Global Autonomous Underwater Vehicle Market to Surpass USD 5.95 Bn By 2031| Growth Market Reports

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Jul 03, 2023, 01:00 ET

PUNE, India, July 3, 2023 /PRNewswire/ -- According to a recent market study by Growth Market Reports, titled, "Global Autonomous Underwater Vehicle Market Segments - by Type, Shape, Technology, Propulsion System, Payload Type, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031", the market size was USD 1.78 Bn in 2022 and is expected to surpass USD 5.95 Bn at a CAGR of 14.3% by the end of 2031.

Key Players Covered

  • Lockheed Martin Corporation
  • General Dynamics Corporation
  • Boeing
  • Kongsberg
  • BAE Systems
  • ATLAS ELEKTRONIK GmbH
  • International Submarine Engineering Limited
  • Eelume AS
  • ECA GROUP
  • Graal Tech Srl

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Key Takeaways:

  • AUVs are self-propelled or unmanned vehicles that are equipped with sensors and actuators.
  • Increasing adoption in defense and growing exploration of rare earth minerals are expected to boost the demand for AUVs.
  • The medium AUVs (100m-1000m depth) segment is projected to expand at the fastest CAGR, owing to rising adoption in the oil & gas and defense sector.
  • The military & defense segment is anticipated to hold a major market share due to increasing demand for intelligence, surveillance, and reconnaissance activities.
  • North America is expected to dominate the global market, owing to the increasing defense budgets and rising procurement of advanced AUVs by the Navy for ISR operations.

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Segment Covered

Type

  • Small AUVs (upto 100m depth)
  • Medium AUVs (100m-1000m depth)
  • Large AUVs (above 1000m depth)

Shape

  • Torpedo
  • Streamlined Rectangular Style
  • Laminar Flow Body
  • Multi-hull Vehicle

Technology

  • Communication System
  • Collision Avoidance System
  • Navigation System
  • Imaging System

Propulsion System

  • Mechanical System
  • Electric System
  • Hybrid System

Payload Type

  • Sensors
  • Cameras
  • Echo Sounder
  • Synthetic Aperture Sonar
  • Acoustic Doppler Current Profilers
  • Others

Application

  • Scientific Research
  • Oil & Gas Industry
  • Military & Defense
  • Archaeology & Explorations
  • Oceanography
  • Environment Protection & Monitoring
  • Seabed Mining
  • Rescue Activities
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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SOURCE Growth Market Reports