CHICAGO, Aug. 19,
2024 /PRNewswire/ -- The autonomous
underwater vehicle (AUV) market is valued at
USD 2.0 billion in 2024 and is
projected to reach USD 4.3 billion by
2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029
according to a new report by MarketsandMarkets™. Factors
accelerating the growth of the autonomous underwater vehicle (AUV)
market are technological advancements in autonomous underwater
vehicles, rising deployment of advanced technologies to ensure
border and maritime security, shifting preference toward renewable
energy sources, increasing investments in offshore oil and gas
drilling activities, and increasing adoption of autonomous
underwater vehicles for deep sea exploration for exploration of
critical minerals and seabed resources.
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Browse in-depth TOC on "Autonomous Underwater Vehicle
(AUV) Market"
219 – Tables
72 – Figures
274 – Pages
Autonomous Underwater Vehicle (AUV) Market
Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 2.0
billion
|
Estimated Value by
2029
|
$ 4.3
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 15.9%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Shape, Type,
Technology, Payload and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Risk of data loss and
prolonged research timelines due to challenging marine
environment
|
Key Market
Opportunities
|
Rising use of AUVs to
protect subsea cables and seabed environment
|
Key Market
Drivers
|
Shifting preference
toward renewable energy sources
|
Large AUVs segment is expected to grow at the highest CAGR during
the forecast period.
The market for large AUVs is projected to grow at the highest
growth rate during the forecast period due to the increasing demand
for such AUVs for use in military & defense and oil & gas
exploration applications. UK Ministry of Defense (MoD) has recently
placed an order to deliver an extra-large AUV (XL-AUV) to support
the Royal Navy and explore the utility of uncrewed submarines in
the future underwater battlespace. Similarly, the Chinese Navy is
focusing on developing many Al-enabled underwater vehicles.
China's push for advancements is
to counter US dominance in the Indo-Pacific region.
The medium AUV type segment for environmental protection
& monitoring applications is expected to grow at the highest
CAGR during the forecast period.
The autonomous underwater vehicle (AUV) market for medium AUVs
segment for environmental protection & monitoring applications
is expected to grow at the highest CAGR during the forecast period.
Medium AUVs can operate at depths of up to 1,000 m, which is ideal for environmental
protection and monitoring applications. This is due to the AUVs
ability to reach a wide range of underwater environments. These
AUVs have increasingly been adopted for applications such as water
sampling, habitat research, oceanographic research, marine
pollution monitoring, fishery studies, and emergency response is
likely to grow during the forecast period.
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The US holds the largest market share in autonomous
underwater vehicle (AUV) market during the forecast period.
In North America, the US
accounted for the largest market share of the autonomous underwater
vehicle (AUV) industry in 2023 and is expected to retain its
position during the forecast period due to heavy investment done by
the US government in the defense sector. The increasing offshore
activities, such as mine hunting, are expected to boost AUV
adoption in the country. Like for instance, recently, the US Navy
signed a USD 18.6 million contract
with Anduril Industries (US) to build five of its Dive AUVs. The
company has also announced the establishment of a new center in
Quonset Point, Rhode Island, to
increase its Dive-LD AUV production. The factory will cover up to
150,000 square feet and include dedicated service bays, testing
laboratories, and additional spaces to accommodate lifecycle tasks
from research through sustainment. The center is expected to boost
the assembly of Dive-LD's family of AUVs to more than 200 annually.
Such contracts undertaken by leading companies have contributed to
the growth of the commercial exploration segment of the US
autonomous underwater vehicle market.
Key Players
Some of the leading companies operating in the autonomous
underwater vehicle (AUV) companies are KONGSBERG (Norway), Teledyne Technologies Incorporated
(US), General Dynamics Corporation (US), Saab (Sweden), Exail Technologies (France), Lockheed Martin Corporation (US),
Fugro (Netherlands), ATLAS
ELEKTRONIK (Germany), Boston
Engineering Corporation (US), L3Harris Technologies, Inc. (US),
Graal Tech S.r.l. (Italy),
International Submarine Engineering Limited (Canada), Boeing (US), Riptide Autonomous
Solutions (US), MSubs (China),
Falmouth Scientific, Inc. (FSI) (China), Terradepth (US), among others.
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