Autonomous Underwater Vehicles Market is projected to reach US$ 596.7 Mn by the end of the forecast period, 2018-2027, registering a CAGR of 6.1%.| General Dynamics Corporation,Teledyne Gavia ehf,Kongsberg Maritime AS,Saab AB,Atlas Elektronik GMBH,ECA Rob

Persistence Market Research (PMR) analyses the autonomous underwater vehicle market in its new publication titled “Autonomous Underwater Vehicle Market: Global Industry Analysis 2013–2017 and Forecast, 2018–2027”. The autonomous underwater vehicle market study considers 2017 as the base year with market values estimated for 2018 and a forecast developed for the duration of 2018 to 2027.

The key objective of this study is to identify the dynamics of the market and illustrate recent updates and insights that may impact the different segments of the global autonomous underwater vehicle market. The CAGR (Compound Annual Growth Rate) has been represented for the forecast period 2018 to 2027.

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Factors Influencing Autonomous Underwater Vehicle Market Growth

Autonomous underwater vehicles are useful for a wide range of missions such as shipwrecks, mapping rock formations, and other barriers, which could prove dangerous for recreational and commercial navigation vessels. Autonomous underwater vehicles are equipped with cutting-edge sensor technologies; for instance, sonar system and oceanographic sensors, which can complete the entire mission in lieu of operator intervention.

After completion of mission, these autonomous underwater vehicles return to their origin place or location where data is unruffled and administered in the same format to vessel or shipboard systems. Increasing number of research activities in the oil & gas industry, coupled with the increasing government spending for sea water monitoring to maintain aquatic life balance, are expected to drive the global autonomous underwater vehicle market over the forecast period.

Moreover, rapid growth in fish farming is also paving way for the growth of the autonomous underwater vehicle market as these vehicles can provide an affordable and reliable platform for aqua farmers to monitor water quality parameters, such as turbidity, temperature, and conductivity, and observe fish behavior during feeding processes in aquaculture.

On the flip side, autonomous underwater vehicles employ state-of-art communication systems that use electromagnetic radiation waves to communicate from object to ship or vessels. Water absorbs electromagnetic radiation waves and subsequently makes communication systems ineffective, which is expected to lead to a decline in the sales of autonomous underwater vehicles during the forecast period.

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Large AUVs to Remain at the Forefront in Terms of Value Share in Autonomous Underwater Vehicle Market

The large AUVs segment is estimated to account for more than a 30% revenue share in the global autonomous underwater vehicle market throughout the forecast period and gain 126 BPS by 2027 as compared to 2018. Moreover, significant growth in navy budgets for safety and security, coupled with increasing number of oceanography, research and other projects or investments, is anticipated to drive the large autonomous underwater vehicle market over the stipulated time period.
Oceanography Projected for a Significant CAGR in Autonomous Underwater Vehicle Market

Oceanographers are using autonomous underwater vehicles to check the water quality of sea as well as maintain the quality of aquatic life. The segment is projected to create an absolute $ opportunity worth~US$ 46.8 Mn during the forecast period. The military & defense segment is estimated to be a prominent segment in the global autonomous underwater vehicle market, owing to the increasing adoption of these vehicles in navies around the globe.
Communication Remains the Top Ranking Technology Type in Autonomous Underwater Vehicle Market

By technology type, the market has been segmented into communication, propulsion, collision avoidance, imaging, and navigation. Among these segments, collision avoidance, communication, and imaging are expected to grow with leading value shares in the global autonomous underwater vehicle market, owing to the rising awareness of autonomous underwater vehicles as compared to conventional underwater vehicles.
However, autonomous underwater vehicles emit electromagnetic waves to communicate with ships or other onboard vessels and this technology may affect the communication process, owing to the fact that water absorbs these electromagnetic waves, rendering communication systems ineffective.
Key Strategies Adopted by Autonomous Underwater Vehicle Market Players

Manufacturers of autonomous underwater vehicles are observed to be adopting mainly three types of strategies, namely acquisitions, collaborations and product launches, in order to establish unique brand value and enrich their market shares around the globe. Autonomous underwater vehicle manufacturers are installing cutting-edge sensor technologies such as Sonar.
Autonomous Underwater Vehicle Market Structure

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Key Questions Answered in the Report

• How has the autonomous underwater vehicle market evolved over the past four years?

• What shape is the autonomous underwater vehicle market expected to take in terms of volume and value during the study period?

• What are some of the prevailing market dynamics in the autonomous underwater vehicle market?

• What are the competition developments and trends in the autonomous underwater vehicle market?

• What are some of the underlying macro-economic and industry factors impacting the growth of the autonomous underwater vehicle market?

• What are the important key challenges, opportunities and improvement factors for autonomous underwater vehicle market players?

• What are the important market positioning and key strategies of key manufacturers as per the autonomous underwater vehicle market taxonomy?

• How is the competition structured at present? How has it evolved in the autonomous underwater vehicle market over the past few years?

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This release was published on openPR.