Auto Industry News
Auto Bailout News
Auto Show News
Car Dealers News
| Automotive News
| Submit Press Release
(I-AutoNewsWire.com, February 02, 2024 ) The Global Autonomous Underwater Vehicle Market has witnessed significant growth in recent years, fueled by technological advancements, increased exploration, and survey activities, and rising demand across various industries.
Autonomous Underwater Vehicle (AUV) Industry Overview:
Autonomous Underwater Vehicles, commonly known as AUVs, are unmanned underwater vehicles capable of operating without human intervention. These sophisticated machines have become integral in various sectors, including defense, oil and gas, environmental monitoring, and scientific research.
Download PDF Brochure @
Autonomous Underwater Vehicle (AUV) Market Size and Share:
According to the MarketsandMarkets latest market research report 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. The market size is influenced by factors such as increasing offshore oil and gas exploration, growing demand for efficient underwater survey solutions, and rising environmental concerns.
The global autonomous underwater vehicle (AUV) market share is distributed among prominent players, each contributing to the industry's development through innovation and strategic partnerships. Key regions driving the market include North America, Europe, Asia-Pacific, and the RoW
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.
Companies Shaping the Autonomous Underwater Vehicle (AUV) Industry:
Several companies play pivotal roles in the global AUV market, contributing to its growth and competitiveness. Major industry players include 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)
Autonomous Underwater Vehicle (AUV) Market Growth Analysis:
Since the first underwater optical fiber cable came out in 1985, underwater cable systems have played a key role in the field of cross-continental communications. These systems offer several advantages, such as large capacity, high reliability, and excellent communication quality. However, underwater telecommunication cables are prone to suffer from potentially hazardous or environmental damage caused by natural causes, such as earthquakes and turbulent currents, or human activities (anchoring and fishing gear). AUVs are used extensively to resolve these issues. Also, AUVs are used in the maintenance and damage recovery for underwater connectors (also known as marine connectors or subsea connectors).
The AUV market's growth trajectory is expected to continue, driven by technological innovations, increasing demand for underwater surveys, and rising applications in defense and research. The industry is likely to witness developments in swarm robotics, enabling coordinated efforts of multiple AUVs for complex tasks.
Ask for Sample Report @
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Mr. Aashish Mehra