Unmanned Underwater Vehicles Market to Record an Exponential CAGR by 2022
The
rivalry between Subsea 7, Kongsberg Maritime, and Oceaneering
International Inc., and Teledyne Gavia ehf characterizes the
competitive landscape of the global unmanned underwater vehicles
market, states a new study by Transparency Market Research (TMR).
These companies primarily compete in terms of new product launches.
Long-term contracts are also among favored strategies for business
expansion among the leading players. Over the next few years,
participants in this market are expected to focus on improving their
product portfolios to strengthen their presence across the global
market. Innovation and technological advancements of existing
products are likely to be preferred among these players, reports the
research study.
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Report:
Increased
Government Investments to Boost Global Unmanned Underwater Vehicles
Market
“The
ongoing expansion in the oil and gas industry across the world is the
main factor behind the significant growth of the global market for
unmanned underwater vehicles,” says a TMR analyst. The increasing
number of deep-water offshore activities for the production of oil
and gas and the rise in offshore construction has fueled the uptake
of unmanned underwater vehicles considerably. Apart from this, the
market is also gaining substantially from the increasing threats on
maritime security. The recent surge in the sea-based terrorism and
illegal activities has compelled various government and private
organizations to include unmanned underwater vehicles in their
security systems. As the governments across the world are investing
heavily in the production of advanced vehicles, this market is
projected to continue witnessing high growth over the forthcoming
years.
According
to TMR, the global market for unmanned underwater vehicles is
expected to reach a value of US$2.4 bn by 2017. Analysts estimate the
opportunity in this market to rise further at a CAGR of 11.80%
between 2017 and 2022 and increase to US$4.26 bn by the end of the
forecast period. All these figures point towards a thriving future of
this market. However, the complexities in operation, and the decline
in the military budgets in many countries, including the U.S., may
limit the growth of this market over the next few years. Nonetheless,
the advent of hybrid remotely operated unmanned underwater vehicles
will normalize the impact of these restraints in the years to come,
leading to a tremendous growth of this market in the near future,
states the research report.
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