Global Autonomous Underwater Vehicle Market Overview to 2027 – Size, Trends and Growth Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Autonomous Underwater Vehicles Market Size, Trends and Growth Opportunities, by Technology, by Shape, by Payload Type, by Application by Region and Forecast to 2027.” report has been added to from ResearchAndMarkets.com offer.

Autonomous Underwater Vehicle Market was valued at USD 1.5 Billion in 2020 and is projected to reach USD 4.3 Billion by 2027 at a CAGR of 10.9% from 2020 to 2027.

Companies cited

  • Teledyne Technologies (USA)

  • Fugro (Netherlands)

  • Bluefin Robotics (General Dynamics) (USA)

  • Saab AB (Sweden) ECA GROUP (France)

  • Lockheed Martin Corporation (USA)

  • ATLAS ELEKTRONIK GmbH (Germany)

  • L3Harris Technologies (USA)

  • Boston Engineering Corporation (USA)

Autonomous underwater vehicles are useful for a variety of missions, including wrecks, mapping rock formations, and other hazards that can pose a hazard to recreational and commercial shipping vessels. Autonomous underwater vehicles are equipped with state-of-the-art sensor technologies, such as sonar systems and oceanographic sensors, which allow them to accomplish the entire mission without requiring operator intervention.

Market factors

Defense spending is increasing in a number of countries around the world.

Security concerns, along with concerns about disputed territories and threats, have led to a significant increase in global defense spending. AUVs are used by defense forces for mine countermeasures, rapid environmental assessment, intelligence, surveillance and reconnaissance, harbor protection and harbor 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, which will drive the growth of the global market.

Market constraints

AUVs have high operating costs.

AUVs are expensive maritime systems. The A18 AUV (ECA GROUP), for example, has a design depth of up to 3,000m and a price range of USD 2-6 million. Deployment costs for AUVs used in exploration or surveying activities increase the overall cost of exploration and surveying missions. In addition, the high maintenance, manufacturing, R&D costs and system complexity associated with AUVs are slowing their adoption, despite the fact that they are increasingly used in simple missions such as environmental monitoring.

Impact of COVID-19

The impact of COVID-19 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, Republic of Moldova, Saudi Arabia, Serbia, Singapore, South Korea, Ukraine and China, cause a shortage of demand for oil and gas.

Market Taxonomy

By technology

  • Collision avoidance

  • Communication

  • Navigation

  • Propulsion

  • Imaging

By shape

  • Torpedo

  • Laminar flow body

  • Simplified rectangular style

  • multihull vehicle

By payload type

  • Cameras

  • Sensors

  • Synthetic Aperture Sonar

  • echo sounders

  • Acoustic Doppler current profilers

  • Others

By app

  • Military & Defense

  • petroleum gas

  • Environmental protection and monitoring

  • Oceanography

  • Archeology and exploration

  • Search and rescue operations

By region

  • North America

  • Latin America

  • Europe

  • China

  • Asia Pacific

  • Middle East and Africa

Key questions addressed by the report

  • What are the key opportunities in the Autonomous Underwater Vehicles market?

  • What will be the growth rate from 2020 to 2027?

  • Which segment/region will experience the highest growth?

  • What are the factors that will impact/driving 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

About Eleanor Blackburn

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