Zion Market Research Global Unmanned Underwater Vehicles Market, 2016–2 | Page 4

Unmanned Underwater Vehicles Market
Global Unmanned Underwater Vehicles Market: Growth Factors
The global unmanned underwater vehicles market is a growing market. This growth can
be attributed to factors such as increasing demand in defense and energy sector,
increasing investments made for research and development, importance given to new
product development, advancements made in technology, rising need for efficient,
advanced and reliable unmanned underwater vehicles and increasing demand for
unmanned underwater vehicles for deep-water offshore oil and gas production. There is
a rise in the demand for ROV and AUV globally for the military as well as commercial
uses. Increased operational efficiency of the ROV to perform complex operations will
benefit the market growth. Contributing towards the growth of the market is the
miniaturization in AUV and the emergence of air-independent propulsion systems (AIP).
However, growth may be affected due to economic crisis and defense budget cuts.
Global Unmanned Underwater Vehicles Market: Regional Analysis
North America dominates the unmanned underwater vehicles owing to reasons such as
technological advancements, more offshore discoveries for deep-water extraction and
growing incidences of terrorism in the region. Countries contributing towards this
growth are the U.S. and Canada. However, in the coming period, the growth rate in
North America is expected to slow down. Following the growth in North America are
Asia-Pacific, Latin America, and Africa. In Asia Pacific, the growth is primarily
concentrated in countries such as China, India, New Zealand and Japan. Growth in
Africa can be attributed to the oil and gas exploration programs undertaken in countries