Autonomous Underwater Vehicle Market to Surpass USD 5.95 Billion By 2031| Growth Market Reports

PUNE, India, May 30, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Autonomous Underwater Vehicle Market Segments - By Type (Small AUVs (up to 100m depth), Medium AUVs (100m-1000m depth), and Large AUVs (above 1000m depth)), Shape (Torpedo, Streamlined Rectangular Style, Laminar Flow Body, and Multi-hull Vehicle), Technology (Communication System, Collision Avoidance System, Navigation System, and Imaging System), Propulsion System (Mechanical System, Electric System, and Hybrid System), Payload Type (Sensors, Cameras, Echo Sounders, Synthetic Aperture Sonar, Acoustic Doppler Current Profilers, and Others), Application (Scientific Research, Oil & Gas Industry, Military & Defense, Archaeology & explorations, Oceanography, Environment Protection & Monitoring, Seabed Mining, Rescue Activities, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 1.78 billion in 2022 and is expected to surpass USD 5.95 billion expanding at a CAGR of 14.3% by the end of 2031. Growing exploration of new oil fields and offshore activities is anticipated to boost the market during the forecast period.

Recent development:

In February 2021, as per India Brand Equity Foundation, the Government of India announced an investment of around INR 7.5 trillion (US$102.49 billion) in oil and gas infrastructure for the next five years. This is projected to propel the construction of oil and natural gas pipelines in the country.

Key Market Players Profiled in the Report

• Lockheed Martin Corporation
• General Dynamics Corporation
• Boeing
• Kongsberg
• BAE Systems
• ATLAS ELEKTRONIK GmbH
• International Submarine Engineering Limited
• Eelume AS
• ECA GROUP
• Graal Tech Srl
• ecoSUB Robotics Limited
• HYDROMEA

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include type, shape, technology, propulsion system, payload type, application, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

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Highlights on the Segments of the Autonomous Underwater Vehicle Market

On the basis of region, the global autonomous underwater vehicle market is classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the global market, owing to increasing expenditure on naval power and defense budgets. The market growth is attributed to increased procurement of advanced AUVs by the US Navy for ISR operations, search and rescue, and other regional activities.

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Key Takeaways from the Study:

• Autonomous Underwater Vehicles (AUVs) are commonly known as uncrewed underwater vehicles and are untethered, unmanned, and self-propelled underwater vehicles.
• It is used for underwater survey missions and provides high-quality data without or with little human supervision.
• Surging defense expenditure and growing surveillance activities for security in several countries are likely to fuel the market in the coming years. In 2020, the U.S. spent $778 billion on military spending; following the United States, China spent $252 billion, and India spent $72.9 billion.
• Conventional coastal resources are continuously declining; thus, production facilities move to offshore areas for oil & gas. The rising demand for energy is expected to boost the market during the forecast period.
• Underwater vehicle technology offers lucrative opportunities for manufacturing companies operating in the market.
• The medium AUVs (100m-1000m depth) segment is expected to hold a substantial market share during the forecast due to rising demand in the oil & gas industries and military.
• The navigation system segment is projected to expand at the fastest CAGR during the forecast period. The navigation system offers position, altitude, and velocity information for autonomous underwater vehicles.
• The sensor segment is projected to hold a major revenue share of the market owing to the rising demand for deploying sensors in the docking station.

Read 330 Pages Research Report with Detailed TOC on "Autonomous Underwater Vehicle Market Segments - by Type (Small AUVs (up to 100m depth), Medium AUVs (100m-1000m depth), and Large AUVs (above 1000m depth)), Shape (Torpedo, Streamlined Rectangular Style, Laminar Flow Body, and Multi-hull Vehicle), Technology (Communication System, Collision Avoidance System, Navigation System, and Imaging System), Propulsion System (Mechanical System, Electric System, and Hybrid System), Payload Type (Sensors, Cameras, Echo Sounders, Synthetic Aperture Sonar, Acoustic Doppler Current Profilers, and Others), Application (Scientific Research, Oil & Gas Industry, Military & Defense, Archaeology & explorations, Oceanography, Environment Protection & Monitoring, Seabed Mining, Rescue Activities, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031"

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Key Segments Covered

Type

• Small AUVs (up to 100m depth)
• Medium AUVs (100m-1000m depth)
• Large AUVs (above 1000m depth)

Shape

• Torpedo
• Streamlined Rectangular Style
• Laminar Flow Body
• Multi-hull Vehicle

Technology

• Communication System
• Collision Avoidance System
• Navigation System
• Imaging System

Propulsion System

• Mechanical System
• Electric System
• Hybrid System

Payload Type

• Sensors
• Cameras
• Echo Sounders
• Synthetic Aperture Sonar
• Acoustic Doppler Current Profilers
• Others

Application

• Scientific Research
• Oil & Gas Industry
• Military & Defense
• Archaeology & explorations
• Oceanography
• Environment Protection & Monitoring
• Seabed Mining
• Rescue Activities
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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