Underwater Drone Market Value Predicted To Reach US$ 7,500.2 Million By 2028 Covering COVID-19 Impact: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, published a report titled "Underwater Drone Market- Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028.
The Global Underwater Drone Market is expected to grow at a CAGR of around 11.8% from 2021 to 2028 and reach the market value of over US$ 7500.2 Mn by 2028.
Europe will maintain a steady growth in the forecast period; North America holds the dominating share; Asia Pacific to record fastest growing CAGR
Europe is the second-largest market for underwater drones after the United States. This is because the navy uses underwater drones extensively in the oil and gas industry. This is one of the most important factors driving market expansion. Underwater drones have received a lot of attention as offshore oil and gas production is a significant indigenous energy source of hydrocarbons in Europe.
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North America has dominated the underwater drone market in the past and is expected to do so again during the forecast period. The presence of prominent players, as well as high technological adoption, has resulted in tremendous growth for underwater drones.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR for underwater drones. The most important factor that contributes to the growth of underwater drones is the high level of research and development activities conducted by oceanographic researchers.
Key Takeaways:
The future of sustainable harvesting underwater drone
According to an IEEE report, the majority of the robotic gliders and floating sensor stations that are currently monitoring the world’s oceans are being treated with disposable devices because the research community has a very limited number of both ships and funding approval for retrieving drones. As these drones transport disposable devices, they eventually contribute an assortment of abandoned lithium-ion batteries, which pollute the ocean with toxic materials that are unsustainable. So far, many studies have been conducted in order to ensure the long-term production of underwater drones. For instance, a startup named, “Seatrec” are involved in utilizing a harvesting system focusing on renewable energy to power such underwater drones. These will reduce the use of toxic disposable batteries in the ocean, thereby controlling pollution levels. Seatrec hopes that in the coming years, energy-harvesting technology will be able to support commercial ventures centered on the aquaculture industry, which operates vast underwater farms.
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COVID-19 pandemic on underwater drones market
Due to local shutdowns and supply chain disruptions, the COVID-19 pandemic has slowed the production and delivery of underwater drones as end products. Many startups have been able to continue operations in part due to the presence of a defense contractor in a critical manufacturing facility.
Segmental Outlook
The global underwater drones are segmented as type, application, propulsion systems, and product type. Based on type, the market is segmented as Autonomous Underwater Vehicles (AUV), Remotely Operated Vehicle (ROV), and hybrid vehicles. By application, the market is segregated as scientific research, defense & security, commercial exploration, and others. By propulsion system the market is segmented as mechanical system, electric system, and hybrid system. Furthermore, product type is segmented as micro, small and medium, light work-class, and heavy work-class.
Competitive Landscape
Key companies profiled in this report involve The Boeing Company, Deep Ocean Engineering, Inc., Teledyne Marine Group, Oceaneering International, Inc., PowerVision Inc., Robosea, Blueyerobotics, BUBBLE, blueye, CHASING-INNOVATION, and among others.
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Some of the key observations regarding underwater drone industry include:
- In September 2018, EYEROVTUNA, a Kochi-based firm announced launching of India’s first underwater drone. The newly launched underwater drone was handed over to the Naval Physical and Oceanographic Laboratory (NPOL) of DRDO.
- In June 2018, CHASING-INNOVATION announced signing of an official agreement with Shenzhen Capital Group. The new agreement cost between the two companies is valued at US$3 Mn. The company’s partnership with Shenzhen Capital Group will help to accelerate the growth for the new markets and for better positioning for execution and development of accessible, portable, and high-tech underwater drones.
- In January 2020, Blueye announced launching of new product namely, “BLUEEYE PRO”. The newly launched product is an asset for all maritime professionals with a requirement for flexible and easy to use tool to perform underwater inspections, without being dependant on divers or ROV pilots. With installation of new features such as the camera-tilt functions, it can measure depth rating of 1000 feet (305m), the BlueEye users will have more flexibility to fulfill more use cases for underwater inspections.
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