Autonomous Underwater Vehicles Global Market Report 2024 - by Report, Size, Share, Demand, Forecast To 2033

The autonomous underwater vehicles market size has grown exponentially in recent years. It will grow from $2.04 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 20.8%. The growth in the historic period can be attributed to growing need for ocean exploration, defense and military applications, increased demand for underwater surveys, rising awareness of climate change, advancements in energy exploration, efficient data collection, cost-effective underwater exploration.

The autonomous underwater vehicles market size is expected to see rapid growth in the next few years. It will grow to $5.01 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to rising demand for underwater monitoring, climate change impact monitoring, deep-sea mining exploration, commercial applications in fisheries, autonomous navigation capabilities, enhanced autonomous decision-making.. Major trends in the forecast period include integration of artificial intelligence (ai), miniaturization and compact designs, technological advancements, increasing investment in auv technology, technological miniaturization, advancements in battery technology.

Market Overview -
Autonomous underwater vehicles (AUVs) are unmanned, untethered, non-human powered, or self-propelled underwater vehicles used to carry out routine tasks with little to no human oversight. These tasks include gathering a lot of visual seawater data, remote navigation, detection, and mapping for a variety of marine-based applications, and oceanographic research.

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Increasing Defense Expenditures Boost The Autonomous Underwater Vehicles Market
Rising ocean research and increasing defense expenditures are propelling the growth of the autonomous underwater vehicles market forward. Scientific ocean research provides the data and tools needed to gain a better understanding of the Earth's oceans and atmosphere. Defense systems across the globe are heavily involved in ocean research, employing human-operated submersibles capable of retrieving geological, biological, and archaeological cores, samples, and artifacts from the deep ocean floor which is made easy with the application of autonomous underwater vehicles. For instance, in December 2022, according to the annual defense data report for 2020-2021 published by the European Defense Agency (EDA). stated that total European defense spending accounted for €214 billion ($2,25,4 billion) in 2021 with a 6% increase from 2020. Furthermore, defense research and technology (R&T) spending amounted to €3.6 billion ($3.79 billion) which was a 42% increase compared to 2020. Therefore, the rising ocean research and increasing defense expenditure across the globe are subsequently propelling the autonomous underwater vehicles market forward.

Competitive Landscape -
Major companies operating in the autonomous underwater vehicles market report are Fugro N.V., Kongsberg Gruppen A.S.A, Boston Engineering Corporation, The Swedish Aeroplane Corporation, Teledyne Technologies Inc, The Boeing Company, Atlas Elektronik Gmbh, Riptide Autonomous Solutions, Tianjin Sublue Ocean Science & Technology Co. Ltd, Falmouth Scientific Inc., Terradepth, ecoSUB Robotics Limited, Eelume AS, BaltRobotics Sp.z.o.o., Hydromea SA, Bluefin Robotics Corporation, Chesapeake Technology Inc, Exocetus Development LLC, OceanServer Technology Inc., Phoenix International Holdings Inc., Teledyne Technologies Inc., Thales Underwater Systems, ECA Group, Hydroid Robotics Inc., OceanServer Inc., Mitsubishi Electric Corporation, Yaskawa Electric Corporation, Toshiba Corporation, Kawasaki Heavy Industries Ltd., Nippon Calculating Instruments Co. Ltd. .

Major Companies Elevate The Autonomous Underwater Vehicles Market With Advanced Solutions
Technological advancements are a major trend gaining popularity in the autonomous underwater vehicles market. Major companies operating in the autonomous underwater vehicles market are focused on developing technologically advanced solutions to sustain their market position. For instance, in March 2022, Kongsberg Gruppen, a Norway-based aerospace company launched HUGIN Edge, a next-generation medium-sized autonomous underwater vehicle (AUV) of the HUGIN family of AUVs equipped with new battery technology. The HUGIN Edge consists of cutting-edge technologies such as synthetic aperture sonar, a high-frequency multibeam echosounder, and a swappable camera or sub-bottom profiler and weighs approximately 300kg offering exceptional durability and reliability.

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Key Segments -
The autonomous underwater vehicles market covered in this report is segmented -
1) By Type: Shallow, Medium, Large
2) By Payload Type: Cameras, Sensors, Synthetic Aperture Sonar, Echo Sounders, Acoustic Doppler Current Profilers
3) By Technology: Collision Avoidance, Communication, Imaging, Navigation, Propulsion,
4) By Application: Archeological and Exploration, Environmental Protection and Monitoring, Military and Defense, Oceanography, Offshore Renewable Energy, Oil and Gas, Search and Salvage Operation

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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