Press release
Autonomous Underwater Vehicle (AUV) Market Will Create Highest Returns by 2030 along with COVID-19 Analysis | Riptide Autonomous Solutions, Lockheed Martin Corporation
The autonomous underwater vehicle (AUV) market has been estimated to experience significant growth avenues in the upcoming years. The key driving factor for this market growth includes increasing spending on defense services across the world. Further, the rising capital expenditure of the companies in the offshore oil and gas industry is also expected to drive growth opportunities in the market.
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The rising number of technological advancements in the market is also developing growth avenues in the market. In addition to this, incorporation of the advanced technologies in the AUVs has also been creating significant growth avenues in the market during the forecast period.
On the other hand, the high operational cost of autonomous underwater vehicles has been expected to curtail the growth avenues in the autonomous underwater vehicle (AUV) market.
Autonomous Underwater Vehicle (AUV) Market: Key Trends
The offshore industry includes oil and gas plants. There has been a significant increase in the demand for energy because of various technological advancements in the emerging economies around the world. With the constant depletion of the conventional onshore reserves, offshore resources have been playing a major role in order to meet the energy requirements. This has finally led to a significant shift of the oil and gas production facilities to the subsea regions. Autonomous underwater vehicles have emerged as the cost-effective substitute for deepwater drilling operations. These vehicles eliminate the need for surface vessels and have the ability to autonomous operation.
The application of portable and small AUVs has increased in the oil and gas industry at a significant rate during the past 5 years. Defense forces use the AUVs for anti-submarine warfare, reconnaissance activities, surveillance, intelligence, rapid environment assessment, and mine countermeasures. So, the rising increase in the production of offshore oil and gas is likely to drive growth opportunities in the global autonomous underwater vehicle (AUV) market.
Autonomous Underwater Vehicle (AUV) Market: Competitive Dynamics and Key Developments
The key players serving in the autonomous underwater vehicle (AUV) market have been incorporating various strategies to drive growth prospects in the forthcoming years. Strategic collaborations, geographical expansion, product approvals, mergers, acquisitions, partnerships, and new product launches are used by the major companies to generate expansion avenues in the market.
For instance, Kongsberg has revealed the JCS Extended and JCS Compact in June 2021. It is the jet control system. The company has launched these novel waterjet control systems in order to ensure the top performance even during the extreme conditions.
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Some key players in the global autonomous underwater vehicle (AUV) market include:
Kongsberg
Riptide Autonomous Solutions
Teledyne Technologies
Graal Tech
Bluefin Robotics
Nido Robotics
Lockheed Martin Corporation
International Submarine Engineering
Falmouth Scientific
Autonomous Underwater Vehicle (AUV) Market: Regional Assessment
The autonomous underwater vehicle (AUV) market has been spread around different geographical locations in the world including North America, Latin America, Asia Pacific, the Middle East & Africa, and Europe. Among these, the Asia Pacific region has been anticipated to grow at a significant rate during the forecast period. The regional market has been bifurcated into India, Japan, and China that are the fastest growing countries in APAC.
This rapid market growth is due to the increasing adoption of AUVs in different application areas. Further, the rising need for energy in the emerging economies and increased military spending are some of the other key factors to boost expansion prospects in the market. In addition to this, there has been a significant increase in the demand for AUVs for oceanographic studies and mine exploration. The increasing military capabilities in developing countries are also fueling growth prospects in the autonomous underwater vehicle (AUV) market.
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