“Autonomous underwater vehicle market is expected to grow at a significant rate between 2017 and 2023”
The autonomous underwater vehicle market is expected to grow from USD 362.5 million in 2017 to USD 1,206.9 million by 2023, at a CAGR of 22.20% during the forecast period. The increasing demand for AUVs worldwide for monitoring sea borders and for various applications in the oil & gas industries is driving the growth of the autonomous underwater vehicle market. However, stringent government regulations on using AUVs in countries such as the US and high costs of operations are restraining the growth of the market.
“AUV market for archeological and exploration applications is likely to grow at a high rate between 2017 and 2023”
Among all applications, the autonomous underwater vehicle market for archeological and exploration applications is expected to grow at the highest rate between 2017 and 2023. AUVs are widely used as an important tool for underwater exploration activities to extract minerals such as cobalt, zinc, and magnesium; these minerals are used in the fabrication of smartphones, laptops, and hybrid cars, among others. However, military & defense applications are expected to hold the largest share of the autonomous underwater vehicle market in 2017.
“AUV market for imaging technology is estimated to grow at a high rate between 2017 and 2023”
Imaging systems on AUVs are capable of capturing pictures of the seabed and the surrounding habitat, which help researchers in their oceanography or habitat research studies. Along with this, the growing awareness about the ability of these imaging systems to provide exact information, such as color and size of objects present in the area under survey, is one of the key factors contributing to the growth of the market for imaging technology.
“North America is a major market for AUVs”
North America held the largest share of the autonomous underwater vehicle market in 2016. North America is home to some of the major players in the autonomous underwater vehicle market such as Boston Engineering Corporation (US), Bluefin Robotics (US), Teledyne Technologies (US), L3 OceanServer (US), and International Submarine Engineering Limited (Canada). Also, the increasing adoption of AUVs for military & defense applications in the US is driving the growth of the AUV market in North America. However, among all the applications, the autonomous underwater vehicle market in APAC is expected to grow at the highest rate between 2017 and 2023.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The major players in the AUV market include Kongsberg Maritime (Norway), Teledyne Gavia ehf. (Iceland), Bluefin Robotics (US), ECA Group (France), Saab (Sweden), Fugro (Netherlands), ATLAS ELEKTRONIK GmbH (Germany), L3 OceanServer (US), Lockheed Martin Corp. (US), Boston Engineering Corporation (US), International Submarine Engineering Ltd. (Canada), the Boeing Company (US), GRAAL, inc. (Italy), Riptide Autonomous Solutions (US), Hydromea SA (Switzerland), and BaltRobotics (Poland).
The AUV market, in this report, has been segmented on the basis of type, technology, payload, application, and geography. On the basis of type, the AUV market has been segmented into shallow AUVs (depth up to 100 meters), medium AUVs (depth up to 1,000 meters), and large AUVs (depth more than 1,000 meters). The AUV market, on the basis of technology, has been segmented into collision avoidance, communication, navigation, propulsion, and imaging. On the basis of payloads mounted on AUVs, the AUV payload market has been segmented into cameras, sensors, synthetic aperture sonars, echo sounders, acoustic Doppler current profilers, and others. The AUV market, on the basis of application, has been segmented into military & defense, oil & gas, environmental protection and monitoring, oceanography, archeological and exploration, and search and salvage operations. The global AUV market, on the basis of geography, has been segmented into four major regions?North America, Europe, APAC, and RoW.
The report would help market leaders/new entrants in this market in the following ways:
- This report segments the AUV market comprehensively and provides the closest approximations of the overall market size and that of the subsegments pertaining to various applications and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, and product launches, partnerships, and mergers & acquisitions carried out in the AUV market.