$4.3 Billion Autonomous Underwater Vehicle (AUV) Markets - Global Forecast to 2026
Dublin, Nov. 05, 2021 (GLOBE NEWSWIRE) -- The "Autonomous Underwater Vehicle (AUV) Market With Covid-19 Impact by Type (Shallow AUVs, Medium AUVs, Large AUVs), Application (Military & Defense, Oil & Gas), Shape, Technology, Payload Type, Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Autonomous underwater vehicle (AUV) market is estimated to be valued at USD 1.5 billion in 2021 and reach USD 4.3 billion by 2026, at a CAGR of 23.1% between 2021 and 2026.
The Increasing capital expenditure of companies in offshore oil & gas industry, and rising defense spending in several countries worldwide are the key factors driving the growth of the market. Likewise, Development and incorporation of advanced technologies in AUVs are expected to create lucrative opportunities for the players in the Autonomous underwater vehicle (AUV) market. However, high operational costs of AUVs are expected to restraint market growth.
Imaging segment will have highest growth in coming years.
Imaging segment is expected to account the largest share of the overall Autonomous underwater vehicle (AUV) market by 2026. The imaging segment of the market is projected to grow at the highest CAGR during the forecast period.
The imaging systems used in AUVs are capable of capturing pictures of the seabed and surrounding areas, which help researchers in oceanography or habitat research studies. Advancements in imaging technologies are expected to lead to increased use of AUVs in the oil & gas industry to carry out inspection activities. They are also used in the military & defense sector to carry out search operations
Large AUVs segment is expected to hold the largest share in 2026.
Increased demand for large AUVs in military & defense, oil & gas exploration, oceanography, search & salvage operations, and habitat research applications is fueling the growth of this market segment. The capability of large AUVs to operate at great depths (more than 1,000 m) makes them suitable for oceanography, habitat research, and search & salvage operations.
APAC is attributed to grow at the highest CAGR in overall Autonomous underwater vehicle (AUV) market during the forecast period (2021-2026).
APAC is expected to grow at the highest CAGR in the overall Autonomous underwater vehicle (AUV) market The rising need for energy, along with the high GDP growth rate, in developing APAC countries, is creating huge opportunities for the manufacturers of AUVs in this region.
Countries such as China, Japan, and India are now exploring the Indian Ocean for oceanographic research. The rising defense activities, including security and ASW, in these countries, are also contributing to the growth of the AUV market in APAC.
Competitive Landscape
Autonomous underwater vehicle (AUV) market was dominated by Kongsberg (Norway), Teledyne Technologies (US), Fugro (Netherlands), Bluefin Robotics (General Dynamics) (US), and Saab AB (Sweden).
Premium Insights
Increasing Capital Expenditure in Offshore Industry Expected to Fuel Demand for Autonomous Underwater Vehicles from 2021 to 2026
Military & Defense Segment to Hold Largest Share of AUV Market in 2026
Military & Defense Segment and China to be Largest Shareholders of AUV Market in APAC in 2021
Large AUV Segment to Account for Largest Size of AUV Market (Payload) in Terms of Value from 2021 to 2026
Navigation Segment to Hold Largest Share of AUV Market in 2021
North America to Hold Largest Share of AUV Market in 2021
Market Dynamics
Drivers
Increasing Capital Expenditure of Companies in Offshore Oil & Gas Industry
Rising Defense Spending in Several Countries Worldwide
Increasing Focus on Use of Renewable Energy Sources
Restraints
High Operational Costs of AUVs
Opportunities
Development and Incorporation of Advanced Technologies in AUVs
Upcoming Expansion of Internet Through 5G Driving Demand for Underwater Cables
Challenges
Slow Underwater Survey Speed Owing to Use of Acoustic Communication
Operational Hindrances Such as Natural Ocean Hazards and Bad Ocean Weather
Use Cases
Powering a High Latitude Coastal Weather Buoy
Expanding Hf Radar for Resiliency in Coastal Communities
Powering AUV Docking Stations
Powering Deep Ocean Tsunami Detection
Powering a Drifting Profiler
Technology Analysis
Internet of Things in Autonomous Underwater Vehicles
Research on Standard Os for Robots and Autonomous Underwater Vehicles
Artificial Intelligence Chips in Autonomous Underwater Vehicles
Company Profiles
Key Players
Kongsberg
Teledyne Technologies
Bluefin Robotics
Eca Group
Lockheed Martin Corporation
Saab Ab
Fugro
Atlas Elektronik GmbH
L3Harris Technologies
Boston Engineering Corporation
Other Company Profiles
International Submarine Engineering (Ise)
Tianjin Sublue
Falmouth Scientific
Terradepth
Ecosub Robotics
Eelume As
Nido Robotics
Hydromea
Boeing
Graal Tech
Riptide Autonomous Solutions (Acquired by BAE Systems)
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