PUNE, India, July 3, 2023 /PRNewswire/ — According to a recent market study by Growth Market Reports, titled, “Global Autonomous Underwater Vehicle Market Segments – by Type, Shape, Technology, Propulsion System, Payload Type, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 1.78 Bn in 2022 and is expected to surpass USD 5.95 Bn at a CAGR of 14.3% by the end of 2031.
Key Players Covered
- Lockheed Martin Corporation
- General Dynamics Corporation
- Boeing
- Kongsberg
- BAE Systems
- ATLAS ELEKTRONIK GmbH
- International Submarine Engineering Limited
- Eelume AS
- ECA GROUP
- Graal Tech Srl
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Key Takeaways:
- AUVs are self-propelled or unmanned vehicles that are equipped with sensors and actuators.
- Increasing adoption in defense and growing exploration of rare earth minerals are expected to boost the demand for AUVs.
- The medium AUVs (100m–1000m depth) segment is projected to expand at the fastest CAGR, owing to rising adoption in the oil & gas and defense sector.
- The military & defense segment is anticipated to hold a major market share due to increasing demand for intelligence, surveillance, and reconnaissance activities.
- North America is expected to dominate the global market, owing to the increasing defense budgets and rising procurement of advanced AUVs by the Navy for ISR operations.
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Segment Covered
Type
- Small AUVs (upto 100m depth)
- Medium AUVs (100m–1000m depth)
- Large AUVs (above 1000m depth)
Shape
- Torpedo
- Streamlined Rectangular Style
- Laminar Flow Body
- Multi-hull Vehicle
Technology
- Communication System
- Collision Avoidance System
- Navigation System
- Imaging System
Propulsion System
- Mechanical System
- Electric System
- Hybrid System
Payload Type
- Sensors
- Cameras
- Echo Sounder
- Synthetic Aperture Sonar
- Acoustic Doppler Current Profilers
- Others
Application
- Scientific Research
- Oil & Gas Industry
- Military & Defense
- Archaeology & Explorations
- Oceanography
- Environment Protection & Monitoring
- Seabed Mining
- Rescue Activities
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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SOURCE Growth Market Reports