Unmanned Underwater Vehicles Market to Grow at a CAGR of 11.80% During the Forecast Period 2017 - 2022
By 2017, the global market for unmanned underwater vehicles is anticipated to reach a value of US$2.4 bn. The opportunity in this market is anticipated further rise at a healthy CAGR of 11.80% over the period from 2017 to 2022 and increase to US$4.26 bn by the end of 2022.
Albany, NY -- (SBWire) -- 11/01/2017 --Unmanned underwater vehicles, also called underwater drones are vehicles that operate without human occupant underwater. Such vehicles can be operated and controlled underwater remotely by human or can also be operated independently of human instructions. Based on global unmanned underwater vehicles market, a comprehensive research report titled "Unmanned Underwater Vehicles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022" has recently been generated and submitted to the database of "Market Research Reports Search Engine".
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According to the report, the global market for unmanned underwater vehicles has been experiencing tremendous growth and expected to generate US$2.4 bn in value by the end of 2017. It is also expected to rise at CAGR of 11.80% during its forecast period from 2017 to 2022 with a growth in value for US$4.26 bn by 2022.
The analysis of report over global unmanned underwater vehicles market reveals that as the oil and gas industry rise, the underwater activities related to oil & gas rise as well which is contributing to the global growth of unmanned underwater vehicles market. The report also observes that the key application fields for unmanned underwater vehicles market globally are scientific research, defense sector and commercial exploration. Commercial exploration activities which are in rise nowadays include offshore drilling, pipeline inspection, surveys and seabed mapping making commercial exploration segment fastest growing field over the coming years.
The unmanned underwater vehicles is divided into two categories, Autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). These categories are popular and have gained a status as the key unmanned underwater vehicles globally. Among the two, remotely operated vehicles have been expected to remain a leading contributor in the market in near future owing to their high demand for ultra-deep water drilling. The propulsion systems mostly used in unmanned underwater vehicles are mechanical systems, hybrid systems and electrical systems.
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The report analysis the global unmanned vehicles market in terms of geography and divides it into regions. These key regions are Latin America, Europe, North America, the Middle East and Africa (MEA), Japan and Asia pacific excluding Japan (APEJ). The study report observes that as North America has been able to adapt to technology very early, it is able to lead the unmanned underwater vehicles market. It further says that North America will continue to dominate the market over the coming years with such pace. The North America region is calculated to reach a robust CAGR of 11.40% during the forecast period 2017 to 2022. One of the factors behind such a massive growth in North America region can be the continuous growth in the oil and growth exploration activities over the next few years.
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