The global autonomous underwater vehicle (AUV) market size was valued at USD 1.6 billion in 2022 and is projected to reach USD 4.9 billion by 2028, growing at a CAGR of 22.4% from 2023 to 2028. Factors such as the high operational costs of AUVs are restraints for the market's growth.
By technology, the
imaging segment in the autonomous underwater vehicle (AUV) market is expected
to grow at the highest growth rate 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 can capture 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 conduct inspection activities. They are
also used in the military & defense sector to conduct search operations
Torpedo segment account
for the largest market share of the autonomous underwater vehicle (AUV) market,
by shape, during the forecast period.
The Torpedo segment of
the autonomous underwater vehicle (AUV) market by shape holds the largest
market share and is expected to grow with the highest growth rate during the
forecast period. The growth of this segment can be attributed to the ease of
storage and launch of torpedo shaped AUVs from ships, aircraft, and helicopters
without significant modifications.
The drag of these AUVs
is the second-best after laminar flow body AUVs. But torpedo shaped AUVs are
preferred over laminar flow body AUVs as they are stable and hence offer a good
balance between speed and stability. Torpedo-shaped AUVs can be used for a wide
range of applications. Moreover, their hulls have more surface area than
laminar flow body AUVs, which makes them highly suitable for deepwater
applications.
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Global Autonomous
Underwater Vehicle (AUV) Market Share
Asia Pacific region is
expected to exhibit the highest CAGR during forecast period.
The autonomous
underwater vehicle (AUV) market in the Asia Pacific is projected to grow at the
highest CAGR during the forecast period; this region is likely to hold a
largest share of the autonomous underwater vehicle (AUV) market by 2028.
The rising demand for
energy, along with the high GDP growth rate of emerging economies such as China
and India, is creating significant growth opportunities for the oil & gas
industry and hence, for AUV manufacturers in Asia Pacific. For instance, India
has adopted Adamya AUV with a depth rating of 1,500 m. It can be launched from
submarine torpedo tubes and surface ships. Adamya AUV can be used for
hydrographic surveys, underwater mine detection and countermeasure operations,
intelligence, surveillance, and reconnaissance missions.
Top Autonomous
Underwater Vehicle (AUV) Companies - Key Market Players
Kongsberg Group ASA
(Norway), Teledyne Technologies Incorporated (US), General Dynamics Corporation
(US), Saab AB (Sweden), Exail Technologies SA (France), Lockheed Martin
Corporation (US), Fugro N.V. (Netherlands), ATLAS ELEKTRONIK GmbH (Germany),
Boston Engineering Corporation (US), L3Harris Technologies, Inc. (US), Graal
Tech S.r.l. (Italy), International Submarine Engineering Limited (Canada), and
Boeing (US) are some key players operating in the market.
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