What is the market size of Underwater Robotics?

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Underwater robots are designed for inspection and mapping of sea and oceans for mining of minerals, oils, and gases and are used in underwater surveillance for military and maritime operations, archaeology, and biological researches. Moreover, these robots are capable of repairing and maintaining equipment that are deployed underwater along with providing real-time updates using satellite signals and other communication media. Based on the area of operation, the underwater robots are either remotely controlled or are completely unmanned. The demand for underwater inspection and mapping for military, commercial, and scientific explorations has attributed to the growth of underwater robotics market. However, high costs incurred in the installation of these robots might hamper market growth. Recently, in March 2019, Planys Technologies, an IIT-Madras-basedstart-up, has launched Mikros, a remotely operated vehicle (ROV) for underwater inspection. The ROV is capable to reach a depth of 200 meters and will cater to process industries, petrochemical refineries, and desalination plants.

Key Players

The key players in the underwater robotics market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Atlas Maridan ApS (Denmark), Deep Ocean Engineering, Inc. (US), Bluefin Robotics (US), ECA S.A. (France), International Submarine Engineering Ltd (Canada), Inuktun Services Ltd. (Canada), Oceaneering International, Inc. (US), Saab AB (Sweden), Schilling Robotics, LLC (US), and Soil Machine Dynamics Ltd. (UK). These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 30%–35% in the underwater robotics market. These are BaltRobotics Sp.z.o.o. (Poland), Boston Engineering Corporation (US), Kongsberg Maritime (Norway), Ocean Aero Inc. (US), PALMARII DYNAMICS AB (Sweden), and SeaRobotics Corporation (US) among others.

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Regional Analysis

The market for underwater robotics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographic analysis of underwater robotics market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East & Africa, and South America). According to MRFR analysis, North America was the largest market in 2017 and is estimated to maintain its dominance throughout the forecast period. The region has the presence of technically advanced companies which are engaged in manufacturing advanced underwater vehicles. The region has also adopted automation in several fields such as underwater mining, surveillance, and scientific research processes. The US is estimated to dominate the North American underwater robotics market with approximately 60% market share. However, Canada is estimated to register the fastest growth during the forecast period. Europe is the second largest market and is expected to percieve a steady growth during the forecast period. The region has witnessed various advancements in commercial explorations as well as military surveillance operations in the UK and France. However, Asia-Pacific is highly lucrative with investors heavily investing in the manufacturing of underwater vehicles for mining and explorations across the Pacific Ocean and Indian Ocean.

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