Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Military Unmanned Underwater Vehicles Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global military unmanned underwater vehicles market is expected to grow from $3.20 billion in 2022 to $3.56 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The military unmanned underwater vehicles market is expected to grow to $5.28 billion in 2027 at a CAGR of 10.3%.

The increase in the number of offshore oil and gas activities is expected to propel the growth of the military unmanned underwater vehicles market going forward. Offshore oil and gas activities refer to the development of oil fields and natural gas deposits under the ocean. Military unmanned underwater vehicles help offshore oil and gas activities through oceanic research, for purposes such as current and temperature measurement, hydrothermal vent detection, and ocean floor mapping.

For instance, according to the Energy Information Administration, a US-based principal agency of the U.S. federal statistical system, in 2020, offshore oil and natural gas production in the federal Gulf of Mexico accounted for about 15% of total U.S. crude oil production and about 2% of U.S dry natural gas production. Therefore, the increase in the number of offshore oil and gas activities is driving the growth of the military unmanned underwater vehicles market.

Development in scattered marine operations is a key trend gaining popularity in the military unmanned underwater vehicles market. Any action taken by maritime forces to acquire or seize command is referred to as a maritime operation projecting power from the water. Major companies operating in the military unmanned underwater vehicles are developing scattered marine operations to strengthen their position in the market. For instance, in 2022, according to HII, a US-based shipbuilding company, the US Navy has chosen the REMUS 300 as its next-generation small unmanned undersea vehicle (SUUV). The REMUS 300 technology was intended to aid in the evolution of distributed marine operations by performing critical underwater functions.

In March 2020, Huntington Ingalls Industries, a US-based military shipbuilding company, acquired Hydroid from Kongsberg Maritime for USD 350 million. This acquisition of Hydroid by Kongsberg Maritime will increase HII's capacity to create unmanned and autonomous maritime systems. Kongsberg Maritime, Inc., a indirect subsidiary of Kongsberg, is a US-based company that helps to build autonomous underwater vessels and offers them to commercial and military markets.

North America was the largest region in the military unmanned underwater vehicles market in 2022. The regions covered in the military unmanned underwater vehicles report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the military unmanned underwater vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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Description:

Where is the largest and fastest growing market for military unmanned underwater vehicles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The military unmanned underwater vehicles market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:
• The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
• The impact of higher inflation in many countries and the resulting spike in interest rates.
• The continued but declining impact of COVID-19 on supply chains and consumption patterns.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope
Markets Covered:

1) By Product Type: Remotely Operated Vehicle; Autonomous Underwater Vehicle
2) By Propulsion System: Electric System; Mechanical System; Hybrid System
3) By Application: Search and Rescue; Defense

Key Attributes:

Key Topics Covered:

1. Executive Summary

2. Military Unmanned Underwater Vehicles Market Characteristics

3. Military Unmanned Underwater Vehicles Market Trends And Strategies

4. Military Unmanned Underwater Vehicles Market - Macro Economic Scenario

5. Military Unmanned Underwater Vehicles Market Size And Growth

6. Military Unmanned Underwater Vehicles Market Segmentation

7. Military Unmanned Underwater Vehicles Market Regional And Country Analysis

A selection of companies mentioned in this report includes

• Kongsberg Maritime
• Lockheed Martin Corporation
• Saab AB
• Atlas Elektronik
• Teledyne Technologies Incorporated
• Boeing
• General Dynamics Corporation
• Gabri SRL
• Eca Group
• International Submarine Engineering
• L3 Harris Technologies inc
• Fugro
• Oceaneering International Inc.
• Bluefin Robotics
• Riptide Autonomous Solutions LLC

For more information about this report visit https://www.researchandmarkets.com/r/8w670u

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• Global Military Unmanned Underwater Vehicles Market