Rockville, MD, July 31, 2024 (GLOBE NEWSWIRE) -- The global underwater robot market size is valued at US$ 1.54 billion in 2024, as studied in the updated research report released by Fact.MR. Revenue from the sales of underwater robots is projected to increase at a CAGR of 13.7% and reach US$ 5.57 billion by the end of 2034. as revealed in the recently updated industry analysis by Fact.MR, a market research and competitive intelligence provider.
In recent years, a noticeable increase in the requirements for deepsea exploration and maintenance activities has been seem, which is leading to the rising deployment of underwater robots due to their high efficiency.
Rapid technological advancements in machine learning, AI, etc., are contributing to enhanced capabilities of underwater robots for multiple applications. Defense operations, marine research, oil & gas exploration, etc., are some of the popular application areas of underwater robots. Growing expenditure by key market players for the development of ROVs (remotely operated vehicles) and AUVs (advanced underwater robots) to match the requirements of different end users is also helping them create a strong foothold in the market.
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Key Takeaway from Market Study
- Global demand for underwater robots is forecasted to reach a market worth US$ 5.57 billion by the end of 2034.
- North America is approximated to account for 26.8% share of the global market by 2034-end.
- Sales of underwater robots in Japan are projected to climb at a CAGR of 14% from 2024 to 2034.
- Sales of remote-operated vehicles are evaluated to accelerate at a 13.5% CAGR and reach US$ 3.02 billion by 2034-end.
- The commercial segment is evaluated to capture a share of 38.9% of global market revenue by 2034.
“Constantly increasing requirements for surveillance at submerged areas and growing use of underwater robotics in the oil & gas industry are contributing to the rising demand for underwater robots, globally,” says a Fact.MR analyst.
Leading Players Driving Innovation in Underwater Robot Market:
Eddyfi Technologies; General Dynamics Mission Systems Inc.; ECA Group; Oceaneering International; Atlas Elektronik; Saab AB; Deep Ocean Engineering Inc.; Soil Machine Dynamics Ltd.; Bluefin Robotics Corp; International Submarine Engineering; TechnipFMC Plc.; Schilling Robotics LLC; VideoRay LLC.
Growing Utilization of Remote-operated Vehicles for Their Improved Efficiency
Worldwide sales of remote-operated vehicles are projected to rise at a CAGR of 13.5% and reach US$ 3.02 billion by the end of 2034. These vehicles are used for inspection, surveying, and sampling, which used to be completed by humans earlier. An increased demand for remote-operated vehicles is attributed to their ability to minimize human errors. Various popular applications of these vehicles, including seafloor experiments, such as drilling instruments, etc., are anticipated to contribute to their growing preference across more geographical areas.
Underwater Robot Industry News:
Deep Ocean Engineering, Inc., in April 2023, started the operation of its first AID (autonomous inspection drone) for checking offshore wind farms and oil & gas assets. This is estimated to participate significantly in the conduction of offshore trails in the coming months.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the underwater robot market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on type (remote-operated vehicles, autonomous underwater vehicles) and application (commercial, defense & security, research), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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