CHICAGO, April 27, 2020 /PRNewswire/ -- According to the new market research report "Autonomous Underwater Vehicle (AUV) Market by Type (Shallow AUVs, Medium AUVs, Large AUVs), Application (Military & Defense, Oil & Gas), Shape, Technology (Navigation, Imaging), Payload Type (Cameras, Sensors), Region – Global Forecast to 2025", published by MarketsandMarkets™, the Autonomous Underwater Vehicle (AUV) Market is projected to grow from USD 638 million in 2020 to USD 1,638 million by 2025; it is expected to grow at a CAGR of 20.8% during the forecast period. AUVs are increasingly being adopted in various industries due to advantages such as reduction in the cost of operation, access to underwater depths, which are not safe for humans, and better endurance offered by them than human divers. Moreover, they can work without any human intervention in hostile conditions such as storms and natural calamities. The increasing capital expenditure in the offshore industry is expected to be the key driver for the growth of the AUV market. AUVs are widely used in the oil & gas industry for various applications such as pipeline inspections, platform inspections, and bathymetric surveys, as well as in search and rescue operations. AUVs are cost-effective for deepwater drilling applications as they eliminate the requirement of surface vessels and can operate autonomously.
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The sensors segment to hold the largest share of the AUV payload market from 2020 to 2025.
The sensors segment is expected to account for the largest share of the market during the forecast period. The growth of this segment can be attributed to the increasing adoption of sensors in scanning, detecting, mapping, and remote sensing applications. For instance, SeaOWL UV-ATM in-situ oil-in-water sensor manufactured by Sea-Bird Scientific (US) is used with Slocum Glider of Teledyne Webb Research (US) for oil detection applications.
The navigation segment is expected to hold the largest share of the AUV market during the forecast period.
The navigational information such as the location of AUVs is essential for their safe operations and recovery; navigation technology is crucial for successful mission completion. Inertial navigation systems are integrated with Doppler velocity logs (DVLs), GPS receivers, pressure/depth sensors, and sound speed sensors to achieve a high degree of navigation accuracy, thereby resulting in the increased adoption of inertial navigation systems for use in large AUVs.
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North America to hold the largest share of the AUV market in 2020.
The increasing adoption of AUVs in the military & defense applications in the US is driving the growth of the AUV market in North America. For instance, in August 2019, Teledyne Instruments (US) received an indefinite-delivery/indefinite-quantity (IDIQ) contract worth USD 22 million from the US Naval Undersea Warfare Center to supply AUVs and related monitoring and communication acoustic systems. Moreover, there is significant adoption of AUVs in the oil & gas sector of the US. According to the US Energy Information Administration, in 2018, the US surpassed Saudi Arabia to become the world's largest producer of petroleum.
Major companies in the AUV market are Kongsberg Maritime (Norway), Teledyne Marine (US), Bluefin Robotics Corporation (US), ECA GROUP (France), Saab AB (Sweden), Lockheed Martin Corporation (US), Fugro (Netherlands), ATLAS ELEKTRONIK GmbH (Germany), Boston Engineering Corporation (US), International Submarine Engineering (Canada), Graal Tech (Italy), BAE Systems (UK), and Boeing (US). Apart from these, Rovco (UK) and Hydromea SA (Switzerland) are among a few emerging companies in the AUV market.
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