Underwater Drone Market Growth 2023 : Movements by Key Findings, Latest Trend Analysis, Progression Status, Revenue Expectation to 2031

The global underwater drone market size was estimated to be approximately USD 3.355 billion in 2022 which is expected to grow at the rate (CAGR) of 11.89% over the next seven years to attain a value of 6.63 billion by end of 2030. This report focuses on the underwater drone market, its market drivers, and its challenges. The report also outlines the opportunities available for investors and manufacturers for the underwater drone market, discussing the recent technological developments.

Industrial Revolution 3.0 brought machines into the market, and the current Industry 4.0 evolution enables the development of remote, small, and innovative drones. New features are added to drones regularly aiding in expanding the product line of underwater drones. Underwater drones, also known as unmanned underwater vehicles (UUV) are submersible robots that can function under water with or without remote control, without the need for a human occupant.

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The market of underwater drones is accelerating at a positive rate given the increase in demand for surveillance, intelligence, and data gathering, due to developments in automation, big data, and analytics. Institutes and companies are using these drones to map the ocean floor for research as well as commercial purposes. Maritime logistics are also employing submerged robots for hull inspection, cleaning, photography, and navigation purposes.

Key Insights

• As per the analysis shared by our research analyst, the global underwater drone market is estimated to expand annually at a CAGR of around 11.89% over the forecast period (2022-2030)
• In terms of revenue, the global underwater drone market was valued at nearly USD 3.35 billion in 2021 and is anticipated to hit USD 8.89 billion by 2030
• The market is projected to expand at a significant rate due to the massive use of underwater robots in maritime logistics and huge demand for automated robots
• Based on application, defence segment accounted for the largest market share in the year 2021
• Based on technological type, autonomous underwater vehicle (AUV) is predicted to dominate the global industry over the forecast timeline
• In terms of region, the Asia-Pacific underwater drone industry is projected to record the highest CAGR of 12.7% during the forecast timeframe

Maritime logistics started to opt for robots to cope with the labor shortages, increasing the demand for automated robots to replace labor operations. Given the political unrest, several other countries are anticipating a worldwide war scenario, which can help drive the demand for underwater drones for defense uses. Increased COVID protocols require companies to reduce manpower, and use automated services, to reduce the chances of COVID infection. Another driver contributing to the growth of the global underwater drone market can be the increase in demand for data-driven processes, for improved risk assessment, and forecasting, which is possible by the use of underwater drones.

Underwater drones are remote-controlled, or automated by means of programming and software, making it easier to hack and leak sensitive data. This becomes a threat to the privacy of organizations using underwater drones, thereby hampering the market growth.

Increased global awareness related to green and clean energy alternatives to the conventional ones, provides scope for research and development of renewable source-powered drones. For example, the demand for solar and wind-powered underwater vehicles has increased. Ocean Aero developed underwater drones that utilize these energy sources and can operate for several months without the requirement of recharging. Such innovations will likely bring up new growth avenues for the global underwater drone market.

AUV drones being completely automated, communication and navigation become issues. These systems communicate using radio signals, which get absorbed in water at a higher rate in comparison to other mediums such as air and vacuum. Radio signals face difficulties in terms of deep-sea communication, posing an issue for the increased application of AUV submerged drones.

The report's segments are:

This study provides historical data and revenue growth predictions at the global, regional, and national levels, as well as an analysis of market trends in each segment from 2021 to 2030. Reports and Data has divided the global Underwater Drone market by product type, application, and geography for this report:

By Product Type Outlook

● Micro-drones
● Small & Medium Drones
● Light Work-Class Drones
● Heavy Work-Class Drones

By Application Outlook

● Research
● Defense
● Communication
● Commercial Exploration
● Others

Underwater Drone Market: Regional Analysis

Europe and North America regions expected to witness substantial growth during forecast period

In current times, Europe and North America are the markets with a high demand in the global underwater drone market. The presence of several software & data processing companies in these regions and the increased demand for ocean exploration accounts for a significant share of the market in these regions for underwater drones.

Asia Pacific region is following pursuit to enter the western big players of the underwater drone market. China's target to establish a minimum of 40 innovation centers propelled by automation and robotics helps in increasing the supply and demand for underwater drones in this region. The Middle East and Africa are still considered to have the smallest market for underwater drones.

Underwater Drone Market: Competitive Analysis

● Chasing
● Blueeye Robotics
● Robosea
● Notilo Plus
● Navatics
● PowerVision
● ECA Group
● Deep trekker Inc
● Terradepth
● ecoSUB Robotics
● Eelume AS
● Nido Robotics
● Neptune Robotics

Recent Developments:

• In 2020, new startups such as ecoSUB Robotics and Nido Robotics are providing advanced drones at a fairly cheaper price in comparison to other companies in the market. The new Autonomous Underwater Vehicles (AUVs) developed by ecoSUB Robotics are capable of traveling 500-2500 meters underwater, along with a Graphical Unser Interface (GUI).

• In May 2021, development of Robot Operating System (ROS), an open-source software collection that provides robotic services, in pandemic times has accelerated the evolution of drones. Though initially released by Stanford Artificial Intelligence Laboratory in 2007, it was updated and a stable version was launched in May 2021.

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