According to the new research report published by The Insight Partners, titled “Unmanned Underwater Vehicle & Unmanned Surface Vehicle Market – Global Analysis and Forecast to 2025”, the global unmanned underwater vehicle & unmanned surface vehicle marketis expected to grow from US$ 991.2 Million in 2017 and is anticipated to escalate at a CAGR of 5.4% from 2018 to 2025 to account for US$ 1,482.6 Million by 2025.
The global unmanned underwater vehicle and unmanned surface vehicle market is experiencing a steady growth in the current scenario and is anticipated to rise in the coming years. The market for unmanned underwater vehicle and unmanned surface vehicle consists of well-established players across the globe, which invests huge amounts in order to deliver the most advanced technology to the naval forces, commercial sectors, and scientific research institutions and organizations.
Some of the major software companies are also strengthening unmanned underwater vehicle and unmanned surface vehicle market grip by installing advanced software which enhance the capabilities of the respective vehicles.The manufacturers of unmanned underwater vehicles and unmanned surface vehicles are partnering with various other manufacturers or software companies in order to design, develop advanced technology products. Sometimes partnerships also include modification and improvement of capabilities, which increase the adoption rate of unmanned underwater vehicles and unmanned surface vehicles. Companies such as ASV Global partnered with UK’s National Oceanographic Center in 2018, for the development of Containerized Autonomous Marine Laboratory to serve the Commonwealth Marine Economies to support Commonwealth Small Island Developing States.
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Key findings of the study:
From a growth perspective, the Asia-Pacific region is anticipated to witness a lucrative CAGR growth rate of 8.6% during the forecast period
Based on application, the defense segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 6.8%
Based on payload, the camera segment is projected to grow with a CAGR of 7.2%
Cameras play an important role in underwater imaging of paths, various threats such as underwater mines, and enemy submarines among others. The cameras after capturing the images, sends them to the processing units to furnish the information related to it. The cameras are being installed on autonomous surface vessel and underwater vessel for detecting and monitoring near-by and distant obstacles on the way. Camera capture short range video images, acoustic sonar which has become the most important tool for underwater sensing. The imaging companies are constantly focusing on increasing the capabilities of cameras as the demand for high end and high megapixel cameras are increasing among the unmanned marine drone manufacturers. The high-end cameras are highly efficient in providing better output and high quality facilitating the end users to gather a clear understanding of underwater world.
Asia Pacific is a world’s fastest developing region and accommodates majority of the global economy, therefore it is gaining critical attention from the economically strong provinces including U.S for growth opportunities in terms of business and employment. Further, the region also accredits most of the world’s nuclear power and in coming years it is anticipated to be among the strongest region in terms of Defense and security forces. Furthermore, it has also been projected that approximately 60% of the increase in global defense acquisition and R&D will be driven by APAC countries. APAC have been an active participant in the UUV/USV market for over a decade now and have made significant development since then. China, Japan and South Korea are the pioneers in UUV development in APAC, whereas India is rapidly emerging economy in UUV market. Singapore initiated two programs that included Starfish and Meredith. Starfish was developed by National University of Singapore and ST Electronics, whereas Meredith was found by DSO National Labs.
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