Automotive and Transportation

Autonomous Underwater Vehicle Market is Expected to Reach USD 3,754.1 Million by 2031

Apr 2024

Automotive and Transportation

As per the report published by Kings Research, the global Autonomous Underwater Vehicle Market was valued at USD 1,072.7 million in 2023 and is projected to reach USD 3,754.1 million by 2031, growing at a CAGR of 17.22% from 2024 to 2031.

Increasing deep-water offshore oil and gas production is poised to propel the growth of the autonomous underwater vehicle(AUV) market. As the global demand for energy continues to rise, particularly in emerging economies, there is a growing focus on tapping into deep-water reserves for oil and gas extraction. This trend is driving the need for advanced technologies such as AUVs, which can efficiently conduct underwater surveys, monitor subsea infrastructure, and assist in various offshore operations.

AUVs play a crucial role in enhancing the efficiency and safety of deep-water exploration and production activities by providing accurate data and facilitating precise operations in challenging underwater environments. With the expansion of deep-water offshore oil and gas projects worldwide, the demand for AUVs is expected to surge, thereby contributing to market growth in the foreseeable future.

Key Insights

  • Based on type, the medium AUVs segment is expected to register the highest CAGR of 19.60% over the forecast period
  • Based on payload type, the sensor-based AUVs segment generated the highest revenue of USD 658.1 million in 2023
  • By application, the archaeology & exploration segment is expected to witness the highest CAGR of 19.51% through the projected period
  • On the basis of region, Asia Pacific is anticipated to grow at a robust CAGR of 18.76% over the forecast period

Polish Ministry of Defence (MOD) Acquires Teledyne for Marine Surveillance

January 2024: Teledyne Gavia announced that the Polish Ministry of Defence (MOD) aims to enhance its underwater survey capabilities by acquiring the Teledyne RESON SeaBat T20-S Module for integration with the group's GAVIA Autonomous Underwater Vehicles (AUVs).

Oceaneering International Launches Uncrewed Surface Vessel for Deepwater Operations

September 2023: Oceaneering International launched a new Uncrewed Surface Vessel (USV) service by its Subsea Robotics division. This service facilitates remote survey tasks for deepwater geophysical and asset inspection operations, including AUV positioning and offshore and nearshore surveys.

Growth of 5G-enabled Technologies Offer Lucrative Opportunities for Market Expansion

The upcoming expansion of 5G-enabled technologies presents lucrative opportunities for the expansion of the autonomous underwater vehicle market. The integration of 5G connectivity into AUV systems enables real-time data transmission, remote monitoring, and enhanced communication capabilities underwater. This advancement unlocks new possibilities for AUV applications across various sectors, including marine research, offshore energy, defense, and telecommunications. With 5G-enabled AUVs, operators can remotely control and monitor underwater operations with higher efficiency and accuracy, leading to improved productivity and cost savings. Additionally, the growing adoption of 5G networks worldwide, coupled with advancements in AUV technology, is expected to drive the demand for 5G-enabled AUVs, thereby fueling market expansion in the coming years.

Rising Defense Spending in Developing Countries to Augment Market Growth

The rising defense spending in developing countries is poised to augment the growth of the autonomous underwater vehicle market. Developing nations are increasingly investing in modernizing their defense capabilities, including underwater surveillance, reconnaissance, and naval operations, to bolster national security. AUVs play a vital role in maritime defense and security by offering advanced capabilities for underwater missions, such as mine countermeasures, anti-submarine warfare, and underwater surveillance. The deployment of AUVs enables defense forces to gather intelligence, monitor maritime borders, and protect critical infrastructure in coastal regions. With the escalating security threats and geopolitical tensions globally, the demand for AUVs in developing countries' defense sectors is expected to rise significantly, thereby driving market growth in the foreseeable future.

Asia-Pacific to Emerge as the Fastest-Growing Region, Exhibiting the Highest CAGR of 18.76% between 2024 and 2031

Based on region, the global autonomous underwater vehicle market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia Pacific is anticipated to grow at the highest CAGR through the estimated timeframe. The region's rapid economic development, increasing maritime activities, and growing investments in marine research and offshore energy projects are driving the demand for AUVs. Countries in Asia-Pacific are expanding their underwater exploration and surveillance capabilities to support offshore oil and gas exploration, marine resource management, and maritime security operations. For instance, in August 2023, GRSE, an Indian company, introduced an autonomous underwater vehicle (AUV) with mine-detection capabilities for military applications. The AUV features sensors for search-and-rescue (SAR) operations, thereby enhancing mine countermeasures (MCM).

Additionally, rising defense expenditures in countries such as China, India, and Australia are fueling the adoption of AUVs for naval applications and underwater defense operations. Moreover, technological advancements and collaborations between industry players and research institutions are accelerating the growth of the AUV market in Asia-Pacific.

Market Players Concentrating on Innovative Product Launches to Drive Market Development

The global autonomous underwater vehicle market is fragmented with key players such as Kongsberg Gruppen ASA, Oceaneering International, Inc., Teledyne Marine Technologies Incorporated, Fugro, Lockheed Martin Corporation, Saab AB, L3Harris Technologies, Inc., Boeing, General Dynamics Mission Systems, Inc., ECA GROUP, HII, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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