Autonomous Underwater Vehicle Market Research Report - Global Forecast till 2023

Global Autonomous Underwater Vehicle Market Research Report: By Type (Shallow, Medium and Large), Technology (Communication, Collision Avoidance, Navigation, Imaging and Propulsion), Payload (Sensors, Cameras, Synthetic Aperture Sonars, Echo Sounders, Acoustic Doppler Current Profilers (ADCPs) and Others), Application (Military & Defense, Oil & Gas, Oceanography, Environmental Protection and Monitoring, Archaeological and Exploration and Search and Salvage Operations) - Forecast to 2023

ID: MRFR/A&D/5915-CR | April 2020 | Region: Global | 160 pages

Market Snapshot
Global Autonomous Underwater Vehicle Market is expected to register a 21.89% CAGR during the forecast period.
Autonomous underwater vehicles (AUV) are vehicles that are operated without human intervention. They are available in several types, such as shallow, medium, and large. Furthermore, AUVs are equipped with technologies such as communication, collision avoidance, navigation, imaging, and propulsion. AUVs can carry multiple or combinations of payloads, including sensors, cameras, and synthetic aperture sonars, among others. Apart from their large-scale application in the oil & gas industry, AUVs are also used in industries such as military & defense, oceanography, environmental protection & monitoring, archaeological & exploration, and search & salvage operations.
The Autonomous Underwater Vehicle (AUV) Market is expected to witness high growth over the next five years. The market growth is expected to be driven by the increasing demand for AUVs in the oil & gas industry and an increase in military spending. However, the growth of the market can be hindered by limited flight range and endurance and prone to cyber-attacks.
Global Autonomous Underwater Vehicle Market Growth, 2018–2023
North America accounted for 49.94% of the global autonomous underwater vehicle market in 2018, followed by Europe. Asia-Pacific accounted for the third-largest market share in 2018. Asia-Pacific is expected to be the fastest-growing market for autonomous underwater vehicle during the review period.
Synopsis
The Global Autonomous Underwater Vehicle Market has been segmented based on Type, Technology, Payload, Application, and Region. By type, segments of the market are shallow, medium, and large. By technology, the market has been classified as communication, collision avoidance, navigation, imaging, and propulsion. Based on payload, the market has been divided into sensors, cameras, synthetic aperture sonars, echo sounders, acoustic doppler current profilers (ADCPs), and others. Based on application, the market has been divided into military & defense, oil & gas, oceanography, environmental protection and monitoring, archaeological and exploration, and search and salvage operations.
Global Autonomous Underwater Vehicle Market Segmentation
The oil & gas segment is expected to dominate the market during the forecast period.
The exploration of oil & gas fields is now taking place at greater depths than ever before, making the employment of humans impractical. AUVs are built to work in specific subsea applications such as channel crossing inspection, internal pipe inspection of non-piggable lines, drilling, development, and repair, and subsea line evaluation.
Growing adoption of AUVs by various countries for oil & gas exploration is further propelling the growth of the segment. In March 2019, Saudi Arabian Oil Co. deployed 200 Spice Rack autonomous subsea seismic acquisition units to conduct a seismic ocean bottom survey in the Red Sea. Therefore, the advanced features offered by AUVs are driving their adoption by the oil & gas industry. The oil & gas segment accounted for a larger market share of 33.07% in 2018, with a market value of USD 147.3 million.
Regional Analysis
The Global Autonomous Underwater Vehicle Market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Global Autonomous Underwater Vehicle Market Share, by Region, 2018 (%)
North America accounted for the largest market share in 2018. Two major countries, the US and Canada, are considered under the region. The increasing development activities undertaken by naval forces of countries such as the US for strengthening the navy is bolstering the market growth. For instance, in 2017, Lockheed Martin Corporation signed a contract with the US Navy for USD 43.2 million to develop an underwater sea vehicle.
Stringent government regulations pertaining to maritime security in the US are also driving the market growth in the region. The Office of Maritime Security facilitates the development and implementation of effective maritime security policies, procedures, practices, and trainings to protect the US citizens and maritime interests from maritime security threats such as piracy, terrorism, criminal activity, and cyber-attack. Therefore, stringent government regulations are encouraging the navy to invest in advanced marine systems such as the autonomous underwater vehicle (AUV) to offer enhanced safety and security to navy officials and citizens.
Companies Covered
The Key Players in the Global Autonomous Underwater Vehicle Market are Boston Engineering Corporation (US), Lockheed Martin Corporation (US), Fugro (Netherlands), General Dynamics Corporation (US), Kongsberg Maritime (Norway), Graal Tech Srl (Italy), Teledyne Technologies Incorporated (US), The ECA Group (France), Saab AB (Sweden), and International Submarine Engineering Limited (Canada).
Key Developments

In February 2020, Kongsberg Maritime signed an agreement with Huntington Ingalls Industries, a vessel supplier to the US Navy, to sell its underwater technology company Hydroid, Inc. for USD 350 million. The agreement will enable Kongsberg Maritime to provide solutions to the US Navy.

In May 2019, Saab AB signed a contract with UK’s Royal Navy to provide its AUV62-AT anti-submarine warfare (ASW) training system. This system is a cost-efficient training solution that allows ASW units to train in a wide range of situations.

In April 2019, Saab Seaeye Limited, a subsidiary of Saab AB, signed a contract with Modus Group, LLC to provide its Hybrid Autonomous Underwater Vehicle (HAUV). This contract will help increase the financial position of the company in the global AUV market.

Market Segmentation

By Type: Shallow, Medium, and Large
By Technology: Communication, Collision Avoidance, Navigation, Imaging, and Propulsion
By Payload: Sensors, Cameras, Synthetic Aperture, Sonars, Echo Sounders, Acoustic Doppler Current Profilers (ADCPs), and Other
By Application: Military & Defense, Oil & Gas, Oceanography, Environmental, Protection and Monitoring, Archaeological and Exploration, Search, and Salvage Operations
By Region: North America, Europe, Asia-Pacific, and Rest of the World

Key Questions Addressed by the Report

What was the historic market size (2018)?
Which segmentation (Type/Technology/Payload/Application) is driving market growth?
What will be the growth rate from 2019 to 2023?
Who are the key players in this market?
What are the strategies adopted by the key players?



Frequently Asked Questions (FAQ) :


Autonomous underwater vehicle market can expand at 21.89% CAGR by 2023.

By 2023, the autonomous underwater vehicle market value can touch USD 1,198.1 Mn by 2023.

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.

Autonomous Underwater Vehicle Market