Insights on the Autonomous Underwater Vehicles Global Market to 2027 – Size, Trends & Growth Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Autonomous Underwater Vehicles Market Size, Trends & Growth Opportunity, By Technology, By Shape, By Payload Type, by Application By Region and Forecast till 2027.” report has been added to ResearchAndMarkets.com’s offering.
The Autonomous Underwater Vehicles market was valued at USD 1.5 billion in 2020 which expected to reach USD 4.3 billion by 2027 at a CAGR 10.9% from 2020-2027.
Companies Mentioned
- Teledyne Technologies (US)
- Fugro (Netherlands)
- Bluefin Robotics (General Dynamics) (US)
- Saab AB (Sweden) ECA GROUP (France)
- Lockheed Martin Corporation (US)
- ATLAS ELEKTRONIK GmbH (Germany)
- L3Harris Technologies (US)
- Boston Engineering Corporation (US)
Autonomous underwater vehicles are useful for a variety of missions, including shipwrecks, mapping rock formations, and other hazards that may pose a hazard to recreational and commercial navigation vessels. Autonomous underwater vehicles are outfitted with cutting-edge sensor technologies, such as sonar systems and oceanographic sensors, that allow them to complete the entire mission without the need for operator intervention.
Market Drivers
Defense spending is increasing in a number of countries around the world.
Security concerns, as well as concerns about contested territories and threats, have resulted in a significant increase in global defence spending. AUVs are used by defence forces for mine countermeasures, rapid environmental assessment, intelligence, surveillance, and reconnaissance, harbor protection and port clearance operations, and anti-submarine warfare. As a result, AUVs are expected to be used more frequently in the coming years to combat underwater security threats, resulting in global market growth.
Market Restraints
AUVs have high operating costs.
AUVs are high-priced maritime systems. The A18 AUV (ECA GROUP), for example, has a depth rating of up to 3,000 m and a price range of USD 2- 6 million. The deployment costs of AUVs used in exploration or surveying activities increase the overall cost of exploration and surveying missions. Furthermore, the high costs of maintenance, manufacturing, R&D, and system complexity associated with AUVs are slowing their adoption, despite the fact that they are increasingly being used in simple missions such as environmental monitoring.
Impact of COVID-19
COVID-19’s impact on the AUV market and consumer demand is currently unknown. However, it is expected that there will be a short-term reduction in AUV production because the oil and gas industry, which is the largest consumer of AUVs, is experiencing a shortage of oil and gas. Travel restrictions imposed in a number of countries, including Albania, Armenia, Australia, Azerbaijan, Bosnia and Herzegovina, Brunei Darussalam, Canada, Japan, Jordan, New Zealand, Qatar, the Republic of Moldova, Saudi Arabia, Serbia, Singapore, South Korea, Ukraine, and China, are causing a shortage in demand for oil and gas.
Market Taxonomy
By Technology
- Collision Avoidance
- Communication
- Navigation
- Propulsion
- Imaging
By Shape
- Torpedo
- Laminar Flow Body
- Streamlined Rectangular Style
- Multi-hull Vehicle
By Payload Type
- Cameras
- Sensors
- Synthetic Aperture Sonar
- Echo Sounders
- Acoustic Doppler Current Profilers
- Others
By Application
- Military & Defense
- Oil & Gas
- Environment Protection & Monitoring
- Oceanography
- Archaeology & Exploration
- Search & Salvage Operations
By Region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Autonomous Underwater Vehicles Market?
- What will be the growth rate from 2020 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
For more information about this report visit https://www.researchandmarkets.com/r/v9ufhp
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