Photo: Credits to Fugro (Used for illustration purposes only)

Unmanned underwater vehicles market at $4.1 billion revenue in 2020

The global unmanned underwater vehicles (UUVs) market generated $4,104.2 million in revenue in 2020, according to research by P&S Intelligence.

The market is said to be driven by the increasing requirement for maritime security equipment, advancements in underwater inspection systems, and surging spending by governments for the procurement of UUVs.

The autonomous underwater vehicle (AUV) category generated higher revenue during 2015–2020 than the remotely operated vehicle (ROV) category, marking a historical period. It is expected to continue this trend during the forecast period 2021–2030.

According to P&S Intelligence, the UUV market was hit until the third quarter of 2020 due to manufacturing plants being shut down during the COVID-19 pandemic, resulting in a decline in product sales.

Luckily, since the last quarter of 2020, lockdowns have been lifted and manufacturing resumed, imports and exports have been allowed, thereby pushing the market on the path to recovery once again.

North America dominated the market in 2020 on account of the increasing defense budget of the U.S. and the adoption of enhanced technologies, P&S Intelligence reported.

Until 2030, the fastest growth is expected to be seen in the commercial category as UUVs are widely used for seabed mapping, deep surveys, pipelining, offshore drilling, cabling, and many other commercial purposes, the research firm concluded.