The global Underwater Robotics market accrued earnings worth approximately 3.25 (USD Billion) in 2019 and is set to record a CAGR of more than 13.48% over the period from 2020 to 2026.
The report offers assessment and analysis of the Underwater Robotics market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
These products also find use in in underwater archaeology and marine biology as well as oceanology for finding new kind of aquatic plants, herbs, and animals. It can also detect sunk ships and play a key part in influencing the growth of offshore market. This electronic device is fitted with a video camera & light for getting view of the sea-depths. Additional instruments embedded in the underwater robots include magnetometers, sonars, manipulator, equipment measuring density of water & its clarity, and sound velocity.
Market Growth Dynamics
The growth of the market over the estimated timespan can be attributed to its ability to perform operations like surveying & searching in waters, device repairing, inspecting, cable laying, and critical analysis. In addition to this, the product can interact with operator by creating sounds beneath water and even via satellite signals. Escalating product requirement in military & defense sector for monitoring of underwater activities will accentuate the growth of underwater robotics industry in the foreseeable future.
Furthermore, surge in the awareness pertaining to advanced imaging systems and increase in the funding for research projects regarding production of unmanned underwater vehicles will create new growth avenues for the market over the forthcoming timespan.
Asia Pacific Market To Register Highest CAGR Over 2020-2026
The growth of the market in Asia Pacific over the forecast timeline is owing to huge investments in self-driven marine vehicles in the countries like Australia, Japan, and South Korea. In addition to this, massive utility of the product in defense and Commercial Exploration exploration programs will further prop up the business growth over the projected timespan.
Key players profiled in the report include
Soil Machine Dynamics Ltd.
Schilling Robotics LLC
Deep Ocean Engineering Inc.
Bluefin Robotics Corporation
ATLAS MARIDAN Aps
International Submarine Engineering
Oceaneering International, Inc.
Inuktun Services Ltd.
The global underwater robotics market is segmented as follows: