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I AgreeAnalysis of Underwater Robots Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global underwater robot market is anticipated to be valued at US$ 1.2 billion in 2023 and it is anticipated to grow at a CAGR of 13.7% to reach US$ 4.3 billion by the end of 2033.
An underwater robot explores some of the deep and hard-to-reach areas of oceans. Underwater robots are equipped with cameras and lights, which provide them with vision in the dark ocean and establish an easy communication link with the operator.
Report Attributes |
Details |
Estimated Market Value (2023E) |
US$ 1.2 Billion |
Forecasted Market Value (2033F) |
US$ 4.3 Billion |
Global Market Growth Rate (2023-2033) |
~13.7% CAGR |
North America Market Share (2023) |
~26.4% |
East Asia Market Growth Rate (2023-2033) |
~18.3% CAGR |
Europe Market Growth Rate (2023-2033) |
~13.3% CAGR |
East Asia Market Share (2023) |
~21.1% |
Key Companies Profiled |
|
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Underwater robots play a crucial role in the growth and development of the offshore industry. Maritime security, infrastructure inspection, marine biology, defense, and underwater archeology are some of the applications of underwater robots.
Further, underwater robots allow researchers to penetrate deep, dark, and extremely cold temperature sites in oceans, which are nearly impossible for humans to go too. In addition, with the latest technology and upgradation in the underwater robot, it is possible for scientists to reach up to 6,000 meters deep and study the deepest part of the ocean. Scientists’ exploration mission of the deep ocean helps them to understand the evolution of life and discover new life forms or fossils.
Over the 2018-2022 historical period, the global underwater robot market registered a CAGR of 12.4%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 13.7% CAGR between 2023 and 2033.
Market share analysis of underwater robots based on type and region is provided in a nutshell in the above image. Under the type segment, the remote-operated vehicle dominates with a 56.5% market share in 2023.
“Underwater Infrastructure Inspection to Ignite Sales”
With the growing disposable income and the to experience life underwater many underwater hotels, and related infrastructure are gaining traction. Further, with the rising consumption of electricity and scarcity of water resources, small to giant dams are constructed to meet the demand. A dam is a barricade that controls or confines the gush of surface water or subsurface brooks.
To construct a dam site is inspected and analyzed during such process underwater robots are employed. Further, post-construction of the dam daily inspection is required to prevent any disaster, owing to the use of underwater robots, especially for huge dams is rising. Thus, underwater infrastructure development creates ample opportunities for underwater robot manufacturers.
“Dearth of Professionals and High Cost: A Challenge to be Breached”
Underwater robots are in the nascent stage of exploring market potential, though there is a wide range of applications for underwater robots, however, their cost of production, operation, and maintenance are high. It also requires skilled professionals to avoid any mishap.
Further, semiconductors are the basic component required for the production of robots, due to the limited manufacturers of semiconductors and the ongoing crisis across China leading semiconductor suppliers to fuel the prices of semiconductors and reducing the profit margins of the market players.
Such factors hamper the growth of underwater robots. Misuse of robots and cyberattacks are also major threats to underwater robots.
The United States underwater robot market is expected to expand at a CAGR of 12.5% over the projected period.
Underwater robots have applications in the defense sector, in 2021, the US spent over US$ 1.5 trillion on the defense sector. Every year the US is increases its investment in the defense sector. The US defense industry is expected to grow at a CAGR of over 5.0% during the forecast period. The use of an underwater robot in defense for hunting down enemy ships and protecting the harbor creates significant growth opportunities for the underwater robot market.
China is a leading oil-producing country across the globe. China’s oil & gas market is growing at a CAGR of more than 2.0%. This will create multiple opportunities for underwater robot manufacturers. As underwater robots are used for the maintenance of offshore oil and gas plants. Additionally, robots are employed to dive deep and discover new reserves of oil and gas in the ocean.
China is anticipated to lead the market during the forecast period and will grow at a CAGR of 18.8% from 2023-2033.
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In the underwater robots market, remotely operated vehicle is likely to dominate the underwater robot market. It is used for surveying, inspection, and sampling which is previously done by humans and were prone to human errors.
In addition, remotely operated vehicles are also used for seafloor experiments, which might require challenging operations such as drilling and delicate placement of instrumentation. This is anticipated to drive the sales of the underwater robot.
The remotely operated vehicle is likely to dominate 56.5% market share in 2022 and is anticipated to reach a valuation of US$ 2.5 billion by the end of the forecast period.
By application, commercial application is likely to dominate the market over the forecast period. The commercial application includes oil & gas exploration, shipwreck recovery, industrial infrastructure inspection, and inshore and offshore surveys. With increasing demand, the oil and gas industry has witnessed a steady level of expansion. Underwater robots can be widely used in the oil and gas industry for deep-sea exploration purposes.
Commercial application is likely to increase demand for the underwater robot market during the forecast period. Commercial applications are estimated to reach a valuation of US$ 1.3 billion by the end of the forecast period.
Prominent underwater robot manufacturers are Oceaneering International, Bluefin Robotics Corp, International Submarine Engineering, Schilling Robotics LLC, Saab AB, Inuktun Services Ltd., Atlas Maridan APS, Deep Ocean Engineering, Soil Machine Dynamics, TechnipFMC Plc, and Other Players.
Underwater robots become useful for various applications, but their high cost is restricting market growth. Players in the underwater robot market are looking to reduce the cost of the robot to attract medium and small-scale users as well from various emerging countries and to increase their profit margins.
Fact.MR has provided detailed information about the price points of key manufacturers of underwater robots positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global underwater robot market is valued at US$ 1.2 billion in 2023.
During 2023-2033, sales of underwater robots increased at 13.7% CAGR.
Europe tops the global underwater robot market accounting for 29.3% market share.
Remote-operated vehicles account for 56.5% share of global sales.
Defense & Security accounts for a 52.1% share of global sales.
Market players include Oceaneering International, Bluefin Robotics Corp, International Submarine Engineering, Schilling Robotics LLC, Deep Ocean Engineering, and Atlas Maridan ApS are majorly operating and dominating in the market.
Factors such as the use of submersible robots or underwater robots for cleaning purpose or to inspect the underwater or submerged infrastructure is likely to drive the market over the forecast period.