The report "Autonomous
Underwater Vehicle (AUV) Market With Covid-19 Impact by Type (Shallow Auvs,
Medium Auvs, Large Auvs), Application (Military & Defense, Oil & Gas),
Shape, Technology, Payload Type, Region - Global Forecast to 2026", is
estimated to be valued at USD 1.5 billion in 2021 and reach USD 4.3 billion by
2026; it is anticipated to grow at a CAGR of 23.1% during the forecast period
(2021–2026).
The major factors driving the growth
of the Autonomous underwater vehicle (AUV) market are increasing capital
expenditure of companies in offshore oil & gas industry, and rising defense
spending in several countries worldwide. However, several factors, such as slow
underwater survey speed owing to use of acoustic communication can act as a key
challenge in the market during the forecast period.
Imaging segment is projected to
witness the highest CAGR for the forecast period
Imaging segment is expected to grow
at a higher CAGR during the forecast period. The imaging segment of the market
is projected to grow at the highest CAGR during the forecast period. The
imaging systems used in AUVs are capable of capturing pictures of the seabed
and surrounding areas, which help researchers in oceanography or habitat
research studies. Advancements in imaging technologies are expected to lead to
increased use of AUVs in the oil & gas industry to carry out inspection
activities.
Large AUVs to account for the highest
CAGR of Autonomous underwater vehicle (AUV) market during the forecast period
The large AUVs is estimated to grow
at the highest CAGR from 2021 to 2026 during the forecast period, as increased
demand for large AUVs in military & defense, oil & gas exploration,
oceanography, search & salvage operations, and habitat research applications
is fueling the growth of this market segment.
Torpedo AUVs will have the highest
growth in the coming years
Torpedo AUVs is expected to account
for the highest growth of the overall Autonomous underwater vehicle (AUV)
market by 2026. Torpedo AUVs are widely adopted worldwide owing to their
hydrodynamic shape, which results in less drag, high speed, and improved
efficiency. They have an optimum surface area of the hull that makes them
suitable for use in deepwaters without compromising on their speed.
Sensors segment of AUV payload market
is expected to hold the largest share in 2026
The large market size of the sensors
segment can be attributed to their advantages such as it is widely used in AUVs
for scanning, detecting, mapping, and remote sensing applications. AUVs use
them for mapping underwater environments and detecting objects of interest for
antisubmarine warfare (ASW) missions and pipeline inspections. Sensors are also
used to identify the location of ferrous objects in the seabed, examine undersea
cables, and detect and classify a wide variety of chemicals in seawater.
AML Oceanographic (US), EvoLogics
GmbH (Germany), and CODAR Ocean Sensors (US) are some of the key suppliers of
sensors used in AUVs.
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APAC is
attributed to grow at the highest CAGR in Autonomous underwater vehicle (AUV)
market during the forecast period (2021-2026)
The Autonomous
underwater vehicle (AUV) market in APAC has been segmented into China, Japan,
and India, which are the fastest-growing market for AUVs. Factors such as
increased military spending, growing need for energy in emerging economies, and
the rising adoption of AUVs in various application areas are driving the growth
of the AUV market in APAC. The demand for AUVs for mine exploration and
oceanographic studies has increased significantly in the past few years. In
addition, the rising military capabilities of developing nations such as India
and South Korea are expected to boost the demand for AUVs in APAC.
Key Market
Players
In 2020, the
Autonomous underwater vehicle (AUV) market was dominated by Kongsberg (Norway),
Teledyne Technologies (US), Fugro (Netherlands), Bluefin Robotics (General
Dynamics) (US), and Saab AB (Sweden).
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