Italian ship manufacturer Fincantieri is preparing for the anticipated growth of the undersea market over the coming years, according to company CEO Pierroberto Folgiero.
In an interview with Breaking Defense, Folgiero predicted that the market would be worth up to $400 billion by 2030.
“Underwater will be what was space 40 years ago,” the CEO said.
Fincantieri projects that in the short term, underwater expansion will come from the defense sector, while the oil, gas, and energy market will fuel medium-term growth.
For the long term, the company sees aquaculture contributing to the growth, Breaking Defense said.
To prepare for the market’s rosy prospects, Fincantieri is advancing its underwater capabilities. Folgiero disclosed that the firm is developing a “mothership” concept for underwater operations.
Under the effort, the company envisions a platform that would work with remotely operated vehicles and help in oil and gas operations and demining sea areas, the executive explained.
Fincantieri’s growth strategy includes expanding its underwater business organically or inorganically, which includes considering acquisitions as an option.
The CEO stressed that the company’s focus is on creating alliances with other players and expanding its operations in the Middle East and Southeast Asia.
In October, it signed a memorandum of understanding with Leonardo to pool their expertise in developing the underwater domain.