Albany, NY -- (SBWIRE) -- 03/21/2019 -- According to a new research report on the unmanned marine vehicle market, published by Transparency Market Research the global unmanned marine vehicle market is expected to reach value of US$ 1270.89 Mn by 2026, expanding at a CAGR of 5.2% from 2018 to 2026. According to the report, the market is likely to continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period. In terms of demand, Europe is anticipated to be the leading market for unmanned marine vehicles, expanding at a CAGR of 5.6% between 2018 and 2026. This is primarily due to increasing demand for maritime security in coastal areas in Europe.

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Rising Security-related Threats in Maritime and Coastal Areas Driving the Global Unmanned Marine Vehicle Market

The global unmanned marine vehicle market has witnessed strong growth over the last decade. The primary factor driving the market is rising threats in coastal areas across the globe. The defense sector is facing maritime security-related threats including anti-ship and anti-submarine missiles, seabed mines, and submarine warfare. These threats are forcing the defense sector to deploy unmanned marine systems i.e. either underwater or surface vehicles to counter these threats and minimize the human risk. Unmanned marine vehicles are capable to collect data from the ocean floor while keeping humans out of harm's way.

These vehicles are able to conduct survey of the ocean and perform different tasks such as ship hull inspection, mine hunting, scientific exploration, and data gathering. These features of unmanned marine vehicles are likely to drive the global unmanned marine vehicle market in the next few years. In addition, defense forces of the U.S., the U.K., France, Russia, and China are investing large amounts in research, development and engineering activities to develop unmanned surface vehicles (USVs) and unmanned underwater vehicles (UUVs) with the latest technologies, which is likely to propel the global market during the forecast period.

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Furthermore, growing number of geoscience applications has become a major trend in the global unmanned marine vehicle market. It is also anticipated to create new opportunities for the global market during the forecast period. Unmanned underwater vehicles (UUVs) are being deployed in a wide variety of marine geoscience studies, primarily focused on seafloor mapping, but, more recently, expanding in oceanographic measurements and some other geochemical processes. Also, hydrographic surveying companies are deploying a large number of USVs for their surveys. This is projected to fuel the global unmanned marine vehicle market from 2018 to 2026.

On the other hand, the remote control range of underwater vehicles is limited and their manufacturing and maintenance costs are relatively high. These are certain drawbacks in the design of unmanned marine vehicles. These factors are likely to hamper the global unmanned marine vehicle market during the forecast period.