ID: MRFR/A&D/5915-CR | 160 Pages | Published By Swapnil Palwe on April 2020
Autonomous Underwater Vehicle Market Size Valued at USD 9,389.9 Million, market Grow at a CAGR Of 17.89% by 2020 -2030
Globally, the size of autonomous underwater vehicle (AUV) market is expected to grow at 17.89% CAGR during the forecast 2020-2030, to reach estimated valuation of USD 9,389.9 million by 2030.
Autonomous Underwater vehicles (AUV) are vehicles that are worked without human interaction. They are accessible in a few kinds, like shallow, medium, and enormous. Besides, AUVs are outfitted with advances like correspondence, crash evasion, route, imaging, and drive. AUVs can convey numerous or mixes of payloads, including sensors, cameras, and engineered opening sonars, among others. Aside from their huge scope application in the oil and gas industry, AUVs are additionally utilized in businesses like military and safeguard, oceanography, ecological security and observing, archaeological and investigation, and search and rescue tasks.
The Autonomous Underwater Vehicle (AUV) Market is relied upon to observe high development throughout the following five years. The market development is relied upon to be driven by the expanding interest for AUVs in the oil and gas industry and an increment in military spending. Notwithstanding, the development of the market can be frustrated by restricted flight reach and perseverance and inclined to digital assaults. The worldwide Autonomous Underwater Vehicle market is relied upon to build development with the end goal of surveillance, seafloor planning, and review.
Autonomous Underwater vehicles might be utilized in various military applications like an enemy of submarine fighting, oceanography, payload conveyance, mine counter, and more. Autonomous Underwater vehicles can likewise be useful to follow illicit human, and medication is dealing alongside merchandise and materials pirating. In addition, these vehicles can likewise be utilized to research air crashes and boat destruction. In the years to come, Autonomous Underwater vehicles are relied upon to utilize the energy of a mix of various batteries and force the board frameworks with super capacitors.
HII’s (NYSE: HII) Mission Technologies division has revealed a new medium-class unmanned underwater vehicle (UUV): REMUS 620.
Building on the design philosophy of the highly successful REMUS 300 — recently selected by the U.S. Navy as the program of record for the Lionfish Small UUV — the REMUS 620 has a battery life of up to 110 hours and a range of 275 nautical miles, providing unmatched mission capabilities for mine countermeasures, hydrographic surveys, intelligence collection, surveillance and electronic warfare.
The Autonomous Underwater Vehicle market player incorporates central parts. These major players have spread their business across different nations, including North America, Europe, Asia Pacific, Middle East, Africa, and South America. Coronavirus has affected their organizations also. Industry specialists accept that COVID-19 could influence AUV creation and administrations by 25-30% worldwide in 2020.
The fast spread of COVID-19 in Europe, the US, and the Asia Pacific has prompted a critical drop sought after for AUV around the world, with a relating decrease in incomes for different payload providers, specialist co-ops across all business sectors attributable to late conveyance, fabricating closure, the restricted staff at assembling offices, and restricted accessibility of gear. According to industry specialists, the worldwide Autonomous Underwater Vehicle market request is expected to completely recover and develop.
The spread of COVID-19 in Europe, the US, and the Asia Pacific prompted a critical drop in the demand for AUV, with a subsequent reduction in the incomes of various payload providers, and specialist co-ops across all business sectors attributable to late conveyance, fabricating closure and more.
Even defense budget cuts were commonly seen worldwide, leading to significant economic downfall. However, countries have been working on fostering their spending, with defense sectors focusing on procuring and acquiring new equipment and systems.
For instance, in September 2022, the British Royal Navy acquired three new REMUS 100 unmanned underwater vehicles (UUVs), bringing enhanced mission efficiency and increased data quality to the navy. According to manufacturer Huntington Ingalls Industries (HII), the UUVs are designed with better endurance and the latest generation of sensors and payloads. The latest REMUS 100s will help bolster their existing fleet with increased capability for the UK’s subsea autonomous operations.
