Underwater Drones Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Underwater Drones Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : May, 2020 | Technology & Media | PPT format

Report Digest


Global Underwater Drones Market: Snapshot

The technology that has enabled the development of drones—the remote, tiny, and highly innovative unmanned aerial vehicles—has advanced massively in the past few years, enabling the development of drones with futuristic features and capabilities. The technology continues to advance and new varieties of drones are being introduced relentlessly in the global market. Underwater drones, the unmanned underwater vehicles that have the capability of navigating underwater without the need for human intervention, are one such variety of drones that is capturing the attention of consumers from across a number of industries.

Presently in its early stages of development, the global market for underwater drones is steadily picking pace in terms of demand and adoption across a number of application areas. The demand is presently served majorly by applications such as aquaculture, marine inspection and research, offshore drilling, port security, pipeline inspection and maintenance, and potable water management. Owing to their high costs, underwater drones are presently witnessing demand majorly from regions such as Europe and North America owing to the presence of several developed economies in the regions.

Despite the presence of a vast set of growth opportunities in emerging economies from steadily expanding industries such as oil and gas, marine inspection and research, and aquaculture, the high cost of these products is hindering their adoption to a certain degree. However, as an increased number of companies enter the market for underwater drones, the costs are expected to go down in the near future.

Global Underwater Drones Market: Overview

Underwater drones are unmanned underwater vehicles (UUVs) that are gathering pace in the application areas of robotics engineering. Underwater drones have a wide range of applications in various sectors including defense, law enforcement and public safety, marine, and information and communication technologies (ICT). Sometimes known as remotely-operated underwater vehicles (ROVs), the technologies used in UUVs may include cameras, sensors, and lasers, and these are typically operated using mobile devices. Their use is getting popular in diverse areas such as marine inspection and research, port security, aquaculture, potable water management, offshore drilling, and pipeline inspection and maintenance. The growing use of consumer drones for underwater applications is opening up promising avenues in undersea cinematography and fishing.

Global Underwater Drones Market: Key Trends

The burgeoning application of consumer drones for a variety of underwater operation and inspection activities and the growing demand for unmanned underwater vehicles in marine research are some of the key trends boosting the underwater drones market. There is a growing demand for UUV among defense and law enforcement agencies for surveillance. This has stimulated substantial research and development funding in developed nations, thereby catalyzing the underwater drones market. The limited practical applications of underwater drones, primarily due to high cost and technological constraints with tethering, is a key factor likely to hinder the market growth to an extent. Constant improvements in the control systems of UUVs and recent advancements in the camera technology are expected to open up exciting opportunities in the market.

Global Underwater Drones Market: Market Potential

The rising popularity of ROVs to be equipped with virtual reality technologies for a better immersive experiences below ocean and sea has opened up lucrative growth avenues in the underwater drones market. Blueye Robotics, a Norwegian technology start-up, in June 2017, has launched a remotely-operated underwater vehicle, called the Blueye Pioneer drone. The Pioneer drone can made to go to a depth of 450 feet and take 1080p videos, record, and stream them at a pace of 30 frames/seconds. Equipped with LED lights, they can even work even in murky water.

The Pioneer drone is considered useful in various underwater application such as inspecting underwater sea cables and checking offshore wind farms. In addition, it can be remotely controlled using user-friendly navigation controls, such as videogame console controller, or through a smartphone. The high-technology drone, believes Blueye Robotics, is a significant technological advancement as it can be combined with virtual reality headsets. The company hopes to ship the device in 2018 for an estimated price of US$3550.

In another recent development, PowerVision Robot Corporation, a pioneer in developing underwater drones, has launched PowerEye in January 2017. It is a tethered drone fitted with a sonar system that can be descended to a depth of 30 meters to detect fish up to more 40 meters. The drone has gained popularity with fishing enthusiasts and serious hobbyists alike.

Global Underwater Drones Market: Regional Outlook

Geographically, North America is a prominent market for underwater drones. The growth of the regional market is driven by substantial spending by the defense in advanced nations and the burgeoning off-shore oil drilling activities across several parts of the region. Meanwhile, the Middle East and Africa and Asia Pacific are expected to offer lucrative growth avenues for players in the underwater drones market. The rising threat of terrorist activities is anticipated to boost these regional markets. In addition, recent advances in oil and gas exploration activities made in Nigeria is expected to accentuate the South African market for underwater drones.

Global Underwater Drones Market: Competitive Analysis

In recent years, the technology has garnered substantial interest among several robotics firms focused on developing underwater consumer drones. This has led several emerging players to generate funds using crowdsourcing in order to consolidate their distribution channels and explore new geographic markets. Leading players are also investing substantial amounts in research and development activities in order to gain a competitive edge over others. Key players vying for a significant share in the underwater drones market include Kongsberg Maritime, Oceaneering International Inc., Teledyne Technologies, Subsea 7 S.A, Blueye, and Aquabotix Technology Corporation.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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