The Global Underwater Robotics Market size is
estimated to reach US$6.8 billion by 2027, growing at a CAGR of 12.3% during 2022-2027. The
increasing deep-water offshore oil and gas exploration to cater to the growing
demand for energy as well as the growing demand for oceanographic research and maritime
security are the major driving factors driving the growth of the Underwater Robotics industry. In September 2020, Kraken Robotics Inc. started the first stage of its OceanVision project in accordance with
the goals of performing oil and gas exploration and inspection. However, the high
cost of underwater autonomous vehicles and lack of reliability in operational
performance hamper the market growth.
Moreover, technological advancements in advanced underwater robotics have made autonomous underwater vehicles [AUV] and remotely operated vehicles [ROV] an integral part of maritime security and deep-water research projects. In September 2020, Veleport launched two new miniIPS2 and uvSPX for AUVs that deliver enhanced accuracy for specific depth ranges.
APAC generated approximately 29% of the global revenues in the Underwater Robotics industry in 2021. Increased spending on maritime defense by major countries and increased deep-water oceanographic research are increasingly boosting the Underwater Robotics industry in this region. In December 2020, China deployed a fleet of Underwater Robots known as "Sea Wing" gliders in the Indian Ocean for conducting naval intelligence operations.
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Underwater Robotics Market Growth Driver
Rising deep-water offshore oil and gas explorations:
With the increased production from offshore reserves, oil and gas companies are heavily investing in underwater technology to improve the efficiency and productivity of exploration operations. It has improved their ability to reach areas that were previously inaccessible and open them up for exploration, as well as perform maintenance activities more efficiently. These advantages have led companies to shift from old fixed production facilities to modern technologies such as AUVs and ROVs, which have increased their demand globally. As traditional onshore reserves are constantly depleting, offshore resources are playing a key role in meeting this growing energy demand which in turn positively influences the Underwater Robotics industry outlook during the forecast period. According to International Energy Agency, the demand for natural gas is projected to grow by 1.5% by 2025. In November 2021, the Department of Interior's Bureau of Ocean Energy Management made about 80.9 million acres in federal lands located offshore in the Gulf of Mexico available for auction, for the purpose of oil and gas production. These factors boost the Underwater Robotics market size during the forecast period.
Major Players in this Market
Major players in Underwater Robotics Market include Fugro N.V, Boeing, KONGSBERG, General Dynamics Corporation, International Submarine Engineering Ltd and Lockheed Martin Corporation. In June 2022, Jaia Robotics raised more than US$1 million in funding which would be used for developing its micro-sized configurable autonomous marine underwater vehicles.