Increasing Capital Expenditure of Companies in the Offshore Oil and Gas Industry is driving the growth of the Autonomous Underwater Vehicle market. The seaward business fundamentally incorporates oil and gas plants. The worldwide energy request has significantly increased beyond fifty years attributable to a few mechanical developments in arising economies. As conventional coastal stores are ceaselessly draining, seaward assets are assuming a key part in satisfying this developing energy need. This has prompted the moving of oil and gas creation offices to subsea districts. The coming of keen gadgets has prompted worked on functional administration and hazard the board. Progressed route and imaging frameworks are sent for safe activities in troublesome conditions.
The high Operational Cost of AUVs is hampering the Autonomous Underwater Vehicle market share. You must know that AUVs are costly sea frameworks. The organization expenses of AUVs utilized in the investigation or looking over exercises add to the actual expense of investigation and study missions. Additionally, significant expenses of upkeep, producing, research and advancement, and framework intricacy related to AUVs likewise lead to their passive reception, even though they are being utilized progressively in straightforward missions like ecological observing. Subsequently, high functional expenses of AUVs go about as a limitation for developing the market.
Development and Incorporation of Advanced Technologies in AUVs are creating opportunities for increasing the Autonomous Underwater Vehicle Market Revenue. AUVs are relied upon to progress in innovation in battery life, independence, and control capacity in the coming years, accordingly prompting their expanded traction in the business area. AUVs have a normal battery life of under 24 hours, which fundamentally diminishes if AUVs are needed to work in deep waters as engines devour the biggest measure of force in these vehicles. This restricted battery life of AUVs prompts human impedance for charging them.
Slow Underwater Survey Speed Owing to utilization of Acoustic Communication is a major challenge in the Autonomous Underwater Vehicle Market. Slow submerged study speed is a key test looked at by AUVs. This sluggish speed is because of the way that electromagnetic waves can't function admirably in submerged conditions with a profundity of more than 200 inferable from the directing idea of seawater. Acoustic waves, which are delayed in speed, are utilized by AUVs for profound water studies. These challenges could be handled with proper initiatives to help in the Market growth.
Market Growth Analysis
Autonomous Underwater Vehicle Market is relied upon to arrive at high USD in the forecasted period. The development and consolidation of cutting-edge innovations in AUVs will additionally contribute by producing enormous opportunities that will prompt the development of the Market in the previously mentioned projected time span. The market is expected to grow at a fast rate during the estimated future period.
DGA has selected Kongsberg’s Hugin AUV for the French Navy. The French defense procurement agency (DGA) has awarded a contract to Norwegian manufacturer Kongsberg Maritime for the implementation by the French Navy of the Hugin Superior Autonomous Unmanned Vehicle (AUV), which can operate at depths of up to 6,000 meters.
This contract awarded on August 12, 2022, of a maximum amount of about €4 million, provides for several sea trips of this underwater drone. These campaigns are part of the exploratory capacity of the French seabed control strategy.
Based on Type, the Autonomous Underwater Vehicle Market is fragmented into AUV, ROV, and Hybrid. ROV Unmanned Underwater Vehicles are ruling in the market at 46.2% offer in 2020 attributable to its wide scope of utilization in business and logical applications. Capex is one more driver for the Market. The more capital consumption, the more an investigation and boring movement will drive the ROV market.
Subsea investigation action is a figure to heighten the utilization of the Autonomous Underwater Vehicle Market developing at a CAGR of 14.5% through 2025. The ROV tasks market is driven by the beginning of new oilfield advancement, the dynamic oil rig count, and the volume of seaward capital use. The utilization of ROV for bridling environmentally friendly power, for example, wind energy, is projected to show development in the following five years, with the seaward wind factory establishment movement driving the market.
