Dallas, TX -- (SBWIRE) -- 09/08/2014 -- According to new market research report "Unmanned Underwater Vehicles Market by product [ROV (Remotely Operated Vehicles) and AUV (Autonomous Underwater Vehicles)], Application (Defense, Oil and Gas, Scientific Research) & by Geography (North America, Europe, Asia-Pacific, The Middle-East, Latin America, ROW) - Forecasts & Analysis (2014-2019)", published by MarketsandMarkets, is projected to cross $4.84 Billion by 2019, growing at a high CAGR from 2014 to 2019.The global ROV market is estimated to be $1.2 Billion in 2014 and expected register a CAGR of 20.11% in 2019. The global AUV market is estimated to be $457 Million in 2014 and expected register a CAGR of 31.95% in 2019.

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There will be an increasing demand in offshore drilling activities to serve the global energy needs. The ROV market will show a significant increase in this sector. The need for seabed mapping and oceanographic environmental study for safeguarding the environment will be a key factor in the use of the UUV for scientific research purposes. The driving factor for this market will be the emergence of AIP (Air Independent Propulsion) systems and miniaturization in AUV, and the increased operational efficiency of the ROV to perform complex operations using various payloads.

Stringent market growth will be seen in countries such as Nigeria, Angola, Brazil, Chile, and, New Zealand, for the oil and gas sector and the countries such as China, Japan, and India, for the scientific research sector. The North American and European regions will show a comparatively sluggish growth over the next five years. There will be a slight decline in the global share of advanced markets defense budget cuts and the economic crisis.

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SAAB (Sweden), Fugro (The Netherlands), Oceaneering (U.S.), will be the market leaders that occupy a significant market share for ROV. Kongsberg (Norway), Teledyne (U.S.), Bluefin Robotics (U.S.), and Atlas Elekronik (Germany), will be the leaders in the AUV market.

The growth for this market will be sluggish in the North American and European regions. There is a slight decline in the global share of advanced markets. The AUV market is expected to mature over the next five years. Significant investments made by the BRIC countries and the countries from the Latin American and African regions in the oil exploration and deepwater study will prove to be a prominent driver for the UUV market. The emerging countries will also be actively involved in the military activities for Intelligence, Surveillance, and Reconnaissance (ISR) purposes.

The on-board battery endurance constraint will be taken care of by the introduction of the Air Independent Propulsion system (AIP) and solar cells. Miniaturization and better endurance will cause a significant increase the span of the seabed-mapping activities using AUV. The ultra-deepwater exploration activities will definitely prove to be a driver for the ROV market in the near future.

The increasing demand in energy globally, will significantly drive the oil and gas sector. The mine hunting, pipeline inspections, and mine countermeasure (MCM) operations, will require ROV to perform complex tasks. UUV will be primarily used for oil rig construction and maintenance activities.

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