Press release
Future Outlook: UAVs as a Catalyst for Transformation in Various Industries
Unmanned Underwater Vehicles Market
The global Unmanned Aerial Vehicle (UAV) market is projected to experience substantial growth, reaching an estimated value of USD 25.13 billion by 2027, up from USD 10.72 billion in 2019. This represents a Compound Annual Growth Rate (CAGR) of 12.23% during the forecast period. This growth is driven by advancements in drone technology and their expanding applications across various sectors, including military, commercial, and civil industries.
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Competitive Landscape
The UAV market features a diverse range of key players contributing to its dynamic growth. Notable companies include DJI (China), Parrot (France), Yuneec (China), 3D Robotics (U.S.), GoPro (U.S.), Holy Stone (Taiwan), Autel Robotics (U.S.), SenseFly (Switzerland), Kespry Drone (U.S.), Hexagon (Sweden), Delair (France), and AeroVironment Inc. (U.S.). These companies are focusing on technological innovations and strategic partnerships to enhance their market presence and meet the growing demand for UAVs globally.
Regional Insights and Developments
UAV Growth in the United States
North America, particularly the United States, holds a significant share of the UAV market, with revenues reaching USD 3.88 billion in 2019. The region's growth is attributed to the extensive use of UAVs in military applications and the presence of leading UAV manufacturers. In April 2023, Velos Rotors, a U.S.-based UAV company, secured $2 million in seed funding from Marathon Venture Capital to further develop its drone technology and scale up manufacturing capabilities.
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Opportunities in the Asia Pacific Region
The Asia Pacific region is anticipated to exhibit the highest growth in the UAV market, driven by significant investments in drone manufacturing and supportive government policies. In February 2023, India and the United States collaborated to jointly develop air-launched unmanned aerial vehicles for surveillance missions, with prototype flights expected by the end of the year. Additionally, China is expanding its production capacity, with state-controlled firms like China State Shipbuilding Corporation (CSSC) developing sophisticated military and commercial UAVs equipped with artificial intelligence.
Trends in the Middle East and Africa
The Middle East and Africa are gradually adopting UAV technologies, primarily for military and surveillance applications. In January 2023, Ukraine's military announced plans to spend nearly $550 million on drones, signing 16 supply deals with Ukrainian manufacturers. This move reflects a broader trend in the region towards enhancing defense capabilities through UAV technology.
Consolidation in the European Market
Europe is witnessing consolidation in the UAV market, with companies focusing on mergers and acquisitions to strengthen their positions. In September 2019, Rafael Advanced Defense Systems, an Israeli defense company, acquired Aeronautics Limited for USD 240 million. This acquisition aims to combine expertise in intelligence, surveillance, and reconnaissance with a broader market reach, enhancing capabilities in the European UAV sector.
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♦ Market Segmentation: In-Depth Analysis:
by Type
ROV
AUV
HUV
According to Type, in 2024, the ROV subsegment will lead the Unmanned Underwater Vehicles Market's Type segment. ROVs have remarkable flexibility and versatility. They may carry out a variety of duties, including intricate engineering operations and subsea maintenance and inspections. Because of their adaptability, ROVs are used in many different industries, including marine research, offshore oil and gas, and undersea infrastructure. ROVs provide surface operators with real-time control and feedback.
by Product Type
Small Vehicles
Work-class Vehicles
by Payload
Sensors
Synthetic Aperture Sonar
Inertial Navigation Systems
Cameras
Others
According to payload, the Unmanned Underwater Vehicles Market's payload segment is dominated by the Camera subsegment in 2024. Cameras are becoming more and more advanced; they can now take crisper photos, function well in low light, and even produce 3D and HD photographs. Particularly in industries like commerce and science, people desire unmanned underwater vehicles (UAVs) equipped with these cutting-edge cameras. The sensor segment of the Unmanned Underwater Vehicles market is expanding at the quickest rate. Sensors are devices that can perform a wide range of tasks, including detecting substances, listening to noises, and assessing the surroundings.
by Propulsion System
Electric Systems
Mechanical Systems
Hybrid Systems
Others
by Application
Search & Salvage Operations
Archaeological & Exploration
Oceanography
Environmental & Meteorological Research
Oil & Gas
Naval & Coastal Défense
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♦ Learn about the top players driving innovation in the Market :
1. Lockheed Martin Corporation (Bethesda, Maryland, USA).
2. Northrop Grumman Corporation (Falls Church, Virginia, USA)
3. General Dynamics Mission Systems (Fairfax, Virginia, USA)
4. Teledyne Marine (Thousand Oaks, California, USA)
5. Saab Group (Stockholm, Sweden)
6. Kongsberg Gruppen (Kongsberg, Norway)
7. Boeing (Chicago, Illinois, USA)
8. BAE Systems (London, United Kingdom)
9. L3Harris Technologies (Melbourne, Florida, USA)
10. Thales Group (Paris, France)
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