Unmanned Underwater Vehicles Market Analysis, Segmentation, Growth, Future Trends, Gross Margin, Demands Regional Forecast to 2027
The global unmanned underwater vehicle market size is expected to reach USD 7,830.8 million by 2027, exhibiting a CAGR of 14.91% during the forecast period. The increasing application of UUVs in underwater search and survey, communication, navigation, and maritime surveillance will propel the healthy growth of the market, states Fortune Business Insights, in a report, titled “Unmanned Underwater Vehicles Market Size, Share and Global Trend by Type (Remotely Operated Vehicle (ROV), and Autonomous Underwater Vehicle (AUV)) By Application (Commercial Exploration, Scientific Research, Defense, and Miscellaneous) By Product Type (Small Vehicle, High-Capacity Electric Vehicle, Work-Class Vehicle, and Heavy Work-Class Vehicle), By Propulsion System (Electric System, Mechanical System, and Hybrid System) By Payload (Camera, Sensors, Inertial Navigation System, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 3,265.5 million in 2019.
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Market Driver:
Surging Deep Water Oil and Gas Production to Facilitate Growth
The increasing gas and oil production and exploration activities will have a tremendous impact on the global market. For instance, in 2019, the Gulf of Mexico observed new oil discoveries by key companies such as Shell, Chevron, Repsol, and Equinor. Shell has been successful in deep-water well-exploration projects. The new exploration project is expected to produce more than 900,000 barrels of oil by 2020. The increasing energy demand will subsequently accelerate deep-sea exploration, which, in turn, will aid expansion of the market. The oil and gas industry is expected to account for the lion’s share in the world’s primary energy supply by 2050. The increasing utilization of UUVs in the oil and gas industry can have an outstanding effect on the market in the forthcoming years. Moreover, the increasing commercial applications such as seafloor mapping or seabed imaging and pipeline disruption study in the sea environment will foster healthy growth of the market.
Disrupted Oil Industry to Dampen Business Amid Coronavirus
COVID-19 had a severe impact on the industries due to the spread of the disease to almost 200+ countries worldwide. Moreover, the global oil industry experienced a sudden drop in demand across various countries. The oil demand is projected to fall 9.3 mb/d year-on-year basis in 2020 and 2021. According to UNCTAD, global maritime transport plunged by 4.1% in 2020 due to unexpected disruption caused by the COVID-19 pandemic. The disorder has mainly hampered the supply chain, shipping network, trade volumes, and port. However, the global Shipping industryis making efforts for sustainable recovery and smooth operations, which, in turn, will aid the market.
Regional Analysis:
Increasing Investments in the Defense Sector to Augment Growth in Asia Pacific
North America is expected to hold the largest share during the forecast period. The United States is the largest producer, operator, and exporter of UUVs globally. The increasing use of remotely operated vehicles (ROVs) in commercial and defense sectors will promote the expansion of North America's market. The growing use of autonomous underwater vehicles (AUVs) for carrying deep-water surveys in oil and gas production can contribute positively to the market growth in the region. Asia Pacific is expected to experience a significant growth rate during the forecast period. The growth is attributed to the increasing investments in the defense sector from several countries such as India, China, Japan, South Korea, and others.
Key Development:
June 2020: Seamec Limited announced that it has signed a three-year contract with Fugro for inspection, repair, and maintenance (IRM) of subsea pipeline on India's west coast. Fugro is expected to offer work class ROV services to Seamec during the contract duration.
Browse Summary of This Research:
https://www.fortunebusinessinsights.com/unmanned-underwater-vehicles-uuv-market-102527
The global abrasives market size is expected to reach USD 63.98 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period.
The growing utilization of abrasives in grinding and polishing applications will create lucrative business opportunities for the market during the forecast period,Rising Demand from Automotive Sector to Drive MarketThe growing use of abrasives in the automotive industry can be an essential factor augmenting the growth of the market.
Moreover, the inflated demand for abrasives from the automotive industry will create lucrative business opportunities for the market.
For instance, coated and non-woven abrasives are both used to refinish auto bodies, while super abrasives or grinding wheels are used in the engineThe tragedy caused by communicable coronavirus has put enormous pressure on industries and sectors across the globe.
The governments of several countries have instigated lockdown to prevent the spread of this infectious disease.
Such plans have caused disturbances in the production and supply chain.
The global 'artificial tears market size’ is expected to reach USD 4.30 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period.
The growing incidence of ocular diseases can be a vital factor amplifying the growth of the global market, states Fortune Business Insights, in a report, titled “Artificial Tears Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Glycols (PEG) and Polypropylene Glycols (PPG), Cellulose, and Others), By Delivery (Eye Drops, and Ointments), By Application (Dry Eye Syndrome, Allergies & Infections, and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.” The market size stood at USD 2.64 billion in 2019.Have Any Query?
Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.The artificial tears market encompasses:Wide-ranging analysis of the marketValuable insights into the regionsKey market trends and driversSevere impact of COVID on the industryHigh-end data about prominent playersFor more information visit : https://www.fortunebusinessinsights.com/artificial-tears-market-103486Market Driver:Introduction of Technologically Advanced Products to Bolster GrowthThe constant efforts of eminent players to launch advanced and sophisticated products are expected to have a tremendous effect on the market.
The implementation of lockdown by governments has to lead to the disruption of the supply chain.
The demand for teardrops in online pharmacies will subsequently propel the growth of the market.Segments Covered in the ReportBy TypePolyethylene Glycols (PEG) and Polypropylene Glycols (PPG)CelluloseOthersBy DeliveryEye DropsOintmentsBy ApplicationDry Eye SyndromeAllergies & InfectionsOthersBy Distribution ChannelHospital PharmaciesDrug Stores & Retail PharmaciesOnline PharmaciesBy GeographyNorth AmericaBy TypeBy DeliveryBy ApplicationBy Distribution ChannelBy CountryRegional Analysis:Presence of Eminent Players to Promote Business in North AmericaThe market size in North America stood at USD 1.38 billion in 2019.
The increasing patient population and healthcare expenditure will foster the healthy growth of the market in the region.
The global ethyl acetate market size is expected to reach USD 4,368.9 million by 2027, exhibiting a CAGR of 9.07% during the forecast period.
The growing application of ethyl acetate in the paints & coatings industry is expected to foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Ethyl Acetate Market Size, Share & COVID-19 Impact Analysis, By Application (Paints & Coating, Printing Ink, Process Solvent, Food & beverage, and Others), and Regional Forecast, 2020-2027.” The market size stood USD 3,323.2 million in 2019.The catastrophe caused by coronavirus has disrupted the supply chain of every industry around the world.
We understand that this health emergency has negatively impacted various sectors across the globe.
Rising support from governments and several companies can help in the fight against this highly infectious virus.
More or less, nearly every sector is estimated to be impacted by this pandemic.We are making endless efforts to uplift businesses in this crucial need of the hour.
Hence, the growing demand for flexographic and rotogravure printing inks will simultaneously enable speedy expansion of the market in the forthcoming years.Hindered Import and Export Activities to Deteriorate Business Amid CoronavirusThe weak demand for ethyl acetate due to coronavirus has resulted in an enormous loss for the market.
