The Autonomous Underwater Vehicles market was valued at USD 1.5 billion in 2020 which expected to reach USD 4.3 billion by 2027 at a CAGR 10.9% from 2020-2027.
Autonomous underwater vehicles are useful for a variety of missions, including shipwrecks, mapping rock formations, and other hazards that may pose a hazard to recreational and commercial navigation vessels. Autonomous underwater vehicles are outfitted with cutting-edge sensor technologies, such as sonar systems and oceanographic sensors, that allow them to complete the entire mission without the need for operator intervention.
Security concerns, as well as concerns about contested territories and threats, have resulted in a significant increase in global defence spending. AUVs are used by defence forces for mine countermeasures, rapid environmental assessment, intelligence, surveillance, and reconnaissance, harbor protection and port clearance operations, and anti-submarine warfare. As a result, AUVs are expected to be used more frequently in the coming years to combat underwater security threats, resulting in global market growth.
AUVs are high-priced maritime systems. The A18 AUV (ECA GROUP), for example, has a depth rating of up to 3,000 m and a price range of USD 2- 6 million. The deployment costs of AUVs used in exploration or surveying activities increase the overall cost of exploration and surveying missions. Furthermore, the high costs of maintenance, manufacturing, R&D, and system complexity associated with AUVs are slowing their adoption, despite the fact that they are increasingly being used in simple missions such as environmental monitoring.
Autonomous underwater vehicles are useful for a variety of missions, including shipwrecks, mapping rock formations, and other hazards that may pose a hazard to recreational and commercial navigation vessels. Autonomous underwater vehicles are outfitted with cutting-edge sensor technologies, such as sonar systems and oceanographic sensors, that allow them to complete the entire mission without the need for operator intervention.
Market Drivers
Defense spending is increasing in a number of countries around the world.Security concerns, as well as concerns about contested territories and threats, have resulted in a significant increase in global defence spending. AUVs are used by defence forces for mine countermeasures, rapid environmental assessment, intelligence, surveillance, and reconnaissance, harbor protection and port clearance operations, and anti-submarine warfare. As a result, AUVs are expected to be used more frequently in the coming years to combat underwater security threats, resulting in global market growth.
Market Restraints
AUVs have high operating costs.AUVs are high-priced maritime systems. The A18 AUV (ECA GROUP), for example, has a depth rating of up to 3,000 m and a price range of USD 2- 6 million. The deployment costs of AUVs used in exploration or surveying activities increase the overall cost of exploration and surveying missions. Furthermore, the high costs of maintenance, manufacturing, R&D, and system complexity associated with AUVs are slowing their adoption, despite the fact that they are increasingly being used in simple missions such as environmental monitoring.
Impact of COVID-19
COVID-19's impact on the AUV market and consumer demand is currently unknown. However, it is expected that there will be a short-term reduction in AUV production because the oil and gas industry, which is the largest consumer of AUVs, is experiencing a shortage of oil and gas. Travel restrictions imposed in a number of countries, including Albania, Armenia, Australia, Azerbaijan, Bosnia and Herzegovina, Brunei Darussalam, Canada, Japan, Jordan, New Zealand, Qatar, the Republic of Moldova, Saudi Arabia, Serbia, Singapore, South Korea, Ukraine, and China, are causing a shortage in demand for oil and gas.Market Segmentation
The Autonomous Underwater Vehicles Market is segmented into Technology, Shape, Payload Type and Application. By Technology such as Collision Avoidance, Communication, Navigation, Propulsion, Imaging. Further, market is segmented into By Shape such as Torpedo, Laminar Flow Body, Streamlined Rectangular Style, Multi-hull Vehicle. By Payload Type such as Cameras, Sensors, Synthetic Aperture Sonar, Echo Sounders, Acoustic Doppler Current Profilers, Others. By Application such as Military & Defense, Oil & Gas, Environment Protection & Monitoring, Oceanography, Archeology & Exploration, Search & Salvage Operations.Regional Analysis
