Outlook on the Global Autonomous Underwater Vehicles Market Growth, Size & Share 2022 - 2028 | Estimated to Achieve a Revenue of $6.45 Billion With a CAGR 20.1% - Industry Trends, Demand, Value & Forecast Report by ZMR
NEW YORK, Nov. 21, 2022 /PRNewswire/ -- As per Zion Market Research study, The global autonomous underwater vehicles market size was worth around USD 1.81 billion in 2021 and is predicted to grow to around USD 6.45 billion by 2028 with a compound annual growth rate (CAGR) of roughly 20.1% between 2022 and 2028.
Autonomous Underwater Vehicles Market: Overview
An autonomous underwater vehicle (AUV) is a robot body that is immersed in water to perform functions without the requirement of a manual operator. They are a part of the larger group of independent vehicles called unmanned underwater vehicles. This classification includes all automobiles falling under remotely operated underwater vehicles (ROVs) that are controlled from the surface via remote controls.
In military segments, AUVs are referred to as unmanned undersea vehicles (UUV). The product was first developed in 1957 in the US in a research laboratory. The first AUV was used to study acoustic transmission, diffusion, and submarine wakes deep inside the water. In the last 5 decades, the global market has witnessed a high development rate in the AUV segment but there are only some companies that have made a mark and sold in large quantities owing to the safety concerns associated with the vehicle.
For the international market, there are approximately 10 companies only that sell a product that is widely accepted. AUVs differ in size from small-diameter vehicles to ones with large diameters depending on the final goal aimed with the use of AUVs. There are some companies that benefit from selling the products in the domestic market as compared to international regions.
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Key Industry Insights & Findings of the Autonomous Underwater Vehicles Market Reports:
- As per the analysis shared by our research analyst, the global autonomous underwater vehicles market is estimated to grow annually at a CAGR of around 20.1% over the forecast period (2022-2028)
- In terms of revenue, the global autonomous underwater vehicles market size was valued at around USD 1.81 billion in 2021 and is projected to reach USD 6.45 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on application type segmentation, the defense was predicted to show maximum market share in the year 2021
- Based on the payload segmentation, the inertial navigation system was the leading payload in 2021
- On the basis of region, North America was the leading revenue generator in 2021
Zion Market Research published the latest report titled "Autonomous Underwater Vehicles Market By Application (Defense, Research, and Oil & Gas), By Type (Large, Medium, and Small), By Payload (Sensors, Camera, Inertial Navigation System, and Others), By Propulsion System (Mechanical, Electrical, and Hybrid), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Autonomous Underwater Vehicles Market: Growth Drivers
- Growing demand for deep-sea exploration to propel market demand
The global autonomous underwater vehicles market is projected to grow owing to the growing investments in deep-sea exploration. Although technology has reached new levels, there are still a lot of segments of deep-sea unexplored which is one the major reasons why mankind and world leaders are focusing more on understanding the way the sea and oceans function. As per estimates, more than 80% of the ocean is left unmapped, and unexplored.
They are not even seen by humans. However, with the help of technology, mankind now has the capacity to undertake such explorational activities to learn more about the Earth and its impact on the future. Deep-sea explorations have helped mankind understand and study marine hazards, biological resources, tectonics, and other forms of ecosystems. As per the 2022 report, the Indian government has already allocated a budget of INR 4,077 to be used over the next five years for the ambitious Deep Ocean Mission (DOM) under the guidance of the Ministry of Earth Sciences.
Autonomous Underwater Vehicles Market: Restraints
- Uncertainty of performance to restrict market expansion.
The global autonomous underwater vehicles market is projected to face restrictions owing to the unreliability of the performance quality of the device. Since AUVs are installed with multiple sensors, cameras, and other equipment while they operate without any human intervention but since the underwater space is an unexplored area and various uncertainties are associated with such regions, there could be instances where the product may malfunction or not provide accurate results.
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Autonomous Underwater Vehicles Market: Opportunities
- Growing applications in the oil & gas sector to provide growth opportunities.
In the commercial segment, AUVs are being used extensively in the oil & gas sector for the mapping of the seafloor. This is required before any business starter builds structures to avoid any mishaps. Subsea completions, pipelines, or any other structure can only be constructed for optimum results only after the sea surface has been carefully examined. Since AUVs allow for conducting precise surveys, many hydrophobic companies invest heavily in AUVs as their main assets. In 2021, Russia produced more than a billion cubic meters of natural gas.
