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JERSEY CITY, N.J., Feb. 5, 2021 /PRNewswire/ Unmanned Underwater Vehicles Market has witnessed strong growth owing to the increasing use of unmanned underwater vehicles for maritime security and surveillance in naval forces. Furthermore, the surge in government investments will also accelerate the growth of the unmanned underwater vehicles market.
Unmanned Underwater Vehicles Market
Verified Market Research recently published a report, Unmanned Underwater Vehicles Market By Type (Remotely Operated Vehicle (ROV) and Autonomous Underwater Vehicle (AUV)), By Application (Commercial Exploration, Defense, Scientific Research, and Miscellaneous), By Payload (Sensors, Cameras, Video Screens, Lighting Systems, and Others), By Propulsion System (Mechanical, Electric, Hybrid, and Others), By Product Type (Small Vehicles, High-capacity Electric Vehicles, Work Class Vehicles, Heavy Work Class Vehicles, Man-Portable, Light Weight Vehicles, Heavy Weig
Combination of Cutting-edge Technologies in Military Robots to Aid Growth
The amalgamation of technologies such as artificial intelligence, real-time data monitoring, and the Internet of Things (IoT) has accelerated the demand for these robots in modern warfare, thus aiding the market. These robots can track, record, and perform required counter-attacks on the targets located far away from the soldiers, hence easily identifying enemies on the ground, sea, or air. The increasing utilization of robots for intelligence, surveillance, and reconnaissance (ISR) activities will bolster the healthy growth of the market. Furthermore, the growing focus of companies towards designing and developing small robots capable of transmitting images and videos to the ground-based station for assisting soldiers to make real-time decisions on battlefields will subsequently augur well for the global military robots market during the forecast period.
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The global UUV market size is projected to grow from USD 2.0 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 16.4% from 2020 to 2025.
The UUV market includes major players Lockheed Martin Corporation (US), Saab AB (Sweden), Kongsberg Gruppen (Norway), Northrop Grumman Corporation (US), Oceaneering International, Inc. (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect UUV production and services by 25-30% globally in 2020.
Work Class Vehicles: The largest market share segment of the remotely operated vehicles market, by product type.