PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1305949
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1305949
The autonomous underwater vehicle (AUV) market 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. Development and incorporation of advanced technologies in AUVs, and the upcoming expansion of internet through 5G driving demand for underwater cables provide lucrative opportunities to the autonomous underwater vehicle (AUV) market.
Dual-eye cameras segment of the AUV payload market for cameras is expected to grow with the highest growth rate during the forecast period
The dual-eye cameras segment of the AUV payload market for cameras is projected to grow at a higher CAGR than the high-resolution digital still cameras segment during the forecast period. Growth in this segment can be attributed to the improved accuracy offered by the 3D technology incorporated in these cameras. Dual-eye cameras make it easy to differentiate between mines and mine-like objects.
Archeology & exploration segment to exhibit significant growth in the autonomous underwater vehicle (AUV) market, by application, during the forecast period
During the forecast period, the archeology & exploration applications segment is estimated to grow at the highest growth rate. AUVs can be useful for underwater exploration activities to extract minerals such as cobalt, zinc, and magnesium; these minerals are used in the fabrication of smartphones, laptops, and hybrid cars, among others.
China in Asia Pacific is expected to hold the largest market share during the forecast period
China held the largest share in the autonomous underwater vehicle (AUV) market in the Asia Pacific region and is expected to retain its position during the forecast period. This is due to AUVs being widely adopted by the Chinese navy. China has their three big undersea vehicle developers-Shenyang Institute of Automation (which is developing prototypes of medium and large undersea vessels, including Sea-Whale 2000 and Qianlong (Hidden Dragon) series of AUVs); Shipbuilding Industry Corporation, which is the world's largest shipbuilding conglomerate (it is developing the Haishen ("Poseidon") series of AUVs); and Harbin Engineering University, earlier known as Harbin Institute of Shipbuilding (it has developed AUV models for undersea surveying and mapping, such as the Weilong (Microdragon) 1, 2, and 3).
In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the autonomous underwater vehicle (AUV) market. Following is the breakup of the profiles of the primary participants for the report.
The report profiles key autonomous underwater vehicle (AUV) players and analyzes their market shares. Players profiled in this report are 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), Boeing (US), etc.
Research Coverage
The report defines, describes, and forecasts the autonomous underwater vehicle (AUV) market based on type, payload type, technology, shape, application, and region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the autonomous underwater vehicle (AUV) market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions conducted by the key players to grow in the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall autonomous underwater vehicle (AUV) market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
Analysis of key drivers (Increasing capital expenditure of companies in offshore oil & gas industry, rising defense spending in several countries worldwide, and increasing focus on use of renewable energy sources), restraints (High operational costs of AUVs), opportunities (Development and incorporation of advanced technologies in AUVs, and upcoming expansion of Internet through 5G driving demand for underwater cables), and challenges (Slow underwater survey speed owing to use of acoustic communication, and operational hindrances such as natural ocean hazards and bad ocean weather) influencing the growth of the autonomous underwater vehicle (AUV) market.
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) **