Autonomous Underwater Vehicles (AUVs) Market to reach USD 4.17 billion by 2028| General Dynamics, Teledyne Technologies Incorporated

The global autonomous underwater vehicles (AUVs) market size was valued at USD 1.16 billion in 2020. The market is forecast to rise from USD 1.33 billion in 2021 to USD 4.17 billion by 2028 at 17.80% CAGR during the 2021-2028 period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, "Autonomous Underwater Vehicles (AUVs) Market, 2021-2028."

The autonomous underwater vehicles (AUVs) market is expanding rapidly, driven by advancements in technology, rising demand from the oil and gas industry, and increasing use in scientific research and defense applications. These vehicles are capable of operating independently in deep-sea environments, collecting data, and transmitting it to the surface without human intervention. The market is expected to see significant growth in the coming years, fueled by increasing investment in marine research, oceanography, and underwater exploration.

COVID-19 Impact

Decline in Shipbuilding Activities to Disrupt Supply Chain

Industry players grappled with supply chain disruptions amidst the pandemic, with shipping networks, trade volumes, and ports observing a steeper decline. According to UNCTAD, the global maritime trade witnessed a 4.1% dip in 2021 due to disruptions created by the COVID-19 pandemic. A plunge in shipbuilding services for maritime trade, offshore services, and maritime export could challenge leading companies gearing to expand their portfolios.

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Report Coverage

The report includes quantitative and qualitative analysis to provide a holistic view of the global market. The report also deep-dives into top-down and bottom-up approaches to provide a strategic approach on product mapping of leading players and new entrants. Primary sources, such as interviews with major stakeholders and opinion leaders, will further validate report's authenticity. The report includes secondary sources, including annual reports, press releases, SEC filings, and website reports to bolster the authenticity of the report.

Major Players Profiled in the Market Report:

Fugro N.V.
General Dynamics Corporation
International Submarine Engineering Ltd.
Kongsberg Gruppen A.S.A.
L3Harris Technologies, Inc.
Lockheed Martin Corporation
Oceaneering International Inc.
SAAB AB
Teledyne Technologies Inc.
Boeing
Others

Drivers and Restraints

Bullish Demand from Defense to Encourage Product Portfolio Expansion

Industry participants expect bullish governments' policies to foster the autonomous underwater vehicles (AUVs) market growth. The U.S. Navy has exhibited profound traction for AUVs for a host of applications, including intelligence, surveillance & reconnaissance (ISR), mine countermeasures (MCM), anti-submarine warfare (ASW), and inspection/identification (ID). To illustrate, in 2020, the U.S. Naval Sea Systems Command Washington inked around USD 11.1 million contract with Boeing to upgrade naval operations. Besides, the use of autonomous underwater vehicles in ocean exploration activities will augur well for the industry outlook. The IEA projects the demand for natural gas to surge at 1.5% by 2025. A notable rise in oil & gas production across Saudi Arabia, Iran, and Russia will encourage leading companies to invest in AUVs.

Meanwhile, uncertainty and reduced reliability in operational performance in communication systems may not bode well for the industry.

Regional Insights

Asia Pacific to Witness Investment Galore from Oil & Gas Industry

Stakeholders expect the Asia Pacific autonomous underwater vehicles (AUVs) market share to witness significant growth on the back of expanding commercial applications. Emerging economies, such as China and India, are likely to bank on the oil & gas sector. An uptick in exploration activities will expedite the technology adoption. Besides, the expansion of naval forces across Japan, China, Australia, and India will bode well for regional growth.

The North America industry forecast will be strong in the wake of strong governments' policies on defense and R&D activities. Prominently, the U.S. has augmented the procurement of sophisticated AUVs for ISR operations. The North America market size was valued at around USD 0.39 billion in 2020 and will grow with surging investments in the defense budget.

Industry players are likely to increase their investments in Europe due to rising oil & gas exploration activities. Stakeholders predict the U.K., France, and Germany to provide lucrative investment opportunities. Besides, major OEMs, including Saab AB and Kongsberg Gruppen A.S.A. are slated to bolster their presence across untapped areas. Moreover, the defense sector will also exhibit strong demand for AUVs across the region.

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Competitive Landscape

Leading Companies to Infuse Funds into Product Launches to Tap Markets

Industry players are likely to expand their portfolios, including mergers & acquisitions, product rollouts, R&D activities, and technological advancements. The prevailing trends indicate major companies could invest in strategic expansion during the forecast period.

Key Industry Developments

March 2021 - Kongsberg Maritime was awarded a contract to deliver its four autonomous vessels to Norway's Institute of Marine Research (IMR), which includes two Kongsberg AUVs to facilitate management and monitoring capabilities of marine resources and environments.

August 2021 - L3Harris Technologies demonstrated underwater autonomous capabilities through Iver3, its advanced Autonomous Underwater Vehicles, in collaboration with Marine Tech Systems.

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This release was published on openPR.