Underwater Robotics Market Size, Trends, Company Profiles, Growth Rate, Trends and its Emerging Opportunities

The rising adoption of underwater robots in offshore oil and gas exploration & production (E&P) activities for drilling, maintenance, and repair purposes to overcome the limitations of human subsea divers, will drive the underwater robotics market growth during the forecast period (2020–2030). Moreover, the surging adoption of such robotic systems in the military and defense industry will also supplement the market growth in the coming years. These robots are remotely operated autonomous vehicles which are designed to function underwater for continued surveillance.

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One of the key growth drivers of the underwater robotics market is the surging production from offshore oil and gas reserves. Oil and gas companies across the world are heavily investing in underwater technology, to increase the productivity and efficiency of exploration activities at offshore reserves. Deployment of such robots at these reserves helps these companies reach inaccessible areas and open them for exploration. Moreover, these robots also assist companies in performing maintenance activities at these reserves.

In recent years, key market players such as Inuktun Services Ltd., Saab AB, International Submarine Engineering Ltd., ECA Group, ATLAS MARIDAN ApS, Oceaneering International Inc., Soil Machine Dynamics Ltd., Deep Ocean Engineering Inc., Bluefin Robotics Corporation, and Schilling Robotics LLC are focusing on innovations, product launches, partnerships, collaborations, and mergers and acquisitions to gain a competitive edge. For example, Norway's DeepOcean completed the acquisition of the Texas-based Delta SubSea LLC, in 2018, to expand its presence in the Gulf of Mexico region and the U.S.

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According to P&S Intelligence, North America will account for the largest share in the underwater robotics market during the forecast period. Whereas, the Asia-Pacific (APAC) market is expected to register the fastest growth in the coming years, due to the mounting investments being made in the development of autonomous marine vehicles in China, Australia, India, South Korea, and Japan. Furthermore, the European region will also showcase notable growth over the forecast period, owing to the increasing oil and gas exploration activities in the region.

Thus, the rising production from offshore oil and gas reserves and increasing usage of underwater robots in the military and defense sector will augment the market growth in the foreseeable future.

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This release was published on openPR.