Tethered Manned Submersible Market Growth, Trends, and Forecast, 2019 - 2027

Global Tethered Manned Submersible Market: Introduction

- Tethered manned submersibles are underwater vehicles which are used to understand and explore the deep sea for various purposes such as understating of sea life, oil and gas exploration, military, and tourism

- Sea is a major source of oil and gas, minerals, and metals. In the recent times, companies are trying to explore deep sea waters for valuable resources. For this, they are developing underwater mining and research laboratories. Manned submersibles can be employed in various stages of installation of underwater mining and research laboratories, such as underwater land exploration, transportation, and observation and maintenance of facilities.

- Players are investing heavily in the development of advance manned submersibles that can carry more number of individuals at an increased diving capacity, due to the rising demand for tethered manned submersible from various industries

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Key Drivers and Restraints of Global Tethered Manned Submersible Market

- Rising demand for use in the deep-sea mining of metals and minerals is a key driver of the global tethered manned submersible market. Decreasing resources of metals and minerals on land have compelled companies to explore the deep sea. These manned submersibles can be useful in various stages of underwater mining such as location feasibility, transportation of goods and workforce, and observation of facilities. Hence, rise in the deep-sea mining of metals and minerals is a key driver of the global tethered manned submersible market.

- Rising demand from marine life exploration and research is another key driver of the global tethered manned submersible market. With the rise in global warming, pollution, and threat of extinction of marine life, scientists are studying the deep sea to understand its history as well as the current condition and its chemical, physical, and biological features. For this activity, tethered manned submersibles can be useful. Thus, rising demand from marine life exploration and research can be a key driver of the global tethered manned submersible market.

- High research and development costs is a major restraint of the global tethered manned submersible market. Deep sea has extreme environmental conditions such as high pressure, low temperature, and zero visibility. These manned submersibles also carry some passengers. For safety of these passengers, companies are investing more time and money in order to develop a vessel which can withstand extreme environmental conditions and protect passengers. Hence, costs incurred for research and development of tethered manned submersibles is a major restraint of the global tethered manned submersible market.

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Global Tethered Manned Submersible Market: Segmentation

- The global tethered manned submersible market can be segmented based on depth, type, and application

- In terms of depth, the global tethered manned submersible market can be segmented into below 1,000 meters to 3,000 meters, 3,001 meters to 5,000 meters, and above 5,000 meters. In 2018, the below 1,000 meters to 3,000 meters segment dominated the global market. However, due to advancements in technology, the above 5,000 meters segment is anticipated to expand at a significant CAGR during the forecast period.

- Based on type, the global tethered manned submersible market can be divided into non-autonomous, autonomous, and independent. The non-autonomous segment dominated the global market in 2018. This trend is anticipated to continue during the forecast period also.

- In terms of application, the global tethered manned submersible market can be segmented into oil & gas exploration, marine life exploration, military, tourism, and others. Oil & gas exploration and marine life exploration are key segments of the global market.

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Global Tethered Manned Submersible Market: Regional Segmentation

- Based on region, the global tethered manned submersible market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa

- North America dominated the global tethered manned submersible market in 2018. The market in the region is expected to expand at a significant pace during the forecast period, as the demand for tethered manned submersibles is high in the U.S. and Canada, due to extensive oil and gas exploration activity in these countries.

- The market in Europe is projected to expand at a significant CAGR during the forecast period. Russia, the Netherlands, and Germany are likely to lead the tethered manned submersible market in Europe during the forecast period.

-The market in Asia Pacific is expected to expand at a steady CAGR during the forecast period. Countries such as China, Japan, and India are investing in the development of advanced tethered manned submersibles.

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