Autonomous Underwater Vehicle (AUVs) also referred to as unmanned underwater vehicles are the vehicles used for exploring the shipwrecks and mapping obstacles like formation of rocks which poses a risk to commercial and recreational vessels. Advanced sensors such as sonar systems and oceanographic sensor are installed in the AUVs. The entire mission gets completed with just the need of sensor, requiring no need for the operator’s intervention. Technology advancement in sensor, communication and navigational innovations are improvising the efficiency of vehicles. These vehicles are necessary for mapping and investigating the ocean floor, for discovery and sustainable use of resources.
According to SPER Market Research, ‘Autonomous Underwater Vehicle Market Size- By Type, By Shape, By Technology, By Propulsion System, By Payload Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast till 2033’ states that the Global Autonomous Underwater Vehicle Market is estimated to reach USD 13.59 billion by 2033 with a CAGR of 22.63%.
The key market driver in the growth of AUVs is the investment from the government, that increases the sale of the autonomous underwater vehicle. Its demand is increasing due to increase utilisation in fish farming. It helps the aqua farmer to monitor turbidity, temperature and conductivity. It enhances the communication and improves accessibility in depth of the oil and gas sector. This sector utilises AUVs for bathymetric surveys, inspection of pipelines and platforms and helps in rescue mission. AUVs are utilised by militaries for security and surveillance purposes.
The initial high costs in the production and maintenance of AUVs poses a hurdle in the expansion of the market. High operating cost restrict the adoption of AUVs. AUVs encounters technological uncertainties due to the reason that the devices fail to detect the electromagnetic radiation. Aquatic environment also hinders the growth of the AUVs market. Communication and signal transmission undergoes distortion underwater which decreases the market growth. The features like quick rectification fails to work underwater and time out waiting for the response. Also, acoustic signals move slower underwater which declines the demand for the market.
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Impact of COVID-19 on Global Autonomous Underwater Vehicle (AUV) Market
Global Autonomous Underwater Market was negatively affected by the outbreak of COVID-19 pandemic. An overall decline in the revenue generation was recorded due to the reduction in the manufacturing of AUVs which resulted in supply chain disruption of the global market. Due to imposition of strict lockdowns and travel restrictions, the oil and the gas industry suffered with shortage in the amount of oil and gas. Economic uncertainties and redirection of funds to emergency responses impacted the required funding for R&D and new projects.
Autonomous Underwater Vehicle (AUV) Market Key Players:
North America followed by Asia- Pacific accounts for the largest market share in terms of Autonomous Underwater Vehicle Market. The region was dominant due to a rapid surge in development activities and the implementation of strict government regulations focused on maritime security. Some of the major players in the Autonomous Underwater Vehicle Market are ATLAS ELEKTRONIK GmbH, BAE Systems plc, BaltRobotics Sp.z.o.o., Boeing, Boston Engineering Corporation, and others.
Global Autonomous Underwater Vehicle (AUV) Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Large AUVs, Medium AUVs, Shallow AUVs.
By Shape: Based on the Shape, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Laminar Flow Body, Multi-hull Vehicle, Streamlined Rectangular Style, Torpedo.
By Technology: Based on the Technology, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Navigation System, Collision Avoidance System, Imaging, Propulsion, Communication System.
By Propulsion System: Based on the Propulsion System, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Electric System, Hybrid System, Mechanical System.
By Payload Type: Based on the Payload Type, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Acoustic Doppler Current Profilers, Cameras, Echo Sounders, Sensors, Synthetic Aperture Sonar, Others.
By Application: Based on the Application, Global Autonomous Underwater Vehicle (AUV) Market is segmented as; Archaeology & Exploration, Environment Protection & Monitoring, Military & Defense, Oceanography, Oil & Gas Industry, Rescue Activities, Scientific Research, Seabed Mining, Search & Salvage Operation, Others.
By Region: This research also includes data for Middle East and Africa, Asia-Pacific, Latin America, Europe, North America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Autonomous Underwater Vehicle Market Trends
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