According to the latest report published by Variant Market Research, the Global Autonomous Underwater Vehicle Market size is projected to reach $1,658 Million by 2025 from $351 Million in 2017. In this report, autonomous underwater vehicle market forecast says that the global market is growing at a CAGR of 21.4% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 22.6% and 21.8%, respectively, during the forecast period. An autonomous underwater vehicle is a machine which travels underwater without demanding input from an operator. AUVs are used for various operations such as commercial purposes, military purposes, research and exploring purposes, and extra-curricular interests.
“Autonomous Underwater Vehicle Market (By Component: Cameras, Synthetic Aperture Sonars, Sensors, Echo Sounders, Acoustic Doppler Current Profilers, and Other Components; By Type: Large AUVs, Medium AUVs, and Shallow AUVs; By Technology: Collision Avoidance, Imaging, Communication, Navigation, and Propulsion; By Application: Military & Defense, Environmental Protection and Monitoring, Oil & Gas, Oceanography, Archeological and Exploration, and Search and Salvage Operations; By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025”
The global autonomous underwater vehicle market is mainly driven by growing significance of reliable security measures globally
Rising demand of AUVs for applications in environmental protection, oil & gas, and military defense, and growing significance of reliable security measures globally are the major factors driving the growth of the global autonomous underwater vehicle market. In addition, high usage of AUVs carrying out active and vigorous research has also propelled the growth of the market. However, high costs of AUVs operation may hamper the market growth. Moreover, adoption of advanced technologies in the AUVs could offer high growth opportunities for the market in the coming years.
Component, type, technology, application and geography are the segments considered in the global autonomous underwater vehicles market. On the basis of component the segmentation includes cameras, synthetic aperture sonars, sensors, echo sounders, acoustic doppler current profilers, and other components. Large AUVs, shallow AUVs, and medium AUVs are covered under the type segment. By technology, the segment is bifurcated into collision avoidance, imaging, communication, navigation, and propulsion. Furthermore, environmental protection and monitoring, military & defense, oil & gas, archeological and exploration, oceanography, and search and salvage operations are the segregation of the application segment.
Large AUVs, by type segment dominated the market with major share in 2017
On the basis of type, large AUVs accounted for the majority of the share in the year 2017, owing to the capability of large AUVs to operate at great depths (more than 1,000 m), which makes them suitable for search and salvage operations, oceanography, habitat research, and other applications. Moreover, they are widely adopted for mine countermeasure applications in the military & defense sector.
Military & defense occupied the principal share in the application segment in 2017
Military & defense contributed for the largest share in the application segment in the year 2017, and is expected to continue its trend over the forecast period 2017 – 2025. The market for military & defense is growing due to wide adoption of AUVs for applications such as surveillance, border security, monitoring of smuggling of illegal goods by countries such as U.S., Canada, China, and France.
North America accounted for the maximum share in the global autonomous underwater vehicles market
In 2017, North America was the highest revenue generating region accounting for 32.13% of the global autonomous underwater vehicles market share, owing to the increasing adoption of AUVs for military & defense applications in the U.S. However, Asia-Pacific is likely to achieve the fastest CAGR during the forecast period, driven by increasing construction investments in the region. The market for APAC is growing owing to the surging demand for energy, along with the high GDP growth rate, in emerging economies such as China and India.
Prominent players operating in the market include General Dynamics Mission Systems, Inc., Kongsberg Maritime, Lockheed Martin Corporation, Saab AB, Boston Engineering Corporation, ECA GROUP, Atlas Elektronik GmbH, International Submarine Engineering Limited, GRAAL, Inc., and Fugro, among others.