Underwater Drones Rental Market

Underwater Drone Rental Market Outlook (2023 to 2033)

The global underwater drone rental market will reached a valuation of US$ 23.8 million in 2023 and is expected to climb to US$ 57.4 million by 2033, expanding at a healthy CAGR of 9.2% during the forecast period of 2023 to 2033.

The underwater drone rental market is about 28.0% of the overall drone rental market and about 1.2% of the total drone services market which was about US$ 6.6 million in 2023.

Report Attributes	Details
Market Size (2022A)	US$ 21.8 Million
Estimated Market Value (2023E)	US$ 23.8 Million
Forecasted Market Value (2033F)	US$ 57.4 Million
Global Market Growth Rate (2023 to 2033)	~9.2% CAGR
North America Market Share (2022)	~33.5%
East Asia Market Growth Rate (2023 to 2033)	~10.2% CAGR
United States Market Growth Rate (2023 to 2033)	~9.1% CAGR
Key Companies Profiled	Aersea; Balmore Inspection Services; Blue Skies Drones; Blue robotics; Drone Base; Drone Services Hawaii; Drone solution services; DroneQ Robotics; EdgeROV; Extreme Aerial Productions; Inspired Intelligent group; Killybegs Marine Surveyors; MFE Inspection Solutions; Notilo Plus; Precision drone services; Recon Aerial; Ripping It outdoors; Other Prominent Players

Demand Analysis of Underwater Drone Rental Services (2018 to 2022) Vs. Market Forecast Outlook (2023 to 2033)

The drones are a cost & time-efficient solution for the customer while having an inspection, exploration, mapping, and other activities inside the water. In addition, it is a safer option in terms of appointing a person (professional) to conduct above mention services. This factor is resulting in the increasing popularity of underwater drones and their rental services in various industry verticals significantly.

The market will rise during the forecast period with a healthy growth rate owing to the increasing utility of underwater drones in shipping industries and the rise in shipbuilding for carrier services worldwide. Additionally, growth in underwater exploration activity and the increasing popularity of drones in search & rescue operations will helps in the future expansion of the market.

• Short Term (2023 Q1-2026): In the short term, the underwater drone rental service market is gaining popularity in the shipping industry. Inspection of dock & hull is a major factor exhibiting the demand for these services in the shipping industry. Post Covid-19, cost & time-efficient solutions like drones have gained tremendous popularity among people worldwide.
• Medium Term (2026 to 2029): In the mid-term, the industry is projected to rise with the increasing utility of these services by underwater explorers and search & rescue operators.
• Long Term (2029 to 2033): In the long term, the market is expected to rise at a substantial rate owing to the development in off-shore energy & power production, higher development of the defence & security sector of major economies, and others.

Over the 2018 to 2022 historical period, the global underwater drone rental market registered a CAGR of 5.1%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at a CAGR of 9.2% between 2023 and 2033.

The above image depicts the total addressable market value of underwater drone rental services in 2023 will be US$ 23.8 million. The historic year (2018-2022) CAGR growth of market was 5.1% and forecasted (2023-2033) will be about 9.2%.

Key factors escalating the demand for underwater drone rental services

“Growth in underwater exploration activitiy worldwide”

Underwater exploration is essential these days to understand the changes witnessed in the ocean along with taking precautionary steps to tackle natural disasters relevant to oceans like earthquakes, tsunamis, and other hazards. Moreover, various new sources of food, vaccine, and energy is been unlocked in the ocean ecosystem which is essential for humans.

Owing to these factors, demand for underwater drone rental services is projected to rise worldwide. Drones are cost-efficient and safer options for underwater exploration. It could easily reach places that are critical to visit for divers. The substantial rise in underwater exploration is expected to drive the demand for underwater drone rental services worldwide.

“Underwater drones as compatible tools for complex search & rescue operations”

Searching for suspected death or any object dumped in the ocean is a challenging task. In such cases, underwater drone technology is found as a complementary tool to the search & rescue operators. Underwater drone rental service providers are benefited from the search & rescue team, where they hire underwater drones to document the environment underwater beforehand and plan out a mission for the same accordingly. It saves time, the additional cost of rescue operators, and human life.

