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(IT-NEWSWIRE.COM, October 22, 2021 ) The report "Autonomous Underwater Vehicle Market (AUV) With Covid-19 Impact by Type (Shallow Auvs, Medium Auvs, Large Auvs), Application (Military & Defense, Oil & Gas), Shape, Technology, Payload Type, Region - Global Forecast to 2026", is estimated to be valued at USD 1.5 billion in 2021 and reach USD 4.3 billion by 2026; it is anticipated to grow at a CAGR of 23.1% during the forecast period (2021–2026).
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The major factors driving the growth of the Autonomous underwater vehicle (AUV) market are increasing capital expenditure of companies in offshore oil & gas industry, and rising defense spending in several countries worldwide. However, several factors, such as slow underwater survey speed owing to use of acoustic communication can act as a key challenge in the market during the forecast period.
Imaging segment is projected to witness the highest CAGR for the forecast period
Imaging segment is expected to grow at a higher CAGR during the forecast period. The imaging segment of the market is projected to grow at the highest CAGR during the forecast period. The imaging systems used in AUVs are capable of capturing pictures of the seabed and surrounding areas, which help researchers in oceanography or habitat research studies. Advancements in imaging technologies are expected to lead to increased use of AUVs in the oil & gas industry to carry out inspection activities.
Large AUVs to account for the highest CAGR of Autonomous underwater vehicle (AUV) market during the forecast period
The large AUVs is estimated to grow at the highest CAGR from 2021 to 2026 during the forecast period, as increased demand for large AUVs in military & defense, oil & gas exploration, oceanography, search & salvage operations, and habitat research applications is fueling the growth of this market segment.
Torpedo AUVs will have the highest growth in the coming years
Torpedo AUVs is expected to account for the highest growth of the overall Autonomous underwater vehicle (AUV) market by 2026. Torpedo AUVs are widely adopted worldwide owing to their hydrodynamic shape, which results in less drag, high speed, and improved efficiency. They have an optimum surface area of the hull that makes them suitable for use in deepwaters without compromising on their speed.
Sensors segment of AUV payload market is expected to hold the largest share in 2026
The large market size of the sensors segment can be attributed to their advantages such as it is widely used in AUVs for scanning, detecting, mapping, and remote sensing applications. AUVs use them for mapping underwater environments and detecting objects of interest for antisubmarine warfare (ASW) missions and pipeline inspections. 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.
AML Oceanographic (US), EvoLogics GmbH (Germany), and CODAR Ocean Sensors (US) are some of the key suppliers of sensors used in AUVs.
APAC is attributed to grow at the highest CAGR in Autonomous underwater vehicle (AUV) market during the forecast period (2021-2026)
The Autonomous underwater vehicle (AUV) market in APAC has been segmented into China, Japan, and India, which are the fastest-growing market for AUVs. Factors such as increased military spending, growing need for energy in emerging economies, and the rising adoption of AUVs in various application areas are driving the growth of the AUV market in APAC. The demand for AUVs for mine exploration and oceanographic studies has increased significantly in the past few years. In addition, the rising military capabilities of developing nations such as India and South Korea are expected to boost the demand for AUVs in APAC.
Key Market Players
In 2020, the Autonomous underwater vehicle (AUV) market was dominated by Kongsberg (Norway), Teledyne Technologies (US), Fugro (Netherlands), Bluefin Robotics (General Dynamics) (US), and Saab AB (Sweden).
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