growing at a high CAGR from 2014 to 2019.The global ROV market is estimated to be $1.2 Billion in 2014 and expected register a CAGR of 20.11% in 2019. The global AUV market is estimated to be $457 Million in 2014 and expected register a CAGR of 31.95% in 2019.
Asia-Pacific, Latin America, and Africa, show a consistent level of growth. Japan, China, Brazil, Norway, and India, are the emerging markets of UUV and will also show a reliable growth over the next few years.
There will be an increasing demand in offshore drilling activities to serve the global energy needs. The ROV market will show a significant increase in this sector. The need for seabed mapping and oceanographic environmental study for safeguarding the environment will be a key factor in the use of the UUV for scientific research purposes. The driving factor for this market will be the emergence of AIP (Air Independent Propulsion) systems and miniaturization in AUV, and the increased operational efficiency of the ROV to perform complex operations using various payloads.
Stringent market growth will be seen in countries such as Nigeria, Angola, Brazil, Chile, and, New Zealand, for the oil and gas sector and the countries such as China, Japan, and India, for the scientific research sector. The North American and European regions will show a comparatively sluggish growth over the next five years. There will be a slight decline in the global share of advanced markets defense budget cuts and the economic crisis.
Browse 94 market data Tables and 31 Figures spread through 154 Pages and in-depth TOC on "Unmanned Underwater Vehicles Market".
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According to Shama Lunia, Senior Research Associate of the Aerospace and Defense business unit at MarketsandMarkets,
The report analyses the defense, oil and gas, and scientific research applications of the UUV. The report also incorporates the market share based on the types of the ROV and AUV.
The geography-wise analysis includes application-level segmentations across the regions such as North America, Europe, theMiddle East, Asia-Pacific (APAC), Latin America, and the Rest of the World (ROW). The competitive analysis includes the market share of the prominent companies in the ROV and AUV market. The country-wise analysis includes their respective ROV and AUV contracts, programs, and the scope of the UUV over the next five years. The report also includes the analyses of the country-wise contribution in the production of specific types of UUV across the globe.
The drivers, restraints, and challenges, are analyzed and their impact on the global Unmanned Underwater VehiclesMarketthroughout the period is charted to provide an in-depth insight of the market. The various technological trends and opportunities are discussed in the report. The PEST (Political, Economic, Sociocultural, and Technological) analysis of the market is incorporated to determine its impact on the ROV and AUV market.
The global UUV market is estimated to be $1.66 billion in 2014 and expected to reach $4.84 billion in 2019. The global ROV (Remotely Operated Vehicles) market is estimated to be $1.20 billion in 2014 and is expected to register a CAGR of 20.11% to reach $3.01 billion in 2019. The global AUV market is estimated to be $457 million in 2014 and is expected to register a CAGR of 31.95% to reach $1.83 billion in 2019.
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The key growth regions will be Asia-Pacific, Latin America, and Africa. Countries such as China, Japan, Brazil, Norway and India, will show reliable levels of growth.
The growth for this market will be sluggish in the North American and European regions. There is a slight decline in the global share of advanced markets. The AUV market is expected to mature over the next five years. Significant investments made by the BRIC countries and the countries from the Latin American and African regions in the oil exploration and deepwater study will prove to be a prominent driver for the UUV market. The emerging countries will also be actively involved in the military activities for Intelligence, Surveillance, and Reconnaissance (ISR) purposes.
The on-board battery endurance constraint will be taken care of by the introduction of the Air Independent Propulsion system (AIP) and solar cells. Miniaturization and better endurance will cause a significant increase the span of the seabed-mapping activities using AUV. The ultra-deepwater exploration activities will definitely prove to be a driver for the ROV market in the near future.
The increasing demand in energy globally, will significantly drive the oil and gas sector. The mine hunting, pipeline inspections, and mine countermeasure (MCM) operations, will require ROV to perform complex tasks. UUV will be primarily used for oil rig construction and maintenance activities.
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