NEW YORK, Oct. 5, 2016 /PRNewswire/ -- "Autonomous underwater vehicle (AUV) market projected to grow at a significant rate"
The said market is expected to grow from USD 211.8 million in 2016 to USD 497.9 million by 2022, at a CAGR of 15.31% during the forecast period. The high demand for autonomous underwater vehicle worldwide by the countries for monitoring their sea borders and by the oil & gas industries is a key factor responsible for the growth of the AUV market. However, stringent government regulations on using AUVs in the countries such as United States is a key factor that is restraining the growth of the autonomous underwater vehicles market.
"Search and salvage operations application projected to grow at the highest rate"
The market for the search and salvage operations application is expected to grow at the highest rate among all the applications. Incidences such as Malaysia Airlines flight MH-370 crash have been a vital factor for driving the growth of the AUV market for search and salvage operations. AUVs are expected to be adopted as an important tool for carrying out search and salvage operations in cases such as airplane crash in oceans, crash of warships, and breakdown of other commercial water vehicles.
"Imaging technology is estimated to grow at the highest rate between 2016 and 2022"
Imaging systems on AUVs are capable of capturing the pictures of the sea bed and the surrounding habitat which help the researchers in their oceanography or habitat research studies. Along with this, the growing awareness about the ability of the imaging systems to provide the exact information such as color and size of the objects present within the area under survey is one of the key factors which propel the growth of the imaging system market.
"North America is the major region for the AUV market"
The North American market is expected to hold the largest share in 2016, where the AUVs and its related products such as launch and recovery surface platforms are gaining momentum from various applications such as military & defense, oil & gas, environment protection and monitoring, oceanography, archeology and exploration, and search and salvage operation. The market in the APAC region is expected to grow at the highest rate. In the APAC region, especially in India, the plans to boost manufacturing under the project "Make in India" is one of the key driving factors for the AUV market in APAC.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-level Executives - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 45%, Europe - 20%, APAC - 30%, and RoW - 5%
Major players in the AUV market are Kongsberg Maritime AS (Norway), Teledyne Gavia ehf. (Iceland), Bluefin Robotics Corporation (U.S.), ECA Group (France), SaaB Group (Sweden), Fugro N.V. (Netherlands), Atlas Elektronik Group GmbH (Germany), OceanServer Technology, Inc. (U.S.), Boston Engineering Corporation (U.S.), and International Submarine Engineering Ltd. (Canada).
The report on the AUV market segments the market by type, technology, application, and geography. Depending on the depth, the market for AUVs based on type is segmented into shallow AUVs (depth up to 100 meters), medium AUVs (depth up to 1,000 meters), and large AUVs (depth above 1,000 meters). The AUV market is segmented on the basis of technology, namely, collision avoidance, communication, navigation, propulsion, and imaging. Depending on the adoption of AUVs for various applications, the AUV market is segmented on the basis of applications, namely, military & defense, oil & gas, environmental protection and monitoring, oceanography, archeology and exploration, and search and salvage operation. Lastly, the global AUV market is segmented into four regions, namely, North America, Europe, APAC, and RoW.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the AUV market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different applications and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product launches, partnerships, and mergers & acquisitions in the AUV market.
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