Rockville, Nov. 01, 2023 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, the global underwater robots market is set to reach a value of US $4.3 billion by the end of 2033, with a compound annual growth rate (CAGR) of 13.7%.
Underwater robots, also known as ROVs or AUVs, are highly efficient vehicles designed to perform various tasks underwater. These robots are capable of working for extended periods without human intervention, making them ideal for activities such as ocean exploration, environmental monitoring, and underwater maintenance. They excel at collecting precise data consistently and offer a safer and more cost-effective alternative to traditional methods.
The growth of the underwater robots market is primarily driven by the increasing demand for autonomous and remotely operated vehicles for deep-sea exploration, environmental monitoring, and offshore activities. Advancements in technology, including improved sensors and navigation systems, have enhanced the capabilities of underwater robots, making them more versatile and reliable in challenging underwater environments.
Key Takeaways:
– The North American market is expected to hold a market share of 26.4% in 2023, with underwater robots finding applications in the defense sector.
– The East Asia market is projected to witness a CAGR of 18.3% during the forecast period, driven by the growing demand for underwater robots and China’s expanding oil and gas industry.
– The increasing need for deep-sea exploration and research, technological advancements, and the requirement for cost-effective and safe underwater operations are the key factors propelling the market growth.
To stay competitive, companies in the underwater robotics industry are focused on reducing the cost of robots to appeal to medium and small-scale users, especially from emerging countries. They are also concentrated on developing specialized robots for defense purposes and for inspecting and maintaining underwater structures.
Frequently Asked Questions (FAQ):
Q: What are underwater robots?
Underwater robots, also known as ROVs or AUVs, are special vehicles designed to perform tasks underwater. They are highly efficient, capable of working for extended periods without human intervention, and excel at collecting precise data.
Q: What are the key drivers of the underwater robots market?
The growth of the underwater robots market is primarily driven by the increasing demand for autonomous and remotely operated vehicles for deep-sea exploration, environmental monitoring, and offshore activities. Technological advancements have also contributed to the expansion of this market.
Q: How are companies in the underwater robotics industry staying competitive?
Companies in the underwater robotics industry are focused on reducing the cost of robots to appeal to medium and small-scale users. They are developing specialized robots for defense purposes and for inspecting and maintaining underwater structures.
Q: Which regions are expected to witness significant growth in the underwater robots market?
The North American market is projected to hold a significant market share in 2023, driven by the defense sector’s demand for underwater robots. The East Asia market is also expected to witness substantial growth due to the increasing demand for underwater robots and the expansion of China’s oil and gas industry.
Source: Fact.MR – https://www.factmr.com/press-release/1909/underwater-robots-market