The global autonomous underwater vehicle market size is expected to reach USD 4,613.6 million by 2029 according to a new study by Polaris Market Research. The report “Autonomous Underwater Vehicle Market Share, Size, Trends, Industry Analysis Report By Technology (Collision Avoidance, Navigation, Communication, Imagery, Propulsion); By Type; By Shape; By Payload; By Application; By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Autonomous Underwater Vehicles (AUVs) equipped with sensors and actuators are used to collect data, detect and record submerged wrecks, rocks, and obstacles that can be a threat to navigation for commercial and recreational vessels. A torpedo-like vehicle is the most common AUV structure used in its development that consists of a streamlined body with propeller and control surfaces at the stern. AUVs are easy to build as they are cost-effective, which in turn is likely to pave the way for the AUV market demand in the near future.
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Owing to its cost-effectiveness, these are largely employed by several end-users for various purposes. Oceanography application allows the use of AUVs to accumulate and determine oceanographic research data related to marine life and ecosystems. The archeological & exploration sector accounts for the largest share in the AUV industry. These AUVs allow the exploration of the underwater archaeological sites that helps in the extraction of minerals, further utilized in the manufacturing of smartphones, laptops, and other gadgets.
North America region is expected to witness the largest share in the AUV market over the forecast period. The rising demand for AUVs in the U.S. is expected to augment the industry growth owing to its wide application in marine projects such as inspection and identification; Intelligence, Surveillance and Reconnaissance (ISR), payload delivery, and oceanography.
Market participants such as EELUME AS, Lockheed Martin Corporation, Atlas Elektronik GmbH, International Submarine Engineering (ISE) Ltd., Bluefin Robotics, Boing, Lockheed Martin Corporation, Boston Engineering Corporation, ECA Group, ecoSUB Robotics, Falmouth Scientific, Fugro, Graal Tech, Hydromea, Saab Group, Kongsberg Groups, L3Harris Technologies, Nido Robotics, Oceanserver Technology, Riptide Autonomous Solutions, Teledyne Technologies, Terradepth, and Tianjin Sublue are the key players operating in the global market.
Polaris Market Research has segmented the autonomous underwater vehicle market report on the basis of technology, type, shape, payload, application, and region:
Autonomous Underwater Vehicle, Technology Outlook (Revenue, USD Million, 2017 – 2029)
- Collision Avoidance
Autonomous Underwater Vehicle, Type Outlook (Revenue, USD Million, 2017 – 2029)
- Shallow AUV
- Medium AUV
- Large AUV
Autonomous Underwater Vehicle, Shape Outlook (Revenue, USD Million, 2017 – 2029)
- Laminar Flow Body
- Streamlined Rectangular style
Autonomous Underwater Vehicle, Payload Outlook (Revenue, USD Million, 2017 – 2029)
- Synthetic Aperture Sonars
- Echo Sounders
- Acoustic Doppler Current Profilers
Autonomous Underwater Vehicle, Application Outlook (Revenue, USD Million, 2017 – 2029)
- Army & Defense
- Petroleum & Gas
- Environmental Security & Tracking
- Archeology & Exploration
- Search & Rescue Activities
Autonomous Underwater Vehicle, Regional Outlook (Revenue, USD Million, 2017 – 2029)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa