Mounting Defense Expenditure Driving Unmanned Underwater Vehicles Demand

Unmanned underwater vehicles (UUVs) are increasingly playing a pivotal role in naval warfare, owing to their ability to offer significant clandestine and standoff capabilities and adapt to different tactical situations. Onboard systems of UUVs can adapt to the mission plan and identify changes without requiring any intervention by human operators. In recent years, the usage of such vehicles has notably surged in naval operations, due to the mounting defense expenditure of many countries and partnerships between naval forces and UUV manufacturers.

Moreover, the escalating need for geo mapping and soaring capital expenditure of offshore oil and gas companies are also expected to contribute to the progress of the unmanned underwater vehicles market during 2021–2030. According to P&S Intelligence, the market generated $4 billion revenue in 2020. Defense forces use seafloor mapping data to plan their surveillance and attack plans, whereas, oil and gas companies use this data to draft their exploration and production (E&P) plans.

Globally, North America dominated the unmanned underwater vehicles market in the preceding years, due to the surging adoption of advanced underwater inspection technologies and burgeoning requirement for maritime protection in the region. Besides, the mounting expenditure on state-of-the-art unmanned navy and military equipment will also facilitate the deployment of UUVs in the U.S. and Canada. Moreover, the rising focus of North American UUV manufacturers on increasing the battery life and improving the autonomous functions of UUVs will also encourage their deployment in the region.

Thus, the increasing need for geo mapping, burgeoning defense expenditure, and rising expenditure of oil and gas companies are expected to fuel the deployment of UUVs worldwide.