Autonomous Underwater Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Autonomous Underwater Vehicle Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Autonomous Underwater Vehicle Market

The autonomous underwater vehicle market size was valued at USD 1.16 billion in 2020, and the market is now projected to grow from USD 1.33 billion in 2021 to USD 4.17 billion by 2028, exhibiting a CAGR of 17.80% during the forecast period of 2021-2028.

The lockdowns and travel restrictions have influenced the autonomous underwater vehicle market growth. The provisional disrupted the supply chain has led to production and shipment delays during the COVID-19 pandemic. The declined demand has caused companies to scale back exploration activities owing to low oil prices. The economic hardships resulted in potential budget cuts in defense spending, impacting the procurement function.

The autonomous underwater vehicle market share globally has been increased because of the growing deep-water offshore oil and gas making. An AUV is a robotic system that can be operated submerged devoid of human involvement. The growing requirement for AUVs for border & coastal security is advancing market growth. The navy widely utilizes these vehicles for various purposes, such as mine countermeasures (MCM), inspection/identification (ID), intelligence, surveillance and reconnaissance, and anti-submarine warfare (ASW). The Navy has increased speed of acquisition strategies for the faster purchase of underwater vehicles to counter major disputes from China has increased demand for the product.

The trend is integration of artificial intelligence-enabled independence is fueling demand for AUVs. The underwater robot technology is anticipated to offer attractive openings for manufacturing companies operating in the market. The development of cost-effective communication equipment for undersea automobiles with excellent disturbance tolerance elements will fuel market growth at a significant rate in the future. Unmanned vehicles are capable of longer range resistance attacks, observation operations, and a minefield. AI can improve real-time contact, undersea strikes, autonomous navigation, and surveys. Several companies are designing fully self-sufficient machines with excellent capabilities of long-range endurance attack, ISR, and minefield and surveillance operations.

Comprehensive Analysis of Autonomous Underwater Vehicle Market

The autonomous underwater vehicle market and aerospace & defence industry is rising at an exponential rate according to its market segmentation. This market expansion effectively provides a thorough regional evaluation considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated by type, application, propulsion system, and payload. The types include small, medium, and large. The applications are scientific research, defense, and oil & gas. The propulsion systems are electric, mechanical, and hybrid systems. However, the payloads are such as camera, sensors, inertial navigation system, and others.

The North American region is conducive to the global autonomous underwater vehicle market, leading to a recall of USD 0.39 billion because of the maximum defense financial statement and expenditure on research and development for strengthening naval forces.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These players include Fugro N.V. (Netherlands), International Submarine Engineering Ltd. (Canada), Kongsberg Gruppen A.S.A. (Norway), L3Harris Technologies, Inc. (U.S.), Lockheed Martin Corporation (U.S.), General Dynamics Corporation (U.S.), Oceaneering International Inc. (U.S.), SAAB AB (Sweden), Teledyne Technologies Inc. (U.S.), and Boeing (U.S.), these market players provide a level-playing competitive landscape.

In September 2021, Fugro was awarded by TotalEnergies with a contract to inspect the Geohazard site in Suriname. It encompasses geophysical data and geotechnical soil samples.

Segmentation Table

Global Autonomous Underwater Vehicle Market Scope

ATTRIBUTE

DETAILS

Study Period

2017-2028

Base Year

2020

Estimated Year

2021

Forecast Period

2021-2028

Historical Period

2017-2019

Unit

Value (USD Billion)

Segmentation

Type, Application, Propulsion System, Payload, and Geography

By Type

Small AUVs (Depth up to 100 meters)

Medium AUVs (Depth up to 1,000 meters)

Large AUVs (Depth more than 1,000 meters)

By Application

Scientific Research

Defense

Oil & Gas Industry

By Propulsion System

Electric System

Mechanical System

Hybrid System

By Payload

Camera

Sensors

Inertial Navigation System

Others

By Geography

North America (Type, Application, Propulsion System, Payload, and Country)

Europe (Type, Application, Propulsion System, Payload, and Country)

Asia-Pacific (Type, Application, Propulsion System, Payload, and Country)

Middle East (Type, Application, Propulsion System, Payload, and Country)

Latin America (Type, Application, Propulsion System, Payload, and Country)

Africa (Type, Application, Propulsion System, Payload, and Country)Please Note: It will take 5-6 business days to complete the report upon order confirmation.