BANGALORE, India, July 9, 2021 /PRNewswire/ -- The AUV Market is Segmented by Type (Shallow AUV, Medium AUVs, Large AUVs), by Application (Defense, Scientific Research, Commercial). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. This report is published on Valuates Reports under Heavy Machinery Category.
The global Autonomous Underwater vehicle market size is projected to reach USD 968.9 Million by 2027, from USD 421.8 Million in 2020, at a CAGR of 12.1% during 2021-2027.
Major factors driving the growth of the AUV market are:
The growing trend of modernization of underwater inspection and the rising demand for maritime security globally.
Increasing use for habitat & oceanography studies owing to their ability to capture images of the seabed.
TRENDS INFLUENCING THE GROWTH OF AUTONOMOUS UNDERWATER VEHICLE MARKET
Increasing application of AUVs for the underwater study is expected to drive the autonomous vehicle market growth. Because of their ability to capture photographs of the seabed and surrounding habitat using imaging systems, autonomous underwater vehicles assist scientists and researchers in habitat and oceanography studies. These systems provide detailed details, such as the size and color of the area in question, which is a key driver of the AUV market's development. For research and exploration activities, many companies include real-time & quick data transmission as well as high-standard hydrographic surveys.
Furthermore, AUVs also can be used for a variety of tasks. They may be used for commercial purposes like oil and gas exploration or detecting ship and plane wrecks, military purposes like reconnaissance or anti-submarine warfare, and scientific purposes like ocean mapping or measuring the physical properties of the water column. Thus the widespread end-user application of AUVs is expected to drive the growth of the autonomous vehicle market.
The rapid growth of fish farming is also paving the way for the autonomous underwater vehicle market to expand, as these vehicle can provide an inexpensive and reliable platform for aqua farmers to track water quality parameters including turbidity, temperature, and conductivity, as well as observe fish behavior during aquaculture feeding processes.
Based on type, the large AUV is expected to be the most lucrative segment during the forecast period. The demand for large AUVs for military and defense applications, as well as oil and gas exploration, is driving the growth of this market segment.
The demand for autonomous underwater vehicles for archaeological and exploration applications is projected to expand at the fastest pace of all applications between 2017 and 2023. Military and security applications, on the other hand, are projected to account for the majority of the autonomous underwater vehicle market in 2017.
Based on the region, Asia-Pacific is expected to be the most lucrative. The growing adoption of advanced underwater systems in APAC's emerging economies, such as China and India, is providing significant growth opportunities for AUV manufacturers in the region.
- Shallow AUVs Market is Segmented by Type Torpedo, Laminar Flow Body, Streamlined Rectangular Style, Multi-hull Vehicle, by Application Military & Defense, Oil & Gas, Environmental Protection & Monitoring, Oceanography, Archeology & Exploration, Search & Salvage Operations, Forecast 2021-2027.
- Medium AUVs Market : Medium AUVs are Autonomous Underwater Vehicles (AUVs) capable of diving to a depth of 100 to 1000 metres. Kongsberg Maritime, Teledyne Gavia, Bluefin Robotics, Atlas Elektronik, and ISE Ltd. are among the leading companies profiled in this research.
- Large AUVs Market : Large AUVs is an Autonomous Underwater Vehicle with a diving depth of more than 1000 meters.
- Underwater Remotely Operated Vehicles Market is Segmented by Type Micro ROVs, Lightwork-class ROVs, Heavy Work-class ROVs, by Application Oil & Gas, Scientific Research, Military & Defense, Forecast to 2025. Remotely Operated Vehicles (ROVs) are unmanned underwater robots that are connected to an operator via a system of cables that carry command and control signals to and from the underwater vehicle and the operator, allowing the vehicles to be navigated remotely.
- Robotics Technology Market was valued at USD 62.75 Billion in 2019, and is projected to reach USD 189.36 Billion by 2027, growing at a CAGR of 13.5% from 2020 to 2027. In wake of COVID-19, demand for robotics technology is expected to increase among several industries such as supply chain, manufacturing, and healthcare, due to growing adoption of robots in place of humans to reduce the impact of the virus and to enhance their market share.
- AUV and ROV Market is Segmented by Type AUV, ROV, by Application Oil and Gas, Defence, Forecast 2021 - 2027. Leading companies covered in this report are BAE Systems, Columbia Group, Teledyne Gavia EHF, ECA Group, Boston Engineering Corporation, CISCREA.
- ROV/AUV Video Cameras Market is Segmented by Type CMOS Sensor Type, CCD Sensor Type, by Application Commercial Exploration, Scientific Research, Defense, Forecast 2021 - 2027.
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