Autonomous Underwater Vehicles Market worth $4.4 billion by 2027

Autonomous underwater vehicles (AUV) are capable of performing actions underwater without a human operator. These vehicles are mainly used for underwater surveying, tracking, communicating and navigating a submarine, and maritime surveillance. The AUVs are programmed in such a way so that they can collect data by themselves along a predetermined route. The vehicles can change the mission parameters and make decisions based on the data they receive. The oil and gas industry uses AUVs to conduct scientific researches. Naval defenses also use AUVs for surveillance, mine detection, and payload delivery.

The global autonomous underwater vehicles market focuses on six regions, such as North America, Asia Pacific, South America, Europe, the Middle East, and Africa.

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Drivers:

The two main drivers for this market growth are- increase in offshore deep-water oil and gas production and an increase in naval cross border and maritime security threats.

The demand for oil and gas has increased significantly over the last few years and is the main source of energy in all the industries which includes transportation and other sectors. It is not easy to substitute the potential of oil and gas with alternative sources of energy hence the demand in the market is ever increasing and is leading to high demand for AUVs. A geospatial and data organization, Envitia group PLC, in June 2019 signed a contract with the Royal Navy for delivering an AUV which is powered by artificial intelligence (AI). This organization has expertise in applying AI to solve data problems.

Usage of AUVs in naval security helps in avoiding nuisances such as cross border infiltrations.

Restraints:

The main restrain to hinder the market growth of the autonomous underwater vehicle is less reliability and uncertainties including operational failures happening due to technical glitches.

Regional Insights:

North America holds a high share in the global autonomous underwater vehicles market. The U.S. is estimated to be the largest exporter, operator, and producer of autonomous underwater vehicles in the world. The increased usage in the oil and gas industries have propelled the growth of the market in this region. Moreover, high presence of key players such as Lockheed Martin Corporation, Teledyne Technologies Corporation, and Boeing in the region is another factor for growth of the North America market.

In Europe, the market is expected to witness moderate growth rate owing to the presence of key players such as Saab Group and Kongsberg Maritime.

Competitive Section:

Key players operating in the global autonomous underwater vehicles market include, ECA Group, Fugro, SaaB AB, Bluefin Robotics Lockheed Martin Corporation, Boston Engineering Corporation Boeing, Atlas Elektronik GmbH, Teledyne Marine, Kongsberg Maritime, and International Submarine Engineering (ISE),.

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The SeaRapotor AUV launched by Teledyne Gavia in April 2019 can be operated at a depth of 6000m.

The U.S. Navy and Boeing have signed a contract worth US$ 43 million in February 2019 to build four Orca Extra Large Unmanned Undersea Vehicles for navy services.

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