The underwater drones on rent are also opted for by search & rescue operators because it is costly and also associated with higher maintenance cost and risk. Other benefits of underwater drone that accelerate their demand are, it is portable and suitable for easy handling, easy to operate with minimum training, and others. Owing to this factor, the underwater drone rental market is expected to rise at a substantial rate in the forthcoming period.

Factors restraining the underwater drone rental services

“Legal uncertainity and privacy concerns associated with underwater drones”

The underwater drone collects video, images, and data efficiently but could be a matter of concern to the government and people if recorded without consent. Especially when these drones are used for promotional purposes, the data captured by the underwater drone could be a matter of privacy concern. This factor could restrict the utility of underwater drones and therefore, impacts its rental service business.

Additionally, when it comes to certain kinds of surveillance, there is some degree of legislative uncertainty. Legislation is still catching up in that area because their use is still relatively new. Some rules must be followed, but there are still some grey areas. These factors could restrict the underwater drone rental business worldwide.

Country-wise Insights

United States to Enjoy Largest Share in Market Development

The United States is a stable marketplace for underwater drone rental services. The substantial utility of underwater drones in ocean exploration by oil companies and deployment of it by marine forces to inspect & monitor hulls & docks is a major factor escalating the underwater drone rental services in the country.

As per the United States, Energy Information Administration, offshore crude oil and natural gas drilling activities have totalled about 52 from 2019-2021. Owing to these factors demand for underwater drone rental will rise at a substantial rate in the region.

Moreover, marine forces and shipping companies are highly benefited from these drones by performing routine ship evaluations remotely and efficiently. It performs hull inspection, damage assessment, and shipyard activity monitoring for them which will benefit in demand growth for underwater drone rental services.

China to Witness Fast Growth in the Market

The China underwater drone rental service market is expected to rise with a healthy CAGR of 10.6% during the assessment year. The underwater drone utility is prominently high in the region where drones are excessively used by the Chinese government for tracking and attacking marine enemies. This is result in the key development of underwater drone technology.

Increased focus by youth on underwater exploration, recreation, and other activities is also a major factor exhibiting the demand for underwater drone rental services. It efficiently helps in having photographs and videos of the ocean and deep sea.

Additionally, China is a bright spot for the development of underwater drone rental services with the surging utility of advanced technology like artificial intelligence and machine learning in underwater drone technology.

Category-wise Insights

Underwater inspection to exhibit higher demand for rental drones

Drones that operate underwater are employed for a variety of purposes, from important inspections to routine monitoring of the port and logistical infrastructure. By using technology to find flaws in places where it would be dangerous or difficult for humans to enter, structural integrity and durability are guaranteed.

The objective of the routine underwater inspection is to give end-users involved in oil and gas exploration, energy and utilities, shipping, and other activities the knowledge necessary to assess the condition of the platform and its attachments.

Underwater inspection comprises marine inspection, hull & dock inspection, and water tank inspection. Marine inspection is expected to hold a substantial share in underwater inspection services owing to the increasing shipping industry, and growth in the production of ships for marine trade worldwide. Owing to these factors, demand for underwater drone services is projected to rise and simultaneously exhibit the demand for rental underwater drone services worldwide.

Energy & utility to have prominent use of underwater drone rental services

Underwater drones have potential utility in the energy & utility sector and which is why the demand for rental services is at its peak. As drones are a safe and cost-efficient solution for offshore energy-producing companies, they hire these services to carry out detailed underwater inspections. Through such a process, companies can perform maintenance efficiently at the offshore platform without putting their engineers in harm in any way.

Underwater inspection services are majorly being utilized in the energy & utility sector. With the increasing production of offshore energy worldwide, the demand for underwater rental drone services is expected to rise at a substantial rate in the forthcoming period. European and East-Asian countries with a significant amount of share in offshore energy products will be leading regions with the tremendous utility of underwater drone rental services.

Competitive Landscape

Key market players in underwater drone rental market are Aersea, Balmore Inspection Services, Blue Skies Drones, Blue robotics, Drone Base, Drone Services Hawaii, Drone solution services, DroneQ Robotics, EdgeROV, Extreme Aerial Productions, Inspired Intelligent group, Killybegs Marine Surveyors, MFE Inspection Solutions, Notilo Plus, Precision drone services, Recon Aerial and Ripping It outdoors.

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.

Fact.MR has provided detailed information about the provider of underwater drone rental market positioned across regions, revenue growth, and service offering expansion, in the recently published report.

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