Based on region, the Autonomous Underwater Vehicle Market is overwhelmed by North America, with the largest portion of 34.5% in 2020. In North America, the presence of modern areas alongside ongoing development of innovative progression has brought about the necessity of Unmanned Underwater Vehicles, as these are outfitted with turbine motors, sensors, and cameras which gives them high force thickness, huge push limit, great effectiveness with great burden limit, fuel quality and others making them helpful in these modern and business applications.
Kongsberg introduces the newest version of HUGIN AUV, with the new design combining elements of HUGIN’s carbon monocoque approach used with success for the last 20 years coupled with extensive hydrodynamic modeling to refine the hull’s low-drag shape. HUGIN Edge stands out as a next-generation vehicle designed specifically to answer the performance and efficiency challenges set by the modern world.
To enable greater interoperability, the vehicle is equipped with the latest open interfaces for integration to 3rd party planning and mission management tools. There are also new tools specifically designed to optimize results for every deployment.
According to the regional analysis report, the Autonomous Underwater Vehicle Market has been segmented into different regions like North America, Europe, Asia-Pacific, and the remainder of the world. Among all the other regions, North America represented the biggest portion of the overall industry. Two powerful nations, the US and Canada, are considered under the area. The expanding advancement exercises embraced by maritime powers of nations, for example, the US, for reinforcing the naval force, supports market development.
MIND Technology, Inc. announced today that it will present an implementation of its Spectral AI real-time automatic target recognition (ATR) on the RTSYS COMET-300 autonomous underwater vehicle (AUV) at the EURONAVAL Conference in Paris. The Spectral AI ATR has been developed for both real-time and post-mission processing of data from Klein side scan sonars to automatically detect and classify different types of underwater man-made objects.
Key Market Players
The major players of the Autonomous Underwater Vehicle Market are mentioned below: -
In February 2020, Lockheed Martin won a two-year USD 12.3 Million agreement to help the Defense Advanced Projects Agency assemble and exhibit an additional huge Autonomous Underwater Vehicle.
In December 2019, Sweden's FMV granted an agreement to Saab AB for a self-impelled maritime mine turn of events. The new maritime mine will be founded on Autonomous Underwater Vehicle (UAV) innovation.
Market segmentation overview
The report highlights that the Market development includes its revenue hike's growth potential by the end of the forecast years.
|Market Size||USD 9,389.9 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Technology, Payload, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Canada|
|Key Vendors||Boston Engineering Corporation (US),,Kongsberg Maritime (Norway),,The ECA Group (France),,Teledyne Technologies Incorporated (US),,Lockheed Martin Corporation (US),,General Dynamics Corporation (US),,Graal Tech Srl (Italy),,Saab AB (Sweden),,Fugro (Netherlands)|
|Key Market Opportunities||Development and Incorporation of Advanced Technologies in AUVs are creating opportunities for increasing the Autonomous Underwater Vehicle Market Revenue.|
|Key Market Drivers||Increasing Capital Expenditure of Companies in the Offshore Oil and Gas Industry is driving the growth of the Autonomous Underwater Vehicle market.|
Autonomous underwater vehicle (AUV) market is expected to grow at a CAGR 17.89% from 2020 to 2030.
Top vendirds anticipated for driving the AUV market growth during the forecast are
Boston Engineering Corporation (US),,Kongsberg Maritime (Norway),,The ECA Group (France),,Teledyne Technologies Incorporated (US),,Lockheed Martin Corporation (US),,General Dynamics Corporation (US),,Graal Tech Srl (Italy),,Saab AB (Sweden),,Fugro (Netherlands)
Lockheed Martin Corporation (US), General Dynamics Corporation (US), Fugro (Netherlands), and Kongsberg Maritime (Norway) are some reputed names in the autonomous underwater vehicle market.
Rapid development in GPS technology can promote the autonomous underwater vehicle market.
The unavailability of expertise to hinder the autonomous underwater vehicle market.
By 2030, the autonomous underwater vehicle market value can touch USD 9,389.9 million.