(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Offshore Autonomous Underwater Vehicle (AUV) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Offshore Autonomous Underwater Vehicle (AUV) Market products.
Global Offshore Autonomous Underwater Vehicle (AUV) Market: Information by Type (Shallow, Medium and Large), Technology (Communication, Collision Avoidance, Navigation, Imaging and Propulsion), Payload (Sensors, Cameras, Synthetic Aperture Sonars and others), Application (Military & Defense; Oil & Gas; Oceanography; Environmental Protection and Monitoring; Archaeological and Exploration and Search and Salvage Operations) and Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America) – Forecast to 2024
Market analysis
As far the analysis, Autonomous operated vehicles (AUV) are unmanned submerged automobiles that are functioned without human intervention. The offshore autonomous underwater vehicle (AUV) bids numerous types of shallow, medium, and large. The Global Offshore Autonomous Underwater Vehicle (AUV) Market is probable to register a 15.70% CAGR during the prediction period. In this procedure, data is composed from several secondary foundations, counting annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid records. In October 2018, General Dynamics Corporation unveiled the Bluefin-9 UUV at the Oceans 2018 conference and exposition in Charleston, South Carolina for defense, academic, and marketable use.
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The launch of Bluefin-9 UUV helped the company upsurge its customer base globally. Besides, AUVs are fortified with technologies such as communication, crash avoidance, navigation, imaging, and thrust. AUVs can carry numerous or combinations of payloads, including sensors, cameras, and synthetic aperture sonars, among others. Separately from their large-scale application in the oil & gas industry, AUVs are also used in businesses such as military & defense, oceanography, environmental protection & monitoring, archaeological & exploration, and search & salvage operations. In this process, both the demand- and supply-side parties are interviewed to excerpt facts and understandings into the market forecast, construction, trends, and projected market evolution.
Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are loomed to obtain key information. . In March 2019, ECA Group signed a 10-year bond worth USD 508.8 million (450 million Euros) with the Belgian navy. As per the terms of the agreement, it will provide AUVs, towed sonars, and mine identification & devastation systems (MIDS) composed of ROV for the documentation and destruction of mines, and the unmanned surface vehicles. It aided improve the company's financial place in the global offshore AUV market.
Market segmentation
The Global Offshore Autonomous Underwater Vehicle (AUV) Market has been segmented by type, by Type: Shallow, Medium, and Large, by Technology: Communication, Collision Avoidance, Navigation, Imaging, and Propulsion, by Payload: Sensors, Cameras, Synthetic Aperture Sonars, and Others, by Application: Military & Defense; Oil & Gas; Oceanography; Environmental Protection and Monitoring; Archaeological and Exploration; and Search and Salvage Operations and by Region: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In February 2018, ECA Group unveiled its average-sized AUV, A18-M dedicated to aggressive underwater excavations.
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It is dense and equipped with a tall-quality imagery system planned specifically for mine stalking. The exploration of oil & gas fields is now taking place at greater depths than ever before, making the service of humans unfeasible. Offshore AUVs are built to work in specific subsea applications such as internal pipe inspection of non-piggable lines, channel voyage inspection, drilling, growth, and repair, and subsea line assessment. The rising demand for AUVs in the oil & gas industry and the increase in military expenditure are some of the significant drivers for the advancement of the global offshore autonomous underwater vehicle (AUV) market. In 2018, North America settled for 40.94% of the global offshore autonomous underwater vehicle (AUV) global market, followed by Europe, with around 21% of the global market share.
Owing to the swelling demand for AUVs for mine detection, the launch of A18-M helped increasing its customer base globally. Rising acceptance of offshore AUVs by various countries for oil & gas exploration is further pushing the growth of the segment. In March 2019, Saudi Arabian Oil Co. deployed 200 Spice Rack autonomous subsea seismic acquisition units to behavior a seismic ocean bottom survey in the Red Sea. Consequently, the advanced features offered by AUVs is driving their adoption by the oil & gas industry. Hence, the oil & gas piece is expected to catalogue a advanced CAGR of 15.90% during the estimated period.
Regional analysis
Geographically, the Global Offshore Autonomous Underwater Vehicle (AUV) Market is split in regions like North & Latin America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. Detailed analysis of a country-level market and related segments as per the report scope (subject to data availability. North America, Europe, Asia Pacific, Middle East and Africa, and Latin America are the main target markets. The report answers the following queries too: what was the historic market size (2018), which segmentation (Type/Technology/Payload/Application) is driving market growth, what will be the growth rate from 2019 to 2024, who are the key players in this market, and what are the strategies adopted by key players?
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Major players
The proposed spectators in the Global Offshore Autonomous Underwater Vehicle (AUV) Market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Offshore Autonomous Underwater Vehicle (AUV) Market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global Offshore Autonomous Underwater Vehicle (AUV) Market are companies like Graal Tech SRL (Italy), Boston Engineering Corporation (US), ECA Group (France), Fugro (Netherlands), General Dynamics Corporation (US), International Submarine Engineering Limited (Canada), Lockheed Martin Corporation (US), Saab AB (Sweden), Teledyne Technologies Incorporated (US) and Kongsberg Maritime AS (Norway).
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