The global underwater drone rental market is expected to secure a valuation of US$ 23.8 million in 2023. During the forecast period of 2023-2033, the market for underwater drone rental is expected to increasing at a CAGR of 9.2% and reach US$ 57.4 million by the end of 2033.
The underwater drone rental market growth is directly dependent on the utility of underwater drones. Underwater drones are gaining tremendous utility in various industries like aquaculture, shipping, mining, oil & gas, energy & utility, and others. It is a cost & time-efficient solution to inspect, explore and track activities under the water. Whereas, hiring these services results in preventing humans from dangerous underwater activities. With the integration of advanced technology, it offers a precise view of the underwater activities and conditions and helps in prominent decision-making for the users.
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Since the underwater drone utility is growing at a healthy pace, underwater drone rental services will rise with optimum growth rate in the assessment years due to the higher prices of this drone. The underwater drones rental market is about 28% of the total global drone rental market which is valued at US$ 78 million in 2022.
Key Takeaways from Market Study
- During historic period (2018-2022), the market has grown with a CAGR of 5.1%
- Among end-use industry segment, energy and utility holds leading share with 20.1% during 2022.
- Europe and North America both accounts for 50% of share in global underwater drone rental market.
- China is expected to grow with highest CAGR of 10.5% during 2023-2033.
“Shipping industry to exhibit the underwater drone rental services most in assessment year,” says a Fact.MR analyst.
Competitive Landscape
The underwater drone rental service market is rising with a positive growth rate. The entrance of new market players with innovative drone rental solutions and the presence of a few big market players in the industry is expected to immensely contribute to market development. Moreover, the key strategies like partnership, agreement, and others in the development of this market by companies will create a positive impact on market expansion in the forthcoming period.
For instance:
- In December 2022, Exail, a leading underwater water drone manufacturer has signed a contract with the French defense procurement agency) for the rental of an AUV for their Navy.
Market Development
The underwater drone rental market is highly competitive with the presence of various market players in the industry. These market players are taking favourable moves like acquisitions & mergers and service launches to expand their market share and strengthen their foothold in the market. Whereas, the introduction of new market players in the industry will be a leading factor the market development in the forthcoming period.
Segmentation of the Underwater Drone Rental Market
- By Services:
- Underwater Exploration
- Underwater Inspection
- Marine Inspection
- Hull & Dock Inspection
- Water Tank Inspection
- Underwater Mapping & Survey
- Photography and Cinematography
- Others (Not Classified Elsewhere)
- By End-use Industry:
- Aquaculture
- Shipping
- Mining, Oil & Gas
- Energy & Utility
- Public Administration
- Search & Rescue
- Defense & Security
- Education & Academics
- Marine Conservation and Preservation
- Recreation & Discovery
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global underwater drone rental market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of services (Underwater Exploration, Underwater Mapping & Survey, Photography and Cinematography, Underwater Inspection and Others (Not Classified Elsewhere)), end-use industry (Aquaculture, Shipping, Mining, Oil & Gas, Energy & Utility, Public Administration, Search & Rescue, Defense & Security, Education & Academics, Marine Conservation and Preservation and Recreation & Discovery) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Key Questions Covered in the Underwater Drone Rental Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Underwater Drone Rental sales grow until 2033?
- Which are the factors hampering the Underwater Drone Rental demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Underwater Drone Rental Market during the forecast period?
Check out more related studies published by Fact.MR Research: https://www.globenewswire.com/en/news-release/2023/03/30/2637720/0/en/Gear-Measuring-Machines-Demand-Rising-at-a-3-1-CAGR-to-Cross-499-7-Million-by-2032-Automotive-Sector-Holds-25-Share-States-Fact-MR.html
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