The global unmanned underwater vehicle market will reach $4 billion by 2020, according to a forecast by market research firm MarketsandMarkets. This reflects a compound annual growth rate of 11.9 percent from $2.29 billion in 2015.
Autonomous underwater vehicles for the military will see strong growth due to "rising demand of anti-submarine warfare, mine countermeasure, and undersea surveillance purposes," the report said.
For the commercial sector, there will be strong growth in remotely operated vehicles for survey and seabed mapping, offshore drilling, and pipeline inspection, according to the report. It also forecast a sharp demand for sensors.
"The unmanned underwater vehicle market is dominated by North America, as of 2015, owing to the technological advancements and the growing incidences of terrorism in the region and more offshore discoveries for deep-water extraction," the report said. "However, Africa and Latin-America are expected to drive the growth of the global unmanned underwater vehicle market over the coming years, with the African market projected to grow at comparatively the highest CAGR [compound annual growth rate] from 2015 to 2020."
