Underwater Tools Market Revenue to Record Stellar Growth Rate During 2019 – 2029
Underwater Tools: Introduction
Underwater tools are used by divers or remotely operated underground vehicles for a wide range of tasks, including demolition and construction, in both inshore and offshore. Underwater tools are designed to be operated in and around a shipyard, oil rigs, or other similar underwater sites. This marine equipment is employed to maintain docks and shorelines, build bridge footings, rigging, construct marine floors, and anchoring. Underwater tools are commonly used in oil & gas, military & defence, scientific research, and marine industries.
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Underwater Tools: Market Dynamics
In the past decade, the global marine and oil & gas industry supply chain has witnessed dramatically alternating phases in terms of market. The continuous growth in the economy and related seaborne activities, such as import and export, along with the optimistic trend in the offshore sector, as a result of the attractive oil and gas prices, are expected to result into a constructive year over year growth for the global underwater tools market, and also encourage the developing countries, particularly China and South Korea to extend their manufacturing capacities to full extent.
In the marine industry, offshore field development is increasing exponentially with the newly discovered fields in the Northern Sea, Pacific waters, and in the Gulf of Mexico. New installations in the offshore require underwater tools that are operated by divers or ROVs (remotely operated vehicles) for the completion of projects, which in turn, is estimated to increase the demand for underwater tools over the forecast period in oil and gas industry. Due to the discrete nature of the underwater tools, they are also utilized by military and defence personnel those are engaged in complex undersea missions. However, military and defence segment are estimated to account for a lower market share as compared to oil & gas and marine industry. Since underwater tools are essential for underwater construction and demolition, there aren’t significant factors challenging the growth of the underwater tools market.
Underwater Tools: Market Segmentation
On the basis of product type, the global underwater tools market can be segmented into the following,
- Grinder
- Wrenches
- Saws
- Drills
- Cutters
- Hammers
On the basis of operation type, the global underwater tools market can be segmented into the following,
- Pneumatic Underwater Tools
- Hydraulic Underwater Tools
On the basis of application, the global underwater tools market can be segmented into the following,
- Mine Clearing
- Inspection, Repair & Maintenance (IRM)
- Mobilization/Demobilization
- Survey
- Drilling & Development
On the basis of end use industries, the global underwater tools market can be segmented into the following,
- Oil & Gas
- Military & Defence
- Scientific Research
- Marine
Underwater Tools: Regional Market Outlook
The global underwater tools market is expected to follow the trend of its parent market; marine equipment. Amongst all the regions, Asia and Western Europe are stipulated to lead the underwater tools market in terms of share owing to their close association with technology and abundant offshore activities. Americas is projected to witness a notable growth in the underwater tools market owing to the regions inclination towards technically advanced products and increasing private government investment towards research and development activities. Further, the region also invests in research to find new oil rigs in order to eliminate the risk of diminishing non-renewable sources. Rest of the regions including Japan and Eastern Europe are predicted to foresee steady growth in the underwater tools market over the stipulated period.
Underwater Tools: Market Key Players
The global underwater tools market is anticipated to fairly consolidated as a result of limited global and local underwater tools manufacturers
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Some of the major participants operating in the global underwater tools market include:
- Atlas Copco
- CS Unitec, Inc.
- Egamaster S.L.
- STANLEY Infrastructure
- Ultimate Tools Australia
- SPITZNAS
- EGA Master S.A.
- ProLine Tools LLC
- more inzenjering (sea engineering)