Pune, India, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global autonomous underwater vehicles market size was valued at USD 1.16 billion in 2020. The market is forecast to rise from USD 1.33 billion in 2021 to USD 4.17 billion by 2028 at 17.80% CAGR during the 2021-2028 period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Autonomous Underwater Vehicles (AUVs) Market, 2021-2028.”
The market was being driven by several factors, including increasing demand for oceanographic surveys and seabed mapping, rising investments in offshore drilling activities, growing demand for AUVs in defense and security applications, and advancements in AUV technology such as improved navigation and communication systems.
North America was expected to hold the largest share of the AUV market due to the presence of several key players in the region and the high demand for AUVs in defense and security applications. Europe was also expected to be a significant market for AUVs due to the increasing focus on marine research and offshore energy exploration activities.
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Fortune Business Insights™ lists out all the autonomous underwater vehicles market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Fugro N.V. (Netherlands)
- General Dynamics Corporation (U.S.)
- International Submarine Engineering Ltd. (Canada)
- Kongsberg Gruppen A.S.A. (Norway)
- L3Harris Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Oceaneering International Inc. (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 17.80% |
| 2028 Value Projection | USD 4.17 Billion |
| Base Year | 2020 |
| Historical Data | 2017-2019 |
| No. of Pages | 197 |
| Segments Covered | By Type, By Application, By Propulsion System |
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Drivers and Restraints
Bullish Demand from Defense to Encourage Product Portfolio Expansion
Industry participants expect bullish governments’ policies to foster the autonomous underwater vehicles (AUVs) market growth. The U.S. Navy has exhibited profound traction for AUVs for a host of applications, including intelligence, surveillance & reconnaissance (ISR), mine countermeasures (MCM), anti-submarine warfare (ASW), and inspection/identification (ID). To illustrate, in 2020, the U.S. Naval Sea Systems Command Washington inked around USD 11.1 million contract with Boeing to upgrade naval operations. Besides, the use of autonomous underwater vehicles in ocean exploration activities will augur well for the industry outlook. The IEA projects the demand for natural gas to surge at 1.5% by 2025. A notable rise in oil & gas production across Saudi Arabia, Iran, and Russia will encourage leading companies to invest in AUVs.
Meanwhile, uncertainty and reduced reliability in operational performance in communication systems may not bode well for the industry.
Segments
Type, Application, Propulsion System, Payload, and Region are Studied
Based on type, the market is segregated into large, medium, and small.
In terms of application, the market is segmented into defense, scientific research, and oil & gas industry.
On the basis of propulsion system, the market is fragmented into mechanical system, electric system, and hybrid system.
With respect to payload, the market is segmented into inertial navigation system, sensors, camera, and others.
In terms of geography, the market is segmented into North America, Asia Pacific, Europe, the Middle East, Latin America, and Africa.
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Regional Insights
Asia Pacific to Witness Investment Galore from Oil & Gas Industry
Stakeholders expect the Asia Pacific autonomous underwater vehicles (AUVs) market share to witness significant growth on the back of expanding commercial applications. Emerging economies, such as China and India, are likely to bank on the oil & gas sector. An uptick in exploration activities will expedite the technology adoption. Besides, the expansion of naval forces across Japan, China, Australia, and India will bode well for regional growth.
The North America industry forecast will be strong in the wake of strong governments’ policies on defense and R&D activities. Prominently, the U.S. has augmented the procurement of sophisticated AUVs for ISR operations. The North America market size was valued at around USD 0.39 billion in 2020 and will grow with surging investments in the defense budget.
Industry players are likely to increase their investments in Europe due to rising oil & gas exploration activities. Stakeholders predict the U.K., France, and Germany to provide lucrative investment opportunities. Besides, major OEMs, including Saab AB and Kongsberg Gruppen A.S.A. are slated to bolster their presence across untapped areas. Moreover, the defense sector will also exhibit strong demand for AUVs across the region.
Competitive Landscape
Leading Companies to Infuse Funds into Product Launches to Tap Markets
Industry players are likely to expand their portfolios, including mergers & acquisitions, product rollouts, R&D activities, and technological advancements. The prevailing trends indicate major companies could invest in strategic expansion during the forecast period.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Autonomous Underwater Vehicle Market
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- Impact of COVID-19 on Global Autonomous Underwater Vehicle Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued...!
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Key Industry Developments
March 2021 – Kongsberg Maritime was awarded a contract to deliver its four autonomous vessels to Norway’s Institute of Marine Research (IMR), which includes two Kongsberg AUVs to facilitate management and monitoring capabilities of marine resources and environments.
August 2021 – L3Harris Technologies demonstrated underwater autonomous capabilities through Iver3, its advanced Autonomous Underwater Vehicles, in collaboration with Marine Tech Systems.
Key Industry Development:
- December 2020: Xeriant, Inc. announced that it has entered into a joint venture with CoFlow Jet, LLC. The venture is aimed at developing and commercializing CoFLow’s airfoil technology, designed to improve the lift capability and cruise efficiency of fixed aero-wing aircraft.
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