Autonomous underwater vehicle market is expected to be valued at USD 9,389.9 million by 2022, registering a CAGR of 17.89% between 2022 and 2030.

 

Underwater vehicles that operate autonomously (AUVs) do so without the assistance of a human. They come in various sizes, including shallow, medium, and gigantic. AUVs also have cutting-edge features like communication, crash evasion, route, image, and drive. Sensors, cameras, and designed opening sonars are just some of the payloads that AUVs can carry alone or in combination. As per the autonomous underwater vehicle market trends, AUVs are used in various industries in addition to the oil and gas sector, including military and security, oceanography, ecological security, observation, archaeological and investigation, and search and rescue operations. Over the next five years, the autonomous underwater vehicle market share is anticipated to increase significantly. The growing demand for AUVs in the oil and gas sector and increased military spending are expected to propel market growth. Seaward assets are vital in meeting this growing energy need since conventional coastal stocks are continuously depleting. The relocation of oil and gas creation offices to subsea districts is a result of this. The introduction of sophisticated devices has stimulated research into practical administration and board risk. Advanced route and imaging frameworks are sent for safe actions in difficult circumstances. Nevertheless, a market's limited flight range, persistence, and propensity for cyber-attacks can impede its growth. The development of autonomous underwater vehicles for seabed planning, assessment, and monitoring is dependent on the growth of the global market. While the autonomous underwater vehicle market trends include that Lockheed Martin was awarded a two-year, USD 12.3 million contract in February 2020 to assist the Defense Advanced Projects Agency in building and displaying an additional massive autonomous underwater vehicle. Also, Saab AB received approval from Sweden's FMV in December 2019 for self-propelled maritime mine development. Innovation in autonomous underwater vehicles (UAVs) will serve as the foundation for the new maritime mine. 

Regional Analysis

 According to the regional analysis report, the market has been divided into several geographical areas, including North America, Europe, Asia-Pacific, and the rest of the globe. North America accounted for the largest autonomous underwater vehicle market share among all the other regions. The US and Canada, two strong countries, are regarded as belonging to this region. Market growth is supported by the rising modernization initiatives undertaken by maritime powers of countries like the US for bolstering navies. Market Segmentation The market is divided into three segments based on type: AUV, ROV, and Hybrid. According to the autonomous underwater vehicle market forecast, the ROV Unmanned Underwater Vehicles segment is expected to dominate the market in 2020 with a 46.2% share, thanks to their extensive range of practical and commercial uses. Another motivator for the market is capex. As capital consumption increases, the ROV market will be driven more by research and boring movement. Subsea investigative action is a factor in increasing the use of the market, which is projected to register a CAGR of 14.5% through 2025. The market for ROV tasks is driven by the start of new oilfield development, the fluctuating number of oil rigs, and the amount of seaward capital consumption. In the next five years, it is anticipated that the use of ROV for bridging green energy, such as wind energy, will increase, with the seaward wind factory establishment movement propelling the market. Key Players The companies contributing to this market are:

• Boston Engineering Corporation (US)


• Kongsberg Maritime (Norway)


• The ECA Group (France)


• Teledyne Technologies Incorporated (US)


• Lockheed Martin Corporation (US)


• General Dynamics Corporation (US)


• Graal Tech Srl (Italy)


• Saab AB (Sweden)


• Fugro (Netherlands)


• International Submarine Engineering Limited (Canada)