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The Autonomous Underwater Vehicle (AUV) Market is Projected to reach USD 8.96 Billion by 2031, with a significant CAGR of 22.03% over the forecast period 2024-2031, the value of market was USD 1.82 billion In 2023, according to a recent report by SNS Insider. This growth is primarily driven by the expanding demand for deep-sea exploration in oceanography and the ever-increasing security concerns across the globe, leading to heightened defence spending in numerous countries.
Market Growth Factors
The AUV market offers a cost-effective and highly accurate solution for various underwater applications. These Underwater vehicles, driven by electric, mechanical, or hybrid systems, can be deployed for commercial and military purposes. They are ideal for seafloor imaging, sea mapping, and collecting vast amounts of data, making them Important tools for hydrographic missions. The increasing focus on deep-sea exploration in oceanography is driving significant market growth. the Increase in defence spending globally is another key factor Driving the AUV market. Countries around the world are actively investing in Developing their naval forces and adopting advanced technologies to safeguard their maritime borders against underwater threats such as pirates, terrorists, and illegal activities. This has result to Increase in demand for AUVs for intelligence, surveillance & reconnaissance (ISR) activities, border patrol operations, and mine countermeasure missions.
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Top Companies Featured in AUV Market Report:
Bae Systems Boeing Eca Group Graal Tech ECA GROUP Atlas Elektronik Bluefin Robotics Boston Engineering Corporation Fugro Hydromea International Submarine Engineering
Recent Developments in the AUV Market
– February 2023 , Lockheed Martin Corporation secured a contract from the US Navy to integrate the hypersonic Conventional Prompt Strike (CPS) weapon system onto ZUMWALT-class guided-missile destroyers.
– September 2021 , Fugro, a leading geotechnical and geosurvey company, was awarded a contract by TotalEnergies to investigate a Geohazard Site in Suriname, encompassing geophysical data acquisition and geotechnical soil sampling.
– October 2022 , Remontowa Shipbuilding S.A. (Poland) signed a contract with Kongsberg Group ASA (Norway) for the supply of three HUGIN autonomous underwater vehicles (AUV) systems and related HiPAP positioning and communication systems for the Polish Navy's new warships.
Autonomous Underwater Vehicle (AUV) Industry Segmentation as Follows:
By Type, the large AUV segment currently dominates the market due to its extensive applications in deep-water surveys, underwater pipeline inspections, and the oil & gas industry. However, the small AUV segment is projected to witness the fastest growth rate during the forecast period, driven by the rising demand from naval forces for various applications like diver observation, search and rescue operations, and surveillance.
By Shape, the torpedo shaped AUV segment holds the largest market share and is expected to maintain its dominance. This dominance can be attributed to the ease of storage, launch, and maneuverability these AUVs offer compared to other shapes. Additionally, their larger hull surface area makes them suitable for deep-water exploration.
By Application, the military & defense segment Dominates the AUV market and is expected to retain its top position throughout the forecast period. The growing security concerns and increasing investments in strengthening naval forces are driving the demand for AUVs in this segment.
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Impact of Global Events
The war between Russia and Ukraine is expected to have a mixed impact on the AUV market. While the increased defence spending in Europe due to the heightened security concerns could stimulate demand for military AUVs, disruptions in supply chains and sanctions on Russia might negatively impact the market growth in the short term.
A potential economic slowdown could lead to reduced investments in research and development activities and infrastructure projects, impacting the demand for AUVs across various applications. the long-term growth prospects of the AUV market remain positive due to the increasing focus on oceanographic exploration and the need for advanced underwater solutions for various commercial and military applications.
Autonomous Underwater Vehicle (AUV) Market Size and Share Report Key Regional Developments
North America currently dominates the global AUV market due to the high defence budget allocated for research and development and strengthening naval forces. The US Navy's growing procurement of advanced AUVs for ISR operations, search & rescue missions, and other applications significantly contributes to regional market growth.
The Asia Pacific region is projected to experience the fastest growth rate during the forecast period. This growth is attributed to factors like rising military expenditure, increasing demand for AUVs in commercial applications like oil & gas exploration, and the growing economies of countries such as China and India.
Key Takeaways
The AUV market offers immense potential for growth, driven by advancements in technology and expanding applications across various sectors. Deep-sea exploration, growing military budgets, and the rising need for oceanographic research are key factors propelling the market forward. Strategic investments in research & development and a focus on cost-effective AUV solutions will be crucial for sustained market growth.
Table of Content – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Autonomous Underwater Vehicle (AUV) Market Segmentation, By Type
9. Autonomous Underwater Vehicle (AUV) Market Segmentation, By Payload Type
10. Autonomous Underwater Vehicle (AUV) Market Segmentation, By Shape
11. Autonomous Underwater Vehicle (AUV) Market Segmentation, By Technology
12. Autonomous Underwater Vehicle (AUV) Market Segmentation, By Industries
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
Continued....
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