Sub-Surface Rescue Vehicle Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Remotely Operated Vehicle, Autonomous Sub-Surface Vehicle, and Hybrid Sub-Surface Vehicle), End-User (Oil and Gas Industry, The Mining Industry, The Maritime Industry, Ports And Harbors, Environmental Monitoring and Cleanup, Search and Rescue Operation, Underwater Construction and Maintenance, and Scientific Research and Maintenance), and Region/Country
The Sub-Surface Rescue Vehicle Market was valued at 2.56 billion in the year 2022 and is expected to grow at a steady rate of around 12.7% during the forecast period (2023-2030), owing to the rising underground and underwater exploration. Furthermore, the increasing frequency and severity of natural disasters, such as earthquakes, hurricanes, and floods, are leading to a rising demand for subsurface rescue vehicles. Natural disasters often result in widespread destruction and loss of life, leading to a greater need for rescue operations to save those trapped or injured. Subsurface rescue vehicles are designed to navigate through damaged infrastructure and reach those in need of assistance. Moreover, natural disasters can cause widespread emergencies like flooding, fires, and gas leaks. Subsurface rescue vehicles can navigate through affected areas and reach those in need of assistance. Additionally, with the increase in ocean activities, there is an increased risk of accidents occurring, such as oil spills, gas leaks, and equipment failures. This requires the use of subsurface rescue vehicles to respond quickly and effectively to these incidents. With the increase in ocean activities, there is an increased need for search and rescue operations. Subsurface rescue vehicles are necessary to locate and rescue individuals who may be trapped or stranded in underwater environments.
Some of the major players operating in the market are BAE Systems; Teledyne Technologies; L3Harris Technologies, Inc.; Lockheed Martin Corporation.; Oceaneering International, Inc.; SAAB; Fugro; General Dynamics Corporation; International Submarine Engineering Limited; and KONGSBERG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, the autonomous sub-surface vehicle (ASV) segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”
On the basis of type, the market is segmented into the remotely operated vehicle (ROV), autonomous sub-surface vehicle (ASV), and hybrid sub-surface vehicle (HSV). The autonomous sub-surface vehicles (ASV) are anticipated to witness a significant growth rate in CAGR terms during the forecast period. Several factors will be playing out that will lead to high growth of ASVs such as increased safety, where ASVs are designed to operate autonomously, which reduces the risk of human error. Furthermore, ASVs can operate for longer periods of time and cover larger areas than ROVs, making them more efficient for search and rescue operations. In addition to this, ASVs are equipped with advanced sensors and communication systems, which enable them to operate in a variety of environments and perform a range of tasks, such as underwater mapping, inspection, and cleaning. Moreover, ASVs can operate in areas that are difficult or impossible for ROVs to reach, such as in deep water or in areas with complex underwater terrain. These are some of the factors that are responsible for the rising demand for ASVs and can also be seen in the recent product launches in this space.
“Amongst End-User, the Oil and Gas Industry segment holds the majority of the market period in the year 2022.”
Based on end-user, the market is segmented into the oil and gas industry, the Mining industry, the maritime industry, ports and harbors, environmental monitoring and cleanup, search and rescue operation, underwater construction and maintenance, and scientific research and maintenance. The oil and gas industry generated the highest demand for subsurface rescue vehicles. The oil and gas industry is one of the largest consumers of subsurface rescue vehicles, as it requires these vehicles for a variety of tasks, including oil and gas production, maintenance, and environmental monitoring. The industry’s demand for subsurface rescue vehicles is driven by several factors, including the increasing depth and complexity of oil and gas wells, the need for more efficient and cost-effective methods of production, and the growing focus on environmental protection and cleanup. One of the key trends driving the demand for subsurface rescue vehicles in the oil and gas industry is the increasing use of autonomous and remotely operated vehicles (ROVs) for underwater tasks. These vehicles are able to operate independently, without the need for a human operator, which reduces the risk of accidents and increases the efficiency of operations. Additionally, the use of ROVs allows for more precise and accurate data collection, which is critical in the oil and gas industry. Furthermore, the maritime industry is also a key consumer of subsurface rescue vehicles, as it requires these vehicles for a variety of tasks, including underwater inspection and maintenance, and environmental monitoring.
“North America holds the majority of the market period in the year 2022.”
The region with the largest market for subsurface rescue vehicles is North America. This is due to a combination of factors such as high investments in this space, increasing use by navies and armies, availability of technology, and increasing product development by both private companies and government agencies. Governments and private companies have been investing heavily in subsurface rescue technologies, which has led to the development of advanced systems and equipment. Furthermore, the availability of advanced technologies such as autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), and unmanned underwater vehicles (UUVs) has made subsurface rescue operations more efficient and effective. This technology has enabled navies and armies to perform complex tasks such as mine detection, underwater surveillance, and environmental monitoring. Additionally, Navies and armies are increasingly using subsurface rescue vehicles for various purposes such as search and rescue operations, underwater exploration, and environmental monitoring. This increased use has created a demand for these vehicles, which has driven the market forward. This rise in demand for sub-surface rescue vehicles in North America can also be seen from the recent product launches happening in this space. For instance, in December 2022, the US Navy Demonstrated a Large UUV (Unmanned Underwater Vehicle) Launch and recovery System. The demonstration displayed both a land-based launch and recovery approach and a novel solution for launching large Unmanned Underwater Vehicles (UUVs) from amphibious ships.
Sub-Surface Rescue Vehicle Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global sub-surface rescue vehicle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Sub-Surface Rescue Vehicle Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global sub-surface rescue vehicle market were the three major steps undertaken to create and analyze the adoption of sub-surface rescue vehicles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global sub-surface rescue vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the sub-surface rescue vehicle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the sub-surface rescue vehicle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the sub-surface rescue vehicle market. Further, we conducted factor analysis using dependent and independent variables such as connectivity, end-user, and application of the sub-surface rescue vehicle market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the sub-surface rescue vehicle market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global sub-surface rescue vehicle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the sub-surface rescue vehicle market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global sub-surface rescue vehicle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global sub-surface rescue vehicle market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and end-user in the global sub-surface rescue vehicle market.
The main objective of the Global Sub-Surface Rescue Vehicle Market Study
The current & future market trends of the global sub-surface rescue vehicle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the sub-surface rescue vehicle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of type and end-user
- Define and analyze the regulatory framework for the sub-surface rescue vehicle
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the sub-surface rescue vehicle market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the sub-surface rescue vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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