(EMAILWIRE.COM, March 19, 2020 ) The report "Unmanned Underwater Vehicles Market (UUV) by Type (Remotely Operated Vehicle & Autonomous Underwater Vehicle), ROV & AUV Market by Application, Product, Propulsion System, Payload, and Region - Global Forecasts to 2022", The Unmanned Underwater Vehicles (UUV) market is estimated at USD 2.69 Billion in 2017 and is projected to reach USD 5.20 Billion by 2022, at a CAGR of 14.07% from 2017 to 2022. The growth of the market can be attributed to the rising number of deep-water offshore oil & gas production activities and increasing maritime security threats.

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Drivers: Growing deep-water offshore oil & gas production

The demand for oil & gas has grown in recent years, increasing by 31% since 2000. This demand, primarily driven by the developing world, is forecast to continue as oil is a primary energy source for major industries, such as transportation, and cannot be easily substituted by alternative energy sources. However, with the supply of oil & gas from conventional resources declining, the focus has shifted to deep-water offshore oil & gas production, which, in turn, created a major demand for ROVs for drilling support, intelligence, and repair & maintenance activities in the subsea market.

The maximum deep-water production occurs in four countries, namely, Brazil, the US, Angola, and Norway. These countries have increased their share of crude oil production from projects over the previous decade. Brazil increased its deep oil production from 1.3 million b/d in 2005 to 2.2 million b/d in 2015. Recently, in the Middle East, Energean Israel Limited submitted a field development plan for the Karish and Tanin natural gas fields to the Israeli Petroleum Commissioner. In 2017, Delfin Midstream (US) and Golar LNG Ltd. (Bermuda) have signed a joint development agreement that will facilitate the financing, marketing, construction, development, and operation of Delfin LNG, which is the only permitted floating LNG export project in the US. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG vessels producing up to 13 million metric tons of LNG per annum.

“The unmanned underwater vehicles market in Africa is expected to witness high growth during the forecast period.”

North America is estimated to account for the largest share of the unmanned underwater vehicles market in 2017, due to the rising incidences of terrorism and increasing offshore drilling activities in the region. The unmanned underwater vehicles market in Africa is expected to witness the highest growth during the forecast period, owing to the rising oil & gas exploration activities undertaken by countries such as South Africa and Nigeria and the increased use of UUVs in anti-submarine warfare to help detect manned submarine in the region.

Oceaneering International (US), Kongsberg Maritime (Norway), Teledyne Technologies, Inc. (US), and Subsea 7 S.A. (UK) are the major players operating in the unmanned underwater vehicle market.

The report segments and analyzes the unmanned underwater vehicles market based on type (remotely operated vehicle, and autonomous underwater vehicle), ROV product type (small vehicles, high-capacity electric vehicles, work class vehicles, and heavy work class vehicles), AUV product type (man-portable vehicles, lightweight vehicles, heavyweight vehicles, and large vehicles), application (commercial exploration, defense, scientific research, and miscellaneous), propulsion (electric systems, mechanical systems, hybrid systems, and others), payload (sensors, lasers, camera, radars, and others) and maps these segments and subsegments across the major regions, namely, North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa.

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