PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1538582
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1538582
The autonomous underwater vehicle (AUV) market is valued at USD 2.0 billion in 2024 and is projected to reach USD 4.3 billion by 2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029. Rising use of autonomous underwater vehicles to protect subsea cables and seabed environment, integration of NiMH batteries into high-speed autonomous underwater vehicles, and growing demand for AUVs in offshore energy exploration provide lucrative opportunities to the autonomous underwater vehicle (AUV) market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | By Shape, Type, Technology, Payload and Region |
Regions covered | North America, Europe, APAC, RoW |
"Sensors segment of the AUV payload market is expected to grow with the highest growth rate during the forecast period."
The sensors segment of the AUV payload market is projected to grow at a higher CAGR during the forecast period owing to the increasing use of sensors for scanning, detection, mapping, and remote sensing applications in mine detection, pipeline layout planning, and oil & gas exploration. Autonomous underwater vehicles use sensors to map their environments and detect objects of interest for anti-submarine warfare (ASW) missions and pipeline inspections. These sensors are also used to identify the location of ferrous objects in the seabed, examine undersea cables, and detect and classify a wide variety of chemicals in seawater.
"Military & defense application segment in Mexico is expected to register highest growth rate during the forecast period."
The Mexican autonomous underwater vehicle market for military & defense applications is expected to grow at the highest CAGR during the forecast period. The rising deployment of AUVs in the Gulf of Mexico and the North Pacific Ocean to secure the borders is one factor propelling the country's market growth. The autonomous underwater vehicles are being increasingly used to monitor coastal areas, detect suspicious activities, and gather intelligence. They are also employed for detailed seabed mapping in naval operations.
"China is expected to hold the largest market share during the forecast period."
China held the largest market share of the autonomous underwater vehicle (AUV) market in Asia Pacific, in 2023, due to the increasing adoption of AUVs by the Chinese navy. China focuses on the development of cost-effective and innovative technological solutions for AUVs. Since mid-90s, China has been involved in a military modernization program with an aim to win regional conflicts as well as its expanding global interests. Following is the breakup of the profiles of the primary participants for the report.
The report profiles key autonomous underwater vehicle (AUV) market players and analyzes their market shares. Players profiled in this report are KONGSBERG (Norway), Teledyne Technologies Incorporated (US), General Dynamics Corporation (US), Saab (Sweden), Exail Technologies (France), Lockheed Martin Corporation (US), Fugro (Netherlands), ATLAS ELEKTRONIK (Germany), etc.
Research Coverage
The report defines, describes, and forecasts the autonomous underwater vehicle (AUV) market based on Technology, Type, Shape, Speed, Payload Type, Application, and Region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the autonomous underwater vehicle (AUV) market. It also analyses competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions conducted by the key players to grow in the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall autonomous underwater vehicle (AUV) market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.