The Autonomous underwater vehicle (AUV) market is estimated to be valued at USD 1.5 billion in 2021 and reach USD 4.3 billion by 2026, at a CAGR of 23.1% between 2021 and 2026.
The
Increasing capital expenditure of companies in offshore oil & gas industry,
and rising defense spending in several countries worldwide are the key factors
driving the growth of the market. Likewise, Development and incorporation of
advanced technologies in AUVs are expected to create lucrative opportunities
for the players in the Autonomous underwater vehicle (AUV) market. However,
high operational costs of AUVs are expected to restraint market growth.
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 deep waters 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.
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.
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Key Market Players
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). Kongsberg (Norway) Kongsberg group was founded in 1814 and is one of
the major providers of marine technology-based navigation and automation systems
for merchant vessels and the offshore industry. The company provides its
products and solutions to various industries, including oil & gas, marine,
and aerospace & defense. Under the subsea product category, the company
offers AUVs, marine technology handling systems, sonar seabed survey equipment,
and underwater acoustic products.
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