Underwater Drone Market Demand 2024-2033: Share, Trends, Forecast, and Overview

"The Business Research Company recently released a comprehensive report on the Global Underwater Drone Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The underwater drone market size has grown rapidly in recent years. It will grow from $4.48 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to ocean exploration and research, defense and naval applications, oil and gas industry inspections, environmental monitoring, search and rescue operations, aquaculture monitoring, film and media production, commercial fishing operations, mapping and surveying.

The underwater drone market size is expected to see rapid growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to expansion of underwater mining activities, monitoring and mitigation of climate change impact, development of autonomous underwater vehicles (auvs), emergency response and disaster recovery, drones as a service (daas) models. Major trends in the forecast period include diverse sensor integration, underwater drone swarms, hybrid underwater-air systems, underwater communication technologies, commercial fisheries monitoring, integration of artificial intelligence (ai), miniaturization of underwater drone technology.

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Market Drivers and Trends:

The increasing demand for oil and oil exploration is expected to propel the growth of underwater drone market going forward. Underwater drones are instrumental in the oil and gas industry for tasks such as subsea infrastructure inspection, offshore exploration, and pipeline maintenance. They offer cost-effective solutions, real-time data collection capabilities, and enhanced safety in challenging underwater environments. Additionally, underwater drones contribute to environmental monitoring, emergency response, and compliance with regulations, making them crucial tools for the oil industry's evolving needs. For instance, in June 2023, according to International Energy Agency, a France-based autonomous intergovernmental organization, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Therefore, the increasing demand for oil and oil exploration is driving the growth of the underwater drone market.

Technological advancements are the key trends gaining popularity in the underwater drone market. Major companies operating in the market are using advanced technologies, such as artificial intelligence to sustain their position in the underwater drone market. Artificial intelligence (AI) is the emulation of human intelligence in devices that have been designed to act and think like humans. AI can guide drones to perform autonomous operations. For instance, in June 2022, QYSEA Technology, a China-based company specializing in underwater robots and drones launched a vision platform powered by AI that gives its FIFISH underwater robots precision underwater active visual locking capabilities. The AI Vision Lock technology can easily and precisely visually lock onto chosen targets in any underwater environment. The ROV will automatically change its position and lock the target in the middle of the screen after the user just presses on the region of interest on the APP screen. The FIFISH user's operational efficiency and current resistance are improved when the AI Vision Lock is activated.

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Major Key Players of the Market:

Saab Seaeye Ltd., Teledyne Marine Group, The Boeing Company, Lockheed Martin Corporation, Bluefin Robotics Inc., Kongsberg Maritime AS, ECA Group SA, Oceaneering International Inc., TechnipFMC PLC, Deep Ocean Engineering Inc., Atlas Elektronik GmbH, Power Vision Technology Group Co. Ltd., Boeing Company, Thales Group, General Dynamics Corporation, Terradepth Inc., ecoSUB Robotics Ltd., Eelume AS, Nido Robotics, Neptune Robotics Corporation, Aquabotix Technology Corporation, OpenROV Inc., SeaDrone Inc., Aquatic Drones, Ocean Infinity Ltd., Ocean Aero Inc., OceanAlpha Inc., Ocean Power Technologies Inc., SeaRobotics Corporation, SeaView Systems Inc., Shark Marine Technologies Inc., Subsea Tech AS, VideoRay LLC, International Submarine Engineering Ltd.

Underwater Drone Market 2024 Key Insights:

• The underwater drone market size is expected to see rapid growth in the next few years. It will grow to $7.41 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Global Defense Modernization Initiatives Drive Growth In Underwater Drone Market
• Technological Advancements Driving Innovation In Underwater Drone Market
• Asia-Pacific was the largest region in the underwater drone market in 2023

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