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)
For more information about this report visit https://www.researchandmarkets.com/r/u84z3b
