Now Available: Unmanned Underwater Vehicles (UUV) Market - Global Forecasts to 2020
Fast Market Research recommends "Unmanned Underwater Vehicles (UUV) Market - Global Forecasts to 2020" from Markets and Markets, now available
[ClickPress, Fri Apr 29 2016] Unmanned Underwater Vehicles (UUV) Market by Type (Remotely Operated Vehicle & Autonomous Underwater Vehicle), ROV & AUV Market by Application, by Product, by Propulsion System, by Payload & by Geography - Global Forecasts to 2020
"Increasing need for deep water offshore oil & gas production is a major factor for increasing procurement of Unmanned Underwater Vehicle (UUV), globally"
The global unmanned underwater vehicle market is expected to grow from an estimated USD 2.29 billion in 2015 to USD 4.00 billion by 2020, at a CAGR of 11.90% from 2015 to 2020. The market for UUV is driven by critical factors, such as increasing need for ocean data and mapping, maritime security and threats.
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"Commercial segment to witness higher growth during the forecast period in remotely operated vehicle (ROV) market"
The key applications considered for the market study are commercial and defense. Commercial segment market is estimated to grow at the highest CAGR during the forecast period, than defense application. ROVs are currently being used for several commercial applications, such as survey and sea bed mapping, offshore drilling, pipelining, cabling and inspection several others.
"North America dominates; Africa to grow at the highest rate"
The North American region dominates the global remotely operated vehicle (ROV) & autonomous underwater vehicle (AUV) market in 2015, and is expected to continue its dominance during the forecast period of 2015 to 2020. The U.S. is considered to be the largest developer, operator, and exporter of UUV, globally, thereby resulting in the large share of the North American region in the global unmanned underwater vehicle market.
The market in Africa is projected to grow at the highest CAGR during the forecast period. This rapid growth can be attributed to the fact that increasing demand for survey in oil and gas industries in deep water blocks of Africa. The oil and gas sector accounts for the largest share in the offshore industry as 83% of activities in deep water area of West Africa. The exploration activity off the coast of South Africa is expected to rise during the forecast period with numerous upstream exploration companies beginning with approval processes for offshore exploration.
"Break-up of profile of primary participants for the Unmanned Underwater Vehicle Market"
* By Company Type - Tier 1 - 35 %, Tier 2 - 45% and Tier 3 - 20%
* By Designation - C level - 35%, Director level - 25%, Others - 40%
* By Region - North America - 45%, Europe - 30%, APAC - 20%, RoW - 5%
The major companies profiled in the report include Teledyne Technologies (U.S.), Subsea 7 (U.K.), Kongsberg Maritime (Norway), Oceaneering International Inc. (U.S.), among others.
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