Autonomous Underwater Vehicles Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific has the largest market share. The market for autonomous underwater vehicles (AUVs) in APAC has been divided into three segments: China, Japan, and India, which are the fastest-growing markets for AUVs. Increased military spending, rising energy demand in emerging economies, and increased adoption of AUVs in a variety of applications are propelling the APAC AUV market forward. In recent years, there has been a significant increase in the demand for AUVs for mine exploration and oceanographic studies. Furthermore, the growing military capabilities of developing nations such as India and South Korea are expected to drive APAC demand for AUVs.Key Players
Various key players are listed in this report such as Teledyne Technologies (US), Fugro (Netherlands), Bluefin Robotics (General Dynamics) (US), and Saab AB (Sweden) ECA GROUP (France), Lockheed Martin Corporation (US), ATLAS ELEKTRONIK GmbH (Germany), L3Harris Technologies (US), Boston Engineering Corporation(US)Market Taxonomy
By Technology
- Collision Avoidance
- Communication
- Navigation
- Propulsion
- Imaging
By Shape
- Torpedo
- Laminar Flow Body
- Streamlined Rectangular Style
- Multi-hull Vehicle
By Payload Type
- Cameras
- Sensors
- Synthetic Aperture Sonar
- Echo Sounders
- Acoustic Doppler Current Profilers
- Others
By Application
- Military & Defense
- Oil & Gas
- Environment Protection & Monitoring
- Oceanography
- Archeology & Exploration
- Search & Salvage Operations
By Region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Autonomous Underwater Vehicles Market?
- What will be the growth rate from 2020 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
Frequently Asked Questions about the Autonomous Underwater Vehicles Market
What is the estimated value of the Autonomous Underwater Vehicles Market?
What is the growth rate of the Autonomous Underwater Vehicles Market?
What is the forecasted size of the Autonomous Underwater Vehicles Market?
Who are the key companies in the Autonomous Underwater Vehicles Market?
Report Attribute | Details |
---|---|
Published | February 2022 |
Forecast Period | 2020 - 2027 |
Estimated Market Value ( USD
| USD 24.3 Billion |
Forecasted Market Value ( USD
| USD 37 Billion |
Compound Annual Growth Rate | 6.2% |
Regions Covered | Global |
No. of Companies Mentioned | 8 |
Table of Contents
1 Introduction
2 Research Methodology
4 Autonomous Underwater Vehicles Market Outlook
5 Autonomous Underwater Vehicles Market, By Technology
6 Autonomous Underwater Vehicles Market, By Shape
7 Autonomous Underwater Vehicles Market, By Payload Type
8 Autonomous Underwater Vehicles Market, By Application
9 Autonomous Underwater Vehicles Market, By Region
10 North America Indoor Farming Market Analysis and Forecast (2021-2027)
11 Europe Indoor Farming Market Analysis and Forecast (2021-2027)
12 Asia Pacific Indoor Farming Market Analysis and Forecast (2021-2027)
13 Latin America Indoor Farming Market Analysis and Forecast (2021-2027)
14 Middle East Indoor Farming Market Analysis and Forecast (2021-2027)
16 Company Profiles
1 Introduction
2 Research Methodology
4 Autonomous Underwater Vehicles Market Outlook
5 Autonomous Underwater Vehicles Market, By Technology
6 Autonomous Underwater Vehicles Market, By Shape
7 Autonomous Underwater Vehicles Market, By Payload Type
8 Autonomous Underwater Vehicles Market, By Application
9 Autonomous Underwater Vehicles Market, By Region
10 North America Indoor Farming Market Analysis and Forecast (2021-2027)
11 Europe Indoor Farming Market Analysis and Forecast (2021-2027)
12 Asia Pacific Indoor Farming Market Analysis and Forecast (2021-2027)
13 Latin America Indoor Farming Market Analysis and Forecast (2021-2027)
14 Middle East Indoor Farming Market Analysis and Forecast (2021-2027)
16 Company Profiles
Companies Mentioned
- Teledyne Technologies (US)
- Fugro (Netherlands)
- Bluefin Robotics (General Dynamics) (US)
- Saab AB (Sweden) ECA GROUP (France)
- Lockheed Martin Corporation (US)
- ATLAS ELEKTRONIK GmbH (Germany)
- L3Harris Technologies (US)
- Boston Engineering Corporation(US)