Autonomous Underwater Vehicle Market with Tremendous Growth By 2028
The global autonomous underwater vehicles (AUVs) market size was valued at USD 1.16 billion in 2020. The market is forecast to rise from USD 1.33 billion in 2021 to USD 4.17 billion by 2028 at 17.80% CAGR during the 2021-2028 period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Autonomous Underwater Vehicles (AUVs) Market, 2021-2028.”
The market includes the design and manufacture of aircraft, rockets, missiles, and spacecraft that operate in space. Defence equipment refers to weapons, arms, and equipment that are used for military purposes. The study conducted in this report provides an in-depth analysis of the aerospace and defences industry in Europe.
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Drivers and Restraints
Bullish Demand from Defense to Encourage Product Portfolio Expansion
Industry participants expect bullish governments’ policies to foster the autonomous underwater vehicles (AUVs) market growth. The U.S. Navy has exhibited profound traction for AUVs for a host of applications, including intelligence, surveillance & reconnaissance (ISR), mine countermeasures (MCM), anti-submarine warfare (ASW), and inspection/identification (ID). To illustrate, in 2020, the U.S. Naval Sea Systems Command Washington inked around USD 11.1 million contract with Boeing to upgrade naval operations. Besides, the use of autonomous underwater vehicles in ocean exploration activities will augur well for the industry outlook. The IEA projects the demand for natural gas to surge at 1.5% by 2025. A notable rise in oil & gas production across Saudi Arabia, Iran, and Russia will encourage leading companies to invest in AUVs.
Meanwhile, uncertainty and reduced reliability in operational performance in communication systems may not bode well for the industry.
Asia Pacific to Witness Investment Galore from Oil & Gas Industry
Stakeholders expect the Asia Pacific autonomous underwater vehicles (AUVs) market share to witness significant growth on the back of expanding commercial applications. Emerging economies, such as China and India, are likely to bank on the oil & gas sector. An uptick in exploration activities will expedite the technology adoption. Besides, the expansion of naval forces across Japan, China, Australia, and India will bode well for regional growth.
The North America industry forecast will be strong in the wake of strong governments’ policies on defense and R&D activities. Prominently, the U.S. has augmented the procurement of sophisticated AUVs for ISR operations. The North America market size was valued at around USD 0.39 billion in 2020 and will grow with surging investments in the defense budget.
Industry players are likely to increase their investments in Europe due to rising oil & gas exploration activities. Stakeholders predict the U.K., France, and Germany to provide lucrative investment opportunities. Besides, major OEMs, including Saab AB and Kongsberg Gruppen A.S.A. are slated to bolster their presence across untapped areas. Moreover, the defense sector will also exhibit strong demand for AUVs across the region.
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Leading Companies to Infuse Funds into Product Launches to Tap Markets
Industry players are likely to expand their portfolios, including mergers & acquisitions, product rollouts, R&D activities, and technological advancements. The prevailing trends indicate major companies could invest in strategic expansion during the forecast period.
Key Industry Developments
March 2021 – Kongsberg Maritime was awarded a contract to deliver its four autonomous vessels to Norway’s Institute of Marine Research (IMR), which includes two Kongsberg AUVs to facilitate management and monitoring capabilities of marine resources and environments.
August 2021 – L3Harris Technologies demonstrated underwater autonomous capabilities through Iver3, its advanced Autonomous Underwater Vehicles, in collaboration with Marine Tech Systems.
Major Players Profiled in the Market Report:
- Fugro N.V. (Netherlands)
- General Dynamics Corporation (U.S.)
- International Submarine Engineering Ltd. (Canada)
- Kongsberg Gruppen A.S.A. (Norway)
- L3Harris Technologies, Inc. (U.S.)
- Lockheed Martin Corporation (U.S.)
- Oceaneering International Inc. (U.S.)
- SAAB AB (Sweden)
- Teledyne Technologies Inc. (U.S.)
- Boeing (U.S.)
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