Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Autonomous Underwater Vehicle Market Size and Forecasts (2020-2030), Global and Regional Share, Trends, and Growth Opportunity Analysis, Report Coverage: By Type (Small, Medium, and Large), By Propulsion System (Electric System, Mechanical System, and Hybrid System), By Payload (Camera, Sensors, Inertial Navigation System, and Others), By Application (Scientific Research, Military and Defense, Oil & Gas Industry, and Others),” the market size is expected to grow from US$ 1.55 billion in 2022 to US$ 6.26 billion by 2030; it is estimated to grow at a CAGR of 19.1% from 2022 to 2030. The increased demand for mapping the subsea and growing demand for the oil and gas exploration activities in the underwater. However, natural calamities at a subsea level and high initial investment requirements are expected to hinder the growth of the market.
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Autonomous underwater vehicles are unmanned vehicles that are designed for studying the underwater sea. These vehicles are used for detecting obstructions and hazardous conditions at the deep-sea level. These vehicles are used for geological navigation in the deep water in oceans. It consists of several devices for sampling and surveying the subsea level. It consists of several major components, including cameras, sonar, in-depth sensors and others.
Further, the rising acceleration of oil and gas exploration activities around the globe is propelling the demand for the autonomous underwater vehicles market. These autonomous underwater vehicles are used to study and support ultra-deepwater discoveries. Autonomous underwater vehicles are utilized for surveying and mapping the oil and gas exploration reserves. These vehicles help to access remote, inaccessible locations and deliver precise data. According to the International Energy Agency Organization, the global oil and gas exploration investments reached US$ 528 billion, increased by 11% in 2023 compared to the previous year.
Autonomous underwater vehicles are used for deepwater observation, surveillance, monitoring, and the inspections of subsea levels. These vehicles are equipped with various ocean sensors to provide specific sea level measurements and observations. Currently, AUVs have limited range and capacity and are equipped with advanced batteries.
Several companies, in collaboration with government officials, are developing advanced technologies to meet growing demand for the navy and military operations at sea level. The US Navy has made ample investment in the development of autonomous underwater vehicles for the deployment to provide security. Recently, the US Navy tested a solution for keeping commercial and naval vessels safe and secure. These vehicles are used to detect obstacles in the mining industry and protect the vessels from enemies.
Autonomous Underwater Vehicle Market Analysis: Competitive Landscape and Key Developments
Atlas Elektronik GmbH (ThyssenKrupp Technologies AG), Saab Group, L3 Technologies, Graal, Inc., Eca Group (Groupe Gorge), Fugro, International Submarine Engineering (ISE) Ltd., Teledyne Technologies, Kongsberg Gruppen, and Lockheed Martin Corporation are a few of the key companies operating in the autonomous underwater vehicle market. The market leaders focused on taking government contracts for launching new products with huge investments in expansion & diversification and merger & acquisition strategies to cater to the business opportunities.
In June 2020, Thyssenkrupp Marine Systems launched an advanced modular design of the autonomous underwater vehicle. ThyssenKrupp Marine Systems planned to provide the AUVs for the Germany's government authorities for the development of the maritime technologies.
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Autonomous Underwater Vehicle Market: Segmental Overview
Based on type, the market is segmented into small, medium and large. The medium segment held the largest share of the market in 2022, whereas the large segment is anticipated to register the highest CAGR in the market during the forecast period. Based on propulsion systems, the market is segmented into electric systems, mechanical systems, and hybrid systems. Among these, the electric system is expected to have the largest share in 2022 and is projected to increase at the highest CAGR during the forecast period. Based on the payload, the market is divided into cameras, sensors, inertial navigation systems, and others. Among these, the camera is expected to have the largest share in 2022, and the sensor is increasing at a rapid pace with rising demand for advanced autonomous underwater vehicles. Based on the application, the global autonomous underwater vehicles market is divided into scientific research, military and defense, the oil & gas industry, and others. Among these, military and defense are expected to have the largest share in 2022, owing to rising investment by several countries’ governments for cross-border protections.
Rising military and defense spending by several countries' governments is expected to drive the autonomous underwater vehicle market growth. AUVs are used for remote navigation and mapping of the underwater sea level. According to the Annual Threat Assessment (ATA) Organization in 2023, Southeast China’s Beijing continues to use the coast guard, naval, and military operations to safeguard their borders from underwater threats. Rising threats from terrorists, pirates, and seafarers. This is creating security issues across marine borders and is driving the autonomous underwater vehicle market. Increased Development and Investment by the Government Authorities is Expected to Create Lucrative Opportunities for Autonomous Underwater Vehicle Market
The increased investment by several country's government authority’s sea level protection drives the market growth. For instance, in August 2023, Garden Reach Shipbuilders and Engineers (GRSE), Ltd. launched an autonomous underwater vehicle in India to protect the sea level. The Indian shipyard launched Neerakshi as an autonomous underwater vehicle (AUV). Autonomous underwater vehicles were launched to perform a wide range of operations, such as mine disposal, mine detection, and underwater surveying. The company partnered with the Defense Research and Development Organization (DRDO) to launch this underwater autonomous vehicle.
Further, in September 2023, BAE Systems partnered with Cellula Robotics, a Canadian company, to launch its large autonomous underwater vehicle in the UK. The UK government officials launched AUVs to protect the undersea battlespace. The companies are speeding up their development of unmanned platforms to cover the larger surface areas of the submarines.
Also, rising international maritime trade activities around the globe with rising demand for sea protection are driving the autonomous underwater vehicles market growth. According to the United Nations Conference on Trades and Development (UNCTAD) Origination in 2022, the merchant shipment is valued at US$ 3.3 trillion in total maritime freight activities for the global economy. In terms of the value, the global trade activities with maritime shipping accounted for around 70% of the total trade activities. Such increasing maritime trade activities around the globe are projected to create the opportunity for market growth.
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