Autonomous Underwater Vehicle (AUV) Market worth $4.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 29, 2023 /PRNewswire/ -- The autonomous underwater vehicle (AUV) market was valued at USD 1.6 billion in 2022 and is projected to reach USD 4.9 billion by 2028, growing at a CAGR of 22.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors accelerating the growth of the autonomous underwater vehicle (AUV) market are the increasing capital expenditure of companies in the offshore oil & gas industry, rising defense spending worldwide, and increasing focus on the use of renewable energy sources.

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Autonomous Underwater Vehicle (AUV) Market Report Scope:

Large AUVs segment to account for the largest share during the forecast period.

Based on type, the autonomous underwater vehicle (AUV) market has been classified into shallow AUVs (up to 100 m), medium AUVs (up to 1,000 m), and large AUVs (more than 1,000 m). The large AUVs segment is estimated to hold the largest share of ~53% of the overall autonomous underwater vehicle (AUV) industry in 2023. The growth of this segment can be attributed to the fact that large AUVs are used in a wide range of applications. The ability of these AUVs to operate at depths of more than 1,000 m and carry heavy payloads makes them suitable for archeological and exploration applications. Large AUVs are widely used for oil & gas exploration activities, as these activities are generally carried out at depths of more than 2,000 m. Also, large AUVs have better endurance capabilities than the other two types of AUVs. Owing to their onboard energy capability, these AUVs can power a wide range of underwater instruments. Large AUVs are widely adopted for mine countermeasure applications in the military & defense sectors.

Military & defense application segment in Asia Pacific to account for the largest share during the forecast period.

The military & defense applications segment held the largest market share in the Asia Pacific. Countries such as China, Japan, Australia, and India, which strongly focus on their Navy and coastal border security. For instance, India has adopted the Adamya AUV with a depth range of 1,500 m, which can be launched from submarine torpedo tubes and surface ships. Adamya AUV can be used for various applications such as hydrographic surveys, underwater mine detection and countermeasures, intelligence surveillance and reconnaissance missions, offshore surveys, harbor security, clandestine monitoring, environmental monitoring, and anti-submarine operations.

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North America holds the second-largest market share throughout the forecast period.

North America held the second-largest market share and is expected to retain its position during the forecast period from 2023 to 2028 in the autonomous underwater vehicle (AUV) market. The increasing adoption of AUVs for military & defense applications in the US is driving the growth of the Autonomous underwater vehicle (AUV) market in North America. For instance, in the FY2022 budget, the US Navy increased its investment in AUVs; it increased its investment to 42% more than the FY2021 appropriations in new UUVs. In June 2021, the US Marine Corps gave Saab AB the Force-on-Force Training Systems - Next (FoFTS-Next) Single Award Task Order Contract (SATOC).

The report profiles key autonomous underwater vehicle (AUV) players and analyzes their market shares. Players profiled in autonomous underwater vehicle (AUV) companies report are Kongsberg Group ASA (Norway), Teledyne Technologies Incorporated (US), General Dynamics Corporation (US), Saab AB (Sweden), Exail Technologies SA (France), Lockheed Martin Corporation (US), Fugro N.V. (Netherlands), ATLAS ELEKTRONIK GmbH (Germany), Boston Engineering Corporation (US), L3Harris Technologies, Inc. (US), Graal Tech S.r.l. (Italy), International Submarine Engineering Limited (Canada), and Boeing (US), are some major players.

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