Global Underwater Drone Market Report and Forecast 2024-2032

Global Underwater Drone Market Outlook

The global underwater drone market attained a value of more than USD 4.21 billion in 2023. The market is expected to grow at a CAGR of 12% in the forecast period of 2024-2032 to account for a value of over USD 11.70 billion by 2032.

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Increasing Applications of the Autonomous Underwater Vehicles (AUV) in Oceanographic Studies to Bolster the Market Growth

Based on type, the autonomous underwater vehicles (AUV) is significantly contributing to the growth of the market. AUVs are a crucial component in oceanographic studies as they are used for data collection, exploration, and can create 3D reconstructions or maps. Over the forecast period,  AUVs are likely to witness a significant demand from the oil and gas industry, owing to the ability of the product to inspect and repair submerged infrastructures, which, in turn, is anticipated to propel the market growth. In addition to this, the rising applications of AUVs in search, recognition, and localisation tasks is further predicted to have a positive impact on the growth of the market.

Apart from this,  remotely operated vehicle (ROV) is likely to witness significant growth in the forecast period, owing to its rising applications in offshore industries, including the maintenance of marine structures, marine sciences, naval defence, marine renewable energy, and scientific purposes.

North America is Projected to Account for a Significant Share in the Market Growth of Underwater Drones

In the coming years, North America is likely to occupy a substantial share in the overall market growth of underwater drones. This can be associated with the  growing demand for underwater drones for  ocean exploration in the region.  In addition to this, the rising investments and advancements towards expanding the capabilities of AUVs and ROVs, for better exploration, more extended operations, and precise data collection is likely to provide impetus to the market growth in the forecast period. The market is further anticipated to be aided by the rising demand for REMUS AUVs in the United States for the purpose of detecting mines, surveying, and mapping the areas.

Underwater Drone: Market Segmentation

An underwater drone is defined as an unmanned miniature submarine, which is controlled by computers and sensors. The underwater drones are usually equipped with cameras and manipulator arms and are used for carrying out ocean exploration.

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Based on type, the market is divided into:

• Remotely Operated Vehicle (ROV)
• Autonomous Underwater Vehicles (AUV)
• Hybrid Vehicles

On the basis of product type, the market  is segmented into:

• Micro
• Small and Medium
• Light Work-Class
• Heavy Work-Class

By propulsion system, the product can be classified into:

• Electric System
• Mechanical System
• Hybrid System

The significant applications of  underwater drones include:

• Defence and Security
• Scientific Research
• Commercial Exploration
• Others

The EMR report looks into the regional markets for the underwater drones like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Application of the Product in Defence and Security to Boost the Growth of the Market

The global underwater drone industry is driven by the rising demand for the product in the defence and security applications. Underwater drones are crucial machinery that can be helpful at the time of ocean warfare. It can detect an ocean mine effectively within 24 hours, thereby boosting national security, and adding to the market growth. Over the forecast period, the growing adoption of underwater drones by the naval forces of major developed or developing economies of the world to enhance the country’s naval capabilities, is likely to have a substantial impact on the market growth. The market is expected to be further catalysed by the rising maritime budgets of the emerging economies, owing to the growing risk of international conflicts. These factors are thus collectively invigorating the growth of the market.

Key Industry Players in the Global Underwater Drone Market

The report gives a detailed analysis of the following key players in the global underwater drone market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ECA Group
• Saab Seaeye Ltd.
• Atlas Elektronik GmbH
• Deep Trekker Inc.
• Kongsberg Gruppen ASA
• Oceaneering International, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report