Aug 10, 2020 (AmericaNewsHour) -- Recent report published by research nester titled " Underwater Robotics Market : Global Demand Analysis & Opportunity Outlook 2027"delivers detailed overview of the global underwater robotics market in terms of market segmentation by type, by application type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global underwater robotics market is segmented by type and application type. On the basis of type, the market is segmented into remotely operated vehicles and autonomous underwater vehicles. On the basis of application type, the market is further segmented into scientific research, commercial exploration, defense & security and others.
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The global underwater robotics market is anticipated to record a CAGR of around 15.65% during the forecast period owing to rise in demand of underwater surveillance coupled with extensive use in oil and gas exploration sector. The underwater robots are highly used in those areas where there is a limitation of human reach thereby providing them a wide application range to cater. The continuous advancement in the robotics has provided new areas in underwater defense and military applications.
The remotely operated vehicles segment is expected to attain a market share of around 88% during the forecast period on the back of its high utilization in oil and gas operations for instance drilling and unwater maintenance tasks whereas, the autonomous underwater vehicles segment is expected to have significant market growth owing to its use in unwater defense coupled with applications such as polar ice research, water sample collection and testing, ocean floor mapping and others. The commercial exploration segment is anticipated to have leading shares and expected to grow at a CAGR of around 15% owing to the expansion of commercial oil and gas sector, mining and mineral extraction.
Europe is anticipated to expand rapidly on the back of huge oil and gas market and constant exploration activities going on coupled with presence of key market players in the region. Asia-Pacific is anticipated to witness significant growth during the forecast period on the account of increased usage of underwater robotics for various applications in countries for instance, India, China and Japan. The constant developments to improve the efficiency and increase the utilization is expected to drive the market growth in the region.
The constant developments in robotics industry providing them improved features coupled with constant investments by the governments to improve their military reach and underwater surveillance are expected to drive the market demand. However, limitations of sound wave transmission and ineffective electromagnetic wave communication under water are expected to operate as key restraints to the growth of global underwater robotics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global underwater robotics market which includes company profiling of International Submarine Engineering Ltd, FMC Technologies Schilling Robotics, Hydro vision Ltd, Shenzhen Vicam Mechatronics Co. Ltd, Weihai Future Robot Co. Ltd. and other prominent players.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global underwater robotics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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