Autonomous Underwater Vehicle (AUV) Market: Information by Type (Shallow, Medium, Large), by Technology (Communication, Collision Avoidance, Navigation, Imaging, Propulsion), by Payload (Sensors, Cameras, Synthetic Aperture Sonars, and Others), by Application (Military & Defense, Oil & Gas, and Oceanography) and by Region — Global Forecast till 2023
Autonomous Underwater Vehicle (AUV) Market Scenario
Autonomous Underwater Vehicle (AUV) are programmable robotic vehicles. These vehicles varying on their design assist in driving, drifting, and gliding through the ocean without real-time input from an operator. AUVs offer enhanced surveillance and reconnaissance capabilities that assist defense personnel to perform covert operations.
Factors such as increasing demand for AUVs by various sectors such as military & defense, oil & gas, and environmental protection are bolstering the market growth. Additionally, growing importance of reliable security measures globally is also boosting the market growth. However, high cost of operations and stringent government regulations pertaining communication are expected to hamper the market growth.
The global Autonomous Underwater Vehicle (AUV) market is estimated to register a CAGR of nearly 21.80% during the forecast period of 2018 to 2023.
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Based on type, the large segment accounted for the largest market share owing to factors such as increasing deep sea operations such as mine hunting. Based on technology, collision avoidance segment accounted for the largest market share. as AUVs offer features such as navigation sensors, cameras and assist in communicating via ethernet.
These features assist users in experience enhanced safety. Based on payload, sensors segment is expected to grow at the highest CAGR as sensors enable in tracking, navigating and detecting submarines by enabling connections to various multimedia devices such as cameras that provide clear images of targets. Based on application, Military & defense accounted to the largest market share. Factors such as technological developments, increasing defense expenditure by developing economies, and the growing demand for enhanced security and surveillance systems are driving the market growth.
North America is estimated to account for the largest share during the review period. Presence of prominent players such as Lockheed Martin Corporation, and General Dynamics Corporation among others is driving the market growth. However, Asia Pacific is expected to grow at the fastest CAGR over the forecast period owing to increasing adoption of AUVs by governments of developing nations such as India. Additionally, growing adoption of AUVs by countries such as Japan for promoting oceanic research, military investigations and international disaster relief efforts are driving the market growth over the forecast period.
Autonomous Underwater Vehicle (AUV) Market Intended Audience
- Autonomous Underwater Vehicle Manufactures
- Submarine Manufactures
- Ship Manufacturers
- Component Providers
- Defense Organizations
- Research Institutes
- Regulatory Bodies
Autonomous Underwater Vehicle (AUV) Market Key Players
The key players in the global Autonomous Underwater Vehicle (AUV) market are Lockheed Martin Corporation (US), General Dynamics Corporation (US), Kongsberg Group (Norway), Teledyne Technologies Incorporated (US), Saab AB (Sweden), Groupe Gorgé (Paris), Fugro (The Netherlands), Boston Engineering Corporation (US), International Submarine Engineering Limited (Canada) and GRAAL, inc.(Italy).
Research Methodology
The market numbers and forecast derived were the outcome of our disciplined research methodology which includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.
Secondary Research
In this process, the data collection was done through various secondary sources, which included annual reports, SEC filings, journals, government association, Aerospace & Defense magazines, white papers, corporate presentations, company websites, some paid databases and many others.
Primary Research
In this process, both demand side and supply side parties were involved to extract genuine facts and insights about market forecast, production, trend, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain have been approached to obtain key information.
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