Richmond, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to a research report "Autonomous Underwater Vehicle Market”, By Technology (Collision Avoidance, Communication, Imaging, Navigation, Propulsion), Type (Large AUVs, Medium AUVs, Shallow AUVs), Shape (Laminar Flow Body, Multi-hull Vehicle, Streamlined Rectangular Style, Torpedo), Application (Archaeology & Exploration, Environment Protection & Monitoring, Military & Defense, Oceanography, Oil & Gas, Search & Salvage Operation) and Region - Global Forecast to 2030".
Global Autonomous Underwater Vehicle (AUV) Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.67 Billion |
| Market size value in 2030 | USD 5.86 Billion |
| CAGR (2023-2030) | 19.6% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Technology, Type, Shape , Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Autonomous Underwater Vehicle (AUV) Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The underwater vehicle market is experiencing substantial growth driven by increasing demand for efficient and advanced technologies across various applications. Rising exploration and research activities in deep-sea environments, underwater defense operations, and the expansion of offshore oil and gas industries are key factors propelling market expansion. The deployment of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) has become pivotal in underwater surveys, subsea maintenance, and environmental monitoring. Technological advancements, such as improved navigation systems, enhanced sensor capabilities, and the integration of artificial intelligence, are further boosting the market. With a surge in demand for underwater exploration, maintenance, and surveillance, the underwater vehicle market is poised for continuous development, offering lucrative opportunities for industry players to innovate and meet evolving customer needs.
Major vendors in the global Autonomous Underwater Vehicle Market:
- Kongsberg Group ASA
- Teledyne Technologies Incorporated
- General Dynamics Corporation
- Saab AB
- Exail Technologies SA
- Lockheed Martin Corporation
- Fugro N.V
- ATLAS ELEKTRONIK Gmbh
- Boston Engineering Corporation
- L3Harris Technologies Inc
- Graal Tech S.r.l
- International Submarine Engineering Limited
- Boeing
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The Increasing utilization of Autonomous Underwater Vehicles (AUVs) in defense applications
The expanding utilization of Autonomous Underwater Vehicles (AUVs) in defense applications emerges as a significant driver propelling the growth of the Autonomous Underwater Vehicle Market. AUVs have become integral in naval operations for tasks such as underwater surveillance, mine countermeasures, and reconnaissance due to their ability to operate autonomously and navigate complex underwater environments. Their increasing adoption enhances naval capabilities, allowing for more efficient and covert underwater missions. The advanced features of AUVs, including high maneuverability, improved sensor technologies, and the capacity to operate at varying depths, contribute to their effectiveness in enhancing defense and security strategies, driving the market forward as defense organizations worldwide seek to modernize and bolster their underwater capabilities.
Market Dynamics
Drivers:
- The increasing exploration of new oil fields and offshore operations is on the upswing.
- The swift growth of aquaculture worldwide is evident.
Opportunities:
- Development of highly miniaturized and low-cost AUVs
- Integration of advanced AI and machine learning algorithms
Increasing Development in AI and machine Learning technology
The Autonomous Underwater Vehicle (AUV) market is experiencing a notable trend driven by the increasing development in AI and machine learning technologies. Advancements in these fields contribute significantly to enhancing the autonomy and intelligence of AUVs, allowing them to operate more efficiently in dynamic and challenging underwater environments. AI and machine learning enable AUVs to adapt to changing conditions, optimize navigation, and make real-time decisions based on sensor data. These technologies also play a crucial role in data processing and analysis, enabling AUVs to collect, interpret, and transmit valuable information for applications such as underwater mapping, environmental monitoring, and resource exploration. As the capabilities of AI and machine learning continue to evolve, the Autonomous Underwater Vehicle market is poised to benefit from increased efficiency, accuracy, and versatility in underwater operations, driving the industry towards innovative solutions and broader applications.
Asia-Pacific dominates the market for Autonomous Underwater Vehicle Market.
A significant driver behind the market growth in the Asia-Pacific region is the escalating tensions among neighboring countries, compelling them to bolster their defense capabilities. The rise in defense spending is particularly notable as countries respond to China's assertiveness in sea dominance, prompting them to enhance their autonomous underwater vehicle (AUV) capabilities. In response to China's presence in ocean waters, nations in the region, such as India and Japan, are actively pursuing advancements in unmanned underwater technologies. In July 2021, the Indian Navy approved an 'unmanned road map' to focus on underwater domain awareness (UDA).
Similarly, Mazagaon Dockyard Limited in India expressed plans to collaborate globally for the development of Extra Large Unmanned Undersea Vehicles (XLUUVs). Japan is also aiming to create an AUV capable of exploring depths up to 7000 m. Furthermore, countries like Australia are actively investing, with defense technology company Anduril entering negotiations with the Australian Defence Force for a USD 100 million co-funded program to develop XL-AUVs. This strategic initiative is seen as a response to counterbalance China's influence in the Indo-Pacific region. As nations in the region actively invest in naval capabilities and collaborate on AUV advancements, the Asia-Pacific market is poised for substantial growth in the forecast period.
Torpedo Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the Shape segment categorized into Laminar Flow Body, Multi-hull Vehicle, Streamlined Rectangular Style and Torpedo. The torpedo segment dominates the autonomous underwater vehicle (AUV) market by shape, holding the largest market share and projecting the highest growth rate in the forecast period. This growth is primarily attributed to the convenience of storing and launching torpedo-shaped AUVs from various platforms, including ships, aircraft, and helicopters, without requiring significant modifications. These AUVs exhibit the second-best drag, following laminar flow body AUVs, but are preferred due to their stability, offering an optimal balance between speed and steadiness. Torpedo-shaped AUVs find versatile applications and are well-suited for deepwater use, given their larger hull surface area compared to laminar flow body AUVs. This segment's prominence reflects the practical advantages and adaptability of torpedo-shaped AUVs in diverse underwater scenarios.
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