Enjoy complimentary customisation on priority with our Enterprise License!
The Autonomous Underwater Vehicle Market size is estimated to grow at a CAGR of 16.85% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,985.04 million. The growth of the market depends on several factors, including increasing investment in maritime surveillance capabilities, growing demand for oceanography research, and growing offshore oil and gas exploration projects.
This report extensively covers market segmentation by technology (communication, collision avoidance, navigation, propulsion, and imaging), application (military and defense, oil and gas, environment protection and monitoring, oceanography, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Autonomous Underwater Vehicle Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Growing offshore oil and gas exploration projects is a major driving factor for the growth of the global autonomous underwater vehicle market during the forecast period. There is a rise in the demand for autonomous underwater vehicles that can operate in challenging environments as there is significant growth in the offshore oil and gas industries, especially in the autonomous underwater vehicles (AUV) market. Some of the main application areas of these vehicles include inspection and maintenance to exploration, in waters that are too deep for humans to reach.
Furthermore, factors such as the rising demand for new oil and gas reserves in challenging offshore locations are significantly contributing to the growth of the AUV market. Due to the increased exploration of several oil companies, the demand for sophisticated autonomous underwater vehicles that can operate in harsh underwater conditions has become significant. Hence, such factors are expected to drive the global autonomous underwater vehicle market during the forecast period.
New product launches and facility expansion is the primary trend in the global autonomous underwater vehicle market growth. Several leading players in the global autonomous underwater vehicle (AUV) market are emphasizing new product launches and facility expansion. As there are several prominent local and international players in the market, new products are being launched as it helps the companies to diversify their product offerings, thereby having a competitive edge in the market.
For example, in March 2022, Kongsberg Gruppen ASA launched the latest version of Maritime HUGIN architecture for autonomous underwater vehicles. Additionally, some prominent vendors are enhancing their manufacturing units to cater to a broad customer segment. Hence, such factors are expected to drive the global autonomous underwater vehicle market during the forecast period.
The high cost of development of autonomous underwater vehicles is a major challenge to the growth of the global autonomous underwater vehicle market. One of the significant challenges with the manufacturing in AUV market is that it is a highly complex and expensive process that requires advanced technology and the expertise of skilled engineers. Factors such as the need for specialized materials and components are significantly driving the cost of manufacturing.
Furthermore, the materials which are used to manufacture this autonomous vehicle should possess certain qualities such as withstanding extremely high pressures, extreme temperatures, and corrosive saltwater, hence requiring expensive raw materials. Another key cost factor that is contributing to the high cost is the requirement of advanced sensors and imaging technology to collect data from the seafloor. Hence, such factors are expected to hinder the global autonomous underwater vehicle (AUV) market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Boston Engineering: The company offers autonomous underwater vehicle such as BIOSwimmer, a biomimetic autonomous underwater vehicle that mimics the movement and appearance of a real fish for various surveillance applications.
Fugro NV: The company offers autonomous underwater vehicle such as Blue Volta.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The communication segment is estimated to witness significant growth during the forecast period. Factors such as the demand for better safety and communication of autonomous underwater vehicles and the need for highly sophisticated features, such as Global Positioning System (GPS), encryption, and satellite navigation systems are significantly contributing to the growth of this segment. There is an increasing demand for upgrades and replacements in this market as several vendors are emphasizing improving the sensor payload and communication capabilities in their product offerings.
Get a Customised Report as per your requirements for FREE!
The communication segment was the largest segment and was valued at USD 246.71 million in 2017. For example, in February 2020, the US Navy announced that it had selected General Dynamics for the upgrade of its autonomous underwater vehicles to enable the accommodation of the latest satellite communication (SATCOM) and sensor payload technologies. Some of the key application areas of the wireless communication segment include minesweeping; submarine-hunting; and intelligence, surveillance, and reconnaissance. Furthermore, it is expected to have a rapid demand for control, command, communication, computer intelligence, and surveillance and reconnaissance (C4ISR) systems due to the rising need for surveillance vehicles and improved communication systems. Hence, such factors are expected to drive the growth of this segment which in turn will drive the global autonomous underwater vehicle market during the forecast period.
Based on application, the market has been segmented into military and defense, oil and gas, environment protection and monitoring, oceanography, and others. One of the main dominating segments in the global AUV market is the military and defense segment. There is increasing adoption of autonomous underwater vehicles in the military segment due to the factors such as the rising use of autonomous underwater vehicles in navigation, surveillance, and communication. surveillance and reconnaissance are two main application areas of autonomous underwater vehicles in the military segment. Hence, such applications are expected to drive the growth of this segment which in turn will drive the global autonomous underwater vehicle market during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
North America is estimated to contribute 32% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors for the significant growth of the AUV market in North America is the factors such as increasing research and investments in the development of autonomous underwater vehicles. Additionally, the presence of several prominent vendors in the market such as Lockheed Martin Corp., General Dynamics Corp., L3Harris Technologies Inc., and Teledyne Technologies Inc. are significantly contributing to the market growth in the region.
Moreover, there is an increase in R&D by these market players which is expected to further fuel the market in the region. Due to the growing efforts toward modernizing naval combat capabilities, it is expected that the US Department of Defense (DoD) is likely to adopt a huge number of advanced autonomous underwater vehicles for the US Navy. Hence, such factors are expected to drive the global autonomous underwater vehicle market in the region during the forecast period
In 2020, during the COVID-19 pandemic, the growth of the global autonomous underwater vehicle market witnessed a significant slowdown due to the lack of funding for and investments in new and advanced underwater vehicle projects and also supply chain disruptions, which also led to a delay in the manufacturing operations of vendors. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of exploration operations on several delayed offshore oil and gas projects. Such factors are expected to drive the market during the forecast period.
The autonomous underwater vehicle market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Autonomous Underwater Vehicle Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.85% |
Market growth 2023-2027 |
USD 1,985.04 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.93 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, Norway, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
BAE Systems Plc, Boston Engineering, ecoSUB Robotics Ltd., EdgeLab srl, Fugro NV, General Dynamics Corp., Graal Tech Srl, Groupe Gorge, Hydromea SA, IHI Corp., International Submarine Engineering Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Lockheed Martin Corp., Mitsubishi Heavy Industries Ltd., Oceaneering International Inc., Saab AB, Teledyne Technologies Inc., The Boeing Co., and thyssenkrupp AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.