Underwater robots market set to expand at 14 percent a year
The market for underwater robots is expected to reach a value of $1.2 billion in 2023 and $4.3 billion by the end of 2033, growing at a compound annual growth rate of 13.7 percent.
This is according to a new report, Underwater Robots Market, published by Fact.MR.
Some of the deep and difficult-to-reach areas of the ocean are explored by an underwater robot. Underwater robots have cameras and lights that give them vision in the dark ocean and make it simple for them to communicate with the operator.
Although there are many uses for underwater robots and they are still in the early stages of market exploration, their production, operation, and maintenance costs are high. In order to prevent any accidents, it also needs trained professionals.
Due to the fact that there are few manufacturers of semiconductors and the ongoing crisis in China, which is forcing semiconductor suppliers to drive up prices and reduce profit margins for market players, semiconductors are also the fundamental component needed for the production of robots.
Such elements limit the development of underwater robots. Underwater robots face significant threats from both robot misuse and cyberattacks.
Why the US has high demand for underwater robots
Over the forecasted period, the underwater robot market in the United States is anticipated to grow at a CAGR of 12.5 percent.
The defence industry, where the US spent more than US$1.5 trillion in 2021, has uses for underwater robots. The US increases its investment in the defence industry every year.
During the forecast period, the US defence industry is anticipated to expand at a CAGR of over 5.0 percent.
The underwater robot market has a lot of room to grow as a result of the use of underwater robots in harbour defence and enemy ship detection.
Prominent underwater robot manufacturers are:
- Oceaneering International
- Bluefin Robotics
- International Submarine Engineering
- Schilling Robotics
- Saab
- Inuktun Services
- Atlas Maridan APS
- Deep Ocean Engineering
- Soil Machine Dynamics
- TechnipFMC
- and others
Underwater robots become useful for various applications, but their high cost is restricting market growth.
Players in the underwater robot market are looking to reduce the cost of the robot to attract medium and small-scale users as well from various emerging countries and to increase their profit margins.
Fact.MR has provided detailed information about the price points of key manufacturers of underwater robots positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Main image: The OceanOne robot, developed by the Stanford Robotics Laboratory, is an underwater humanoid robot.