Autonomous Underwater Vehicles Market: Challenges
- Use for illegal purposes, a major challenge for market players.
Many AUVs with built-in global positioning systems are generally made by illegal drug traffickers. Since small AUVs may sometimes go undetected they have become one of the preferred ways drug dealers transport their products across the border. Distinguishing between the legal and illegal applications of AUVs is a major concern for global players since it can impact brand value and give rise to unwanted situations.
Global Autonomous Underwater Vehicles Market: Segmentation
- The global autonomous underwater vehicles market is segmented based on application, type, payload, propulsion system, and region.
Based on application, the global market is segmented into defense, research, and oil & gas. The global market witnessed the highest growth in the defense segment in 2021 owing to the rising undertakings by the government and related agencies to enhance underwater surveillance, and improve the country's intelligence along with growing investments in the nation's submarine numbers and naval strength.
The US Navy boasts more than 50,000 non-combat vehicles, 480 ships, and 3,900 manned aircraft. However, the research segment may also grow at a high CAGR. In July 2022, the Commonwealth Scientific and Industrial Research Organization, the national science agency of Australia joined the exploration program in the Pacific ocean. The growing number of exploration licenses may also help the segment generate high revenue.
Based on payload, the global market is divided into sensors, camera, inertial navigation system, and others. The global market witnessed the highest return in the inertial navigation system. In this process, the equipment is used for demining, or conducting oceanographic surveys, along with data collection during the bathymetric survey. The global market may witness high growth in the sensors segment due to the high application of advanced sensors that can provide real-time information.
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List of Key Players in Autonomous Underwater Vehicles Market:
- Bluefin Robotics
- Graal Tech
- Atlas Elektronik Gmbh
- Boston Engineering Corporation
- Hydromea Sa
- Eca Group
- Bae Systems
- Fugro
- Boeing
Key questions answered in this report:
- What are the growth rate forecast and market size for Autonomous Underwater Vehicles Market?
- What are the key driving factors propelling the Autonomous Underwater Vehicles Market forward?
- What are the most important companies in the Autonomous Underwater Vehicles Market Industry?
- What segments does the Autonomous Underwater Vehicles Market cover?
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Recent Developments
- In June 2022, the King Abdullah University of Science and Technology (KAUST) announced a partnership with Oceano Aero to help KAUST deploy artificial-intelligence-driven underwater vehicles. The move will help the research institute investigate the Red Sea area
- In November 2022, Huntington Ingalls Industries, Inc. unveiled a new unmanned underwater vehicle called the REMUS 620. The new product falls in the medium range and is inspired by REMUS 300 which was recently selected by the US Navy
Regional Dominance:
- North America to dominate market growth during the projection period.
The global autonomous underwater vehicles market is projected to witness the highest growth in North America. In 2021, the regional market contributed more than 0.38 billion to the global market share. The high CAGR is expected to be influenced due to the US and Canada owing to high spending on strengthening naval forces along with research & development activities. The US Navy is the world's strongest navy with high funds equipped with some of the most advanced forms of naval technologies. Asia-Pacific is projected to generate higher revenue owing to the growing interest of research institutes in undertaking exploration activities in the Pacific ocean. China could contribute heavily to the regional market growth as China's Navy strength is extremely close to that of the US. The growing application of AUVs for other reasons may also help generate more revenue. For instance, AUV Bluefin-21 was used to investigate the air crash of Malaysia Airlines Flight 370.
Global Autonomous Underwater Vehicles Market is segmented as follows:
Autonomous Underwater Vehicles Market: By Application Outlook (2022-2028)
- Defense
- Research
- Oil & Gas
Autonomous Underwater Vehicles Market: By Type Outlook (2022-2028)
- Large
- Medium
- Small
Autonomous Underwater Vehicles Market: By Payload Outlook (2022-2028)
- Sensors
- Camera
- Inertial Navigation System
- Others
Autonomous Underwater Vehicles Market: By Propulsion System Outlook (2022-2028)
- Mechanical
- Electrical
- Hybrid
Autonomous Underwater Vehicles Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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