Global Autonomous Underwater Vehicle (AUV) Market Size Expected to Reach USD 3,143.3 Million at CAGR of 21.9%, in 2028

Autonomous Underwater Vehicle (AUV) Market Size –Rapid growth in defense sector in various countries across the globe

NEW YORK, NY, UNITED STATES, February 16, 2022 /EINPresswire.com/ -- Increasing use of AUVs in pipeline inspection and rising number of maritime exploration activities are key factors driving market revenue growth

Autonomous Underwater Vehicle (AUV) Market Size – USD 643.9 Million in 2020, Market Growth – at a CAGR of 21.9%, Market Trends – Rapid growth in defense sector in various countries across the globe

The global Autonomous Underwater Vehicle (AUV) market size is expected to reach USD 3,143.3 Million in 2028 and register a revenue CAGR of 21.9% over the forecast period, according to the latest report by Reports and Data. Increasing number of oceanographic research projects and rising investments by governments of various countries across the globe in these projects are key factors driving market revenue growth. Self-propelled equipment that conducts underwater survey missions without the need for human involvement is known as an autonomous underwater vehicle. It is mainly used for remote detection, navigation, and mapping in a variety of marine applications. Collision avoidance, imaging, marine exploration, communication, archaeological investigation, and other applications are a few among these. Unlike a remotely operated vehicle, AUVs are not dependent on any surface boats, thereby allowing these to execute deep water missions even in adverse weather conditions.

AUVs are in high demand in the military and defense industries for underwater monitoring and surveillance missions due to increasing maritime security concerns. In addition, increasing number of maritime exploration activities to find minerals such as cobalt, zinc, and magnesium, which are used in consumer electronics and vehicles, and rising investments and efforts by the oceanography sector in R&D projects are factors driving demand for real-time data transfer and high-quality hydrographic surveys. Moreover, increasing integration of AUVs with biogeochemical sensors and Connectivity-Temperature-Depth (CTD). AUVs are being increasingly used in the aquaculture industry to monitor conductivity, water turbidity, and temperature, as well as observe fish behavior. In addition, by boosting intra-communication efficiency among remotely deployed AUVs, the Internet of Underwater Things (IoUT) is expected to drive market revenue growth.

Some major companies profiled in the market report include Teledyne Technologies, Kongsberg Maritime, L3 OceanServer, Saab AB, General Dynamics Corporation, International Submarine Engineering Limited, Lockheed Martin Corporation, Boston Engineering Corporation, ECA Group, and Teledyne Technologies Incorporated.

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Some Key Highlights From the Report

• Large AUVs (more than 1,000 meters) segment accounted for the largest revenue share in 2020. Ability of large AUVs to operate at deep levels (more than 1,000 meters) makes these ideal for habitat research, oceanography, oil & gas exploration, and search and rescue operations. Increasing deployment of large undersea vessels in mine warfare, surveying and reconnaissance, countermeasures, anti-submarine warfare, and undersea cable inspection is expected to drive revenue growth of this segment.
• Navigation segment is expected to register a robust revenue CAGR in the global autonomous underwater vehicle market over the forecast period. Navigation technology plays a crucial role in completing a variety of underwater missions and ensuring safety against collisions and safe recoveries. In addition, this technology is used to detect the position or location of an AUV.
• Sensor segment is expected to register a robust revenue CAGR over the forecast period. It is widely used in AUVs for detecting, scanning, mapping, and remote sensing applications. Antisubmarine Warfare (ASW) missions and pipeline inspections often make use of AUVs to survey underwater environments and detect objects of interest. In such cases, sensors are utilized to detect and classify a wide range of chemicals in seawater.
• Archeology and exploration segment is expected to account for largest revenue share in the global autonomous underwater vehicle market over the forecast period. Underwater exploration is a rapidly expanding activity that involves studying, drilling, analyzing, and excavating mineral deposits such as magnesium, zinc, and cobalt. Deep sea beds, wrecks, rock formations, and debris that could be prospective archaeological sites are also explored by AUVs.
• North America is expected to account for a robust revenue share in the global autonomous underwater vehicle market over the forecast period. Increasing use of AUVs in the oil & gas industry, as well as rising number of marine research operations and military spending are some factors expected to drive revenue growth of the market in North America.

To identify the key trends in the industry, click on the link below:  https://www.reportsanddata.com/report-detail/autonomous-underwater-vehicle-(auv)-market

For the purpose of this report, Reports and Data has segmented the global autonomous underwater vehicle market based on type, shape, technology, payload type, application, and region:

Type Outlook (Revenue, USD Million; 2018-2028)

• Shallow AUVs (Up to 100 Meters)
• Medium AUVs (Up to 1,000 Meters)
• Large AUVs (More Than 1,000 Meters)

Shape Outlook (Revenue, USD Million; 2018-2028)

• Laminar Flow Body
• Multi-Hull Vehicle
• Streamlined Rectangular Style
• Torpedo

Technology Outlook (Revenue, USD Million; 2018-2028)

• Collision Avoidance
• Navigation
• Communication
• Propulsion
• Imaging

Payload Type Outlook (Revenue, USD Million; 2018-2028)

• Acoustic Doppler Current Profilers (ADCPs)
• Echo Sounders
• Synthetic Aperture Sonars
• Cameras
• Sensors
• Others

Application Outlook (Revenue, USD Million; 2018-2028)

• Military & Defense
• Oil & Gas
• Oceanography
• Archeology & Exploration
• Search & Salvage Operations
• Environmental Protection & Monitoring
• Scientific Research
• Commercial

Regional Outlook (Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key Advantages of Autonomous Underwater Vehicle (AUV) Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Autonomous Underwater Vehicle (AUV) industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Autonomous Underwater Vehicle (AUV) market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Tushar Rajput
Reports and Data
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