LONDON--(BUSINESS WIRE)--The global underwater exploration robots market size is expected to grow by USD 2.54 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 13%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Underwater Exploration Robots Market Analysis Report by Product (AUV and ROV) and Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing offshore E&P programs. In addition, the emergence of swarm intelligence is anticipated to boost the growth of the Underwater Exploration Robots Market.
The increasing need to explore petroleum-based energy sources by the oil and gas industry has propelled the demand for technologies suitable for hostile offshore and subsea environments. The demand for underwater exploration robots for such environments is high, as they are hard to reach and require advanced hardware and software to operate. Moreover, E&P activities involve various serious challenges related to health, safety, and environment (HSE), which further boosts the demand for underwater exploration robots. The past few years have seen an overhaul in the upstream business of companies in the industry. As the industry recovers, more stakeholders in the oil and gas industry will invest in search, recovery, and production of crude oil and natural gas through the drilling of exploratory wells. Thus, the increasing offshore E&P programs will drive the growth of the market.
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Major Five Underwater Exploration Robots Companies:
ATLAS ELEKTRONIK GmbH
ATLAS ELEKTRONIK GmbH is a developer and integrator of autonomous underwater vehicles. It offers solutions such as surface vessel systems, mine warfare systems, anti-submarine systems, naval weapons, etc. The company offers various underwater exploration robots under the brand names SeaFox, SeaCat, and SeaOtter.
DOF Subsea Group
DOF Subsea Group has business operations under two segments: Subsea/IMR Projects and Long-term Chartering. The company offers a wide range of underwater exploration robots such as EdgeDVR and The UHD-III.
Forum Energy Technologies Inc.
Forum Energy Technologies Inc. operates its business through three segments: drilling and downhole, completions, and productions. The company offers various underwater exploration robots such as Work class ROVs and Sub-Atlantic brand ROVs used for sub sea- oil and gas applications.
General Dynamics Mission Systems Inc.
General Dynamics Mission Systems Inc. has business operations under various segments such as LAND, SEA, AIR, SPACE, and CYBER. The company offers various underwater exploration robots such as Bluefin Robotics unmanned underwater vehicles. Also, the company offers wide range of modular, free-flooded UUV platforms and products, including more than 70 different sensors on more than 100 vehicles.
Kongsberg Gruppen ASA
Kongsberg Gruppen ASA operates its business through segments such as Kongsberg Maritime and Kongsberg Defence & Aerospace. The company offers various autonomous underwater vehicles robots such as HUGIN, MUNIN, REMUS, and Seaglider.
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Underwater Exploration Robots Market Product Outlook (Revenue, USD bn, 2020-2024)
- AUV - size and forecast 2019-2024
- ROV - size and forecast 2019-2024
Underwater Exploration Robots Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America - size and forecast 2019-2024
- Europe - size and forecast 2019-2024
- APAC - size and forecast 2019-2024
- MEA - size and forecast 2019-2024
- South America - size and forecast 2019